Vyaparamithra Loan
Type of loan
|
Medium term
loan – Non-agriculture.
|
Method of
Repayment
|
Non-EMI
|
Purpose
|
Trading
Purpose.
|
Eligibility
criteria
|
Traders /
Small businessmen.
|
Scale of
finance
|
Not
applicable.
|
Limit of loan
|
Up to Rs:
200000.
|
Margin
|
Not
applicable.
|
Holiday
period
|
Not
applicable.
|
Repayment
period
|
36
Months.
|
Rate of
interest
|
As per
interest structure.
|
Penal
Interest
|
2% for
overdue installments. When the loan is fully overdue 2% of additional
interest on contract rate is charged.
|
Charges
|
1) Up to
50000 service charge is collected @ 0.25% of the total Loan amount
sanctioned. Above 50000 it is @ 0.35% and this is credited under the head HO
Miscellaneous income.
2) Risk fund @0.25% of loan amount is collected from the Loanee with a
minimum of Rs: 100 and a maximum of Rs: 525. Risk fund collected
is kept under Suspense Liability and once in a month transferred to HO.
|
Subsidy/Re-finance
|
Nil.
|
Security
|
Personal /
Collateral security.
|
Insurance of stock in the joint name of bank and the loanee should be
submitted.