Flexi Loan (Personal and/or Business loan)

Purpose
  • Loan against mortgage of immovable property located in urban centers will be allowed to Individuals / Business Enterprises for meeting their business and /or personal needs.
  • Loan to firms engaged in Real Estate shall not be considered.
Eligibility
  • Individuals / Business Enterprises for meeting their business and /or personal Needs
Nature
  • Term Loan /Overdraft Loan
Limit
  • Maximum 35  times of net monthly disposable income in case of Term Loan
  • Maximum 40 times of net monthly disposable income in case of OD loan 
  • Maximum Rs 50.00 lac (In case of personal OD)
Interest rate
  • Competitive rate (subject to change)
Repayment
  • In case of Term Loan Repayment period maximum 10 years with disposable income at least double the installments of proposed loan.
  • In case of Overdraft – OD shall be allowed only wherever supported by business for one year and renewed/reviewed on satisfactory performance.
Security
  • 200% of the value of residential house/flat, commercial or industrial property
  • Personal guarantee of person(s) acceptable to the Bank shall be obtained.
Insurance
  • Comprehensive policy as per banks’ clause.

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