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Interest Rates on Advances

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Last Modified : Dec 21, 2008 8:24 PM

LOANS & ADVANCES --> RETAIL LENDING SCHEME --> V - Professional
V - PROFESSIONAL

	Purpose	Security
	Eligibility	Repayment
	Quantum of Loan	Gurantor/s
	Margin	Mode of disbursement
	Rate of Interest	Classification
	Processing Charges	Pre - sanction documents
	Nature of Facility	Add Ons
	Project report


Purpose
Loans for the purpose of purchasing of equipments / vehicles for business, repairing or renovating the existing equipments and / or acquiring and repairing business premises or for purchasing tools and / or for working capital requirements to eligible professionals to set up practice / business in rural / semi urban centers.

Eligibility
Medical practitioners including dentists, Allopathic doctors, Ayurvedic doctors, Homeopathic doctors, Unani doctors, Chartered Accountants, Cost Accountants, lawyers, Engineers, Architects, Surveyors, Qualified Construction contractors, Management consultants, Lab technicians, Chemists & Druggists etc., who are not in regular employment of any employer or any person trained in any other art or craft who hold a degree or diploma from any institution established, aided or recognized by Government are eligible under the scheme to set up their practice / business activity.

Quantam of Loan
Need based 90% (80% in case of vehicles) of the project cost (inter alia consisting of fixed assets and working capital requirement like rent on business premises, vehicle for business purpose) etc., subject to a maximum of Rs. 15.00 lakh

Margin
The margin may be even by way of Term Deposits of our Bank / NSC etc./Surrender value on Life Insurance Policies etc., either in the name of the applicant or the guarantor.

Nature of facility
Composite Term Loan / Term Loan

Project Report
A brief/ short project report is to be insisted upon. A minimum Debt Service Coverage of 1.50 is to be insisted upon in case of advances above Rs.2.00 lakh. Branch Manager should obtain an independent market survey report in order to assess the viability aspects of the unit.

Security
Hypothecation of assets created out of Bank finance.

Repayment
Entire loan has to be repaid with interest in not more than 60 equated monthly installments with maximum repayment holiday of 6 months.

Guarantor/s
i) Up to and inclusive of Rs. 5.00 lacs - Guarantee of spouse / parent
ii) Above Rs. 5.00 lacs - Guarantee of spouse / parent & One third party guarantee acceptable to the Bank
If the liquid securities offered towards the margin stands in the name of a third party, the guarantee of that person should also be taken irrespective of loan amount.

Mode of Disbursement
By direct remittance to the dealer/supplier after collecting the margin money from the applicant. .
By direct release for the credit of the account in case of release of working capital component.

Classification
Only such professionals whose borrowings do not exceed Rs. 10.00 lacs of which not more than Rs. 2.00 lacs as working capital requirements and in case of medical practitioners the borrowing limit not exceeding Rs. 15.00 lacs of which not more than Rs.3 lakh as Working Capital limit will be covered under “PRIORITY’.

Pre - Sanction documents
(i) Professional degree or diploma certificate (ii) A brief short Project Report (iii)Independent market survey report in order to assess the viability aspects of the unit (iv)Age proof (v) Address proof (vi)Setting up clinic/office – owned/Rented/Leased a. Documents with regard to the property b. Quotations for purchase of equipments /vehicle c. Undertaking letter that the borrower will not shift the unit to urban / metros in which eventuality the account is subject to penal interest (vii) Details of bank account in case of the applicant is not an existing account holder.

Add Ons
a. A Classic credit card with waiver of entrance fee. b. Eligible for finance under Vijaya Home Loan and Vijaya Wheels Schemes. Free Personal Accident Death Insurance cover up to the total amount of the loan in case of professionals establishing/ practicing business in rural and semi urban centres.

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ATM

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