A loan product specially designed to offer security based and hassie free financial assistance to professionals and self-employeed persons.
Purpose :
For improvemen\/expansion of existing business.
Bank guarantee for any need related to the profession.
Eligibility:
Individuals, proprietorship, partnership concerns, firms & private Ltd., Cos., engaged in any profession, self employment, service sector (Other than trading, processing and manufacturing units & transport operators).
e.g. Charged Accountants, Doctors, Practising company Secretaries, Architects, Consultants, Institutions providing eduction\/training, coaching classes, interior decorators, which are required by community and not prohibited by law or opposed to public interest.
Eligible loan amount of margin money:
15% of the project cost should be brought in by the applicant.
The total exposure i.e. both fund and non fund based should no exceed the limit sanctioned.
Period of Loan & Repayment:
Overdraft:
12 Months subject to annual review.
Term Loan:
Maximum 60 EMI (depending on the repayment capacity)
Security:
Collateral Security of urban immovable property mortgaged to the Bank with 200% value of the limit sanctioned based on guidance valuation.
Hypothecation of assets acquired out of loan amount.
Limit:
Maximum : Rs. 60.00 Lakhs
Rate of Interest:
13% per annum<\/p>\n\n\n\n
Penal interest:
2% will be charged on overdue amount.
Processing Charges:
1% of limit sanctioned.
Pre-Closer Charges:
1.00% on outstanding balance.<\/p>\n","protected":false},"excerpt":{"rendered":"
A loan product specially designed to offer security based and hassie free financial assistance to professionals and self-employeed persons. Purpose : For improvemen\/expansion of existing business.Bank guarantee for any need related to the profession. Eligibility: Individuals, proprietorship, partnership concerns, firms & private Ltd., Cos., engaged in any profession, self employment, service sector (Other than trading, processing and manufacturing units & transport operators).e.g. Charged Accountants, Doctors, Practising company Secretaries, Architects, Consultants, Institutions providing eduction\/training, coaching classes, interior decorators, which are required by community and not prohibited by law or opposed to public interest. Eligible loan amount of margin money: 15% of the project cost should be brought in by the applicant.The total exposure i.e. both fund and non fund based should no exceed the limit sanctioned. Period of Loan & Repayment: Overdraft: 12 Months subject to annual review. Term Loan: Maximum 60 EMI (depending on the repayment capacity) Security: Collateral Security of urban immovable property mortgaged to the Bank with 200% value of the limit sanctioned based on guidance valuation.Hypothecation of assets acquired out of loan amount. Limit: Maximum : Rs. 60.00 Lakhs Rate of Interest: 13% per annum Penal interest: 2% will be charged on overdue amount. Processing Charges: 1% of limit sanctioned. Pre-Closer Charges: 1.00% on outstanding balance.<\/p>\n","protected":false},"author":1,"featured_media":1440,"parent":1251,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"inner-page-retail-banking.php","meta":{"footnotes":""},"class_list":["post-1439","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/pages\/1439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/comments?post=1439"}],"version-history":[{"count":1,"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/pages\/1439\/revisions"}],"predecessor-version":[{"id":1441,"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/pages\/1439\/revisions\/1441"}],"up":[{"embeddable":true,"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/pages\/1251"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/media\/1440"}],"wp:attachment":[{"href":"https:\/\/karnatakaapex.bank.in\/new\/wp-json\/wp\/v2\/media?parent=1439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}