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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.

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