Working Capital Finance
For any business to function smoothly sufficient working capital is a necessity. Our working capital facility is designed specifically to cater to your needs of adequate liquidity in the business.
Purpose
- Cash Credit for working capital requirements
- Bills Discounting for finance against bills of reputed buyers
- Non funding limits such as letter of credit and bank guarantee etc
- Take over of loan from other banks
Who Can Borrow
- Any individual, Businessman, Commercial Establishments i.e. partnership firms/ pvt. Limited Co./limited cos./any other commercial organization/ registered societies having valid licenses of trading /industrial /service activity.
Loan Amount
- Maximum for single borrower Rs.2000 lacs
- Maximum for group borrower Rs. 5000 lacs
Margin
- 25% margin on net working assets
Repayment
- One year subject to the renewal of limit
Rate Of Interest
- The rate of interest as decided by the bank from time to time would be applicable.
Security
- Hypothecation of stock, book debts
- Mortgage of property and other securities the bank may consider appropriate.
Guarantors
- Two guarantors whose net-worth is acceptable to the bank.*
- *Limit up to 5 lac can be sanctioned by taking guarantee of only one guarantor
Processing Charges
- 0.5% of the loan amount + GST
Share Holding
- 1.5% of the loan amount.
Documents Required
- Photograph , PAN and KYC documents of borrower and guarantor
- Financial statements of last three years, ITR of last three years, Bank statement of business a/c for last six months.
- Projected financial statements in case of new business
- Partnership deed and registration certificate in case of partnership firms, Certificate of incorporation, date of commencement of business and memorandum and article of association in case of companies where applicable
- Statement of a/c and classification report/ conduct of the a/c from the transferor bank in case of takeover loan
- Statement of a/c and classification report/ conduct of the a/c from the transferor bank in case of takeover loan
- Relevant documents related to the property being mortgaged like Title Deed, mutation copy, sanctioned map etc as applicable)