Small Loan


PURPOSE

To meet requirements for shopkeeper/ small traders for day to day business

Eligibility

1.The applicant should be a Shopkeeper/ Traders situated near the branch 2.The applicant should have a saving account with the bank maintain minimum balance (new or old) 3.The applicant must be a resident of Guwahati (Kamrup- Metro) 4.The minimum age should be 21 years and maximum 55 years

Quantum of loan

Maximum upto Rs. 30,000.00

Interest

Rate of interest will be 1.5% per month Penalty interest will be charged 2% as per usual norms of the bank

Processing Fees

Processing/ Documentation fee will be Rs. 300/- excluding service tax.

Repayment

There will be no prepayment charge The loan will be repaid within 15 months on daily/ monthly basis starting from the date of availing the loan (i.e. if loan amount is Rs. 30,000/- @EDI is Rs. 99/- approx. or EMI is Rs. 2900/- approx.) *EDI- Equal Daily Installment *EMI- Equal Monthly Installment

Sanctioning Authority

The sanction shall be accorded by the Chairman and subsequently ratified by the Loan Sub Committee The sanction is purely based on Branch Managers Recommendation Weekly monitoring by Branch Managers and send the report to H.O.

Security

Liquid security upto 5% is required in the form of Banks Term Deposit/ NSC/ KVP/ LIC surrender value etc. Hypothecation of the shop/ stock.

Documents required

Loan application form Two copies of recent passport size photographs/ Home address proof/ Identity proof documents of the applicant. Trade licence of the Shop/ Trade unit or Personal Guarantee by any Service holder. Two copies of recent passport size photographs/ Home address proof documents/ Identity proof documents/ Statement of the Guarantor Salary undertaking by the employer of the guarantor may apply Proper verification reports with a joined photographs (applicant’s home & shop) by any Officer or Asstt. of the Branch. Details of Collateral security of the applicant CIBIL score & default status may apply Branch Managers recommendation’ Any other documents as may be required by the bank