Term Loan
Term Loan
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Funds to support a new business initiative or expansion
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Loan amount offered depends on the assessment of the borrower’s documents and the bank’s policy
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Loan tenure – Maximum 7 years (84 months) including moratorium period of maximum 3 months
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All assets financed to be insured with bank clause
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Rate varies from 10.06% p.a. to 16.64% p.a.
April 1, 2016, onwards, the lending rates on loan products is with reference to MCLR
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Processing fee – 1% plus service tax as applicable
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Margin – 25%
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Owner of a small/medium enterprise – sole proprietorship, partnership firm or proprietorship, Limited Liability Partnership (LLP)
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Age
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Minimum – 23 years
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Maximum at loan maturity – 60 years
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Non-individual applicants must have a minimum of 2 years of experience in the same line of business
Pre-Sanction Documents:
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Duly filled application form
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3 passport size photographs of the Individual Borrower/Directors/Partners
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2 passport size photographs of the guarantor, if required
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KYC documents
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Financial statement of last 3 years
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Trade licence or any other regulatory license applicable to the unit
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Statement of existing Bank account for last 6 months
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Ownership documents of security
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Copy of Partnership deed/copy of MOA & AOA or other related documents in case of company/partnership firm
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Bank may ask for other information if required to process the loan.
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