Professional Loan

Scheme for Financial Professionals who are self Employed

Purpose

Purchase of equipment
Purchase of furniture, furnishing of the office premises
Working Capital requirement

Eligibility
Assistance to self-employed persons, firms and joint ventures of such professionals enguaged in profesions such as :-

Medical Practitioners including dentists, chartered accountants, engineers, construction contractors, management consultants who are recognized by government and considered by the bank technically qualified or skilled in the field in which he is engaged

Limit
Rs. 25 lacs for secured loan.

Margin
Minimum 30%

Security
Hypothecation over the good purchased with the bank loan and existing assets.
Collateral security acceptable to the bank
Personal guarantee of the borrower/Director in case of limited companies.
Incase of unsecured loan, limits upto Nrs. 25 lacs may be allowed at Head Office level against the asset to be financed

Rate of Interest
12.00% per annum

Repayment
Loan shall be repayable in a maximum period of 5 years- 7 years including a moratorium period of 6 months by way of monthly installments. During the moratorium period, interest will be paid by the borrower.