Recharge
Pay Bills
Fee Collections
Pay Taxes
Net Banking
Cash Credit /SOD facility
To provide adequate and hassle-free working capital finance to Walnut kernel Traders for taking care of the expenses involved in procuring and sales of kernels.
All Persons engaged in trade of Walnut kernels & having previous experience/track record.
- 40% of the projected sales turnover or 60% of the forced value of the property offered for mortgage, whichever is lower.
- Projected sales turnover must be supported by the actual turnover through the account, which should be at least 50% of the projected sales turnover.
- Borrower must also submit Audited Financial statements/ Exporters Statement/ previous Watak Report or Challan of Transport to support the projected sales turnover.
25% of the limit sanctioned.
| Primary | |
|
Hypothecation of stocks and book-debts. |
|
| Collateral | |
|
Up to Rs 5 lacs |
Third Party Guarantee of 2 persons |
|
Above Rs 5 lacs to Rs 25 lacs |
Mortgage of unencumbered immovable property |
|
Above 25 lacs |
Mortgage of unencumbered immovable property |
- Forced value of the property must be based on latest valuation report (not older than 3 months.) of the Bank’s approved valuer. Branch should satisfy itself about the valuation strictly as per circular no. CR-74-203 dated 01-11-2002. The valuation shall be reviewed annually thereafter.
- The stocks in trade / stocks in transit & the mortgaged property must be comprehensively insured against all risks for its value with usual bank clause at party’s cost.
- Rs 400/-to be paid upfront in case of Third Party Guarantee & Rs 500/- to be paid upfront in case of Mortgage.
- 25% of sanctioned amount from May to July &
Rest of the sanctioned amount from August to November
- The account is to be adjusted by reduction in the credit limits by 20% each month starting December onwards till the final adjustment of the account in April every year.
Subject to above stipulations, the limit under the scheme shall be reviewed annually and revised/ cancelled /enhanced depending on the performance of the borrower.
- A penal interest of 2% over & above the applicable interest rate shall be charged on the outstanding balance in the event of non-adjustment of limits on due dates.
