Tag: Repayment Repayment

Purpose: This scheme provides over draft facility for the customers of the bank. …

Purpose: This scheme provides over draft facility for the customers of the bank.

Eligibility: Businessmen, individuals doing business, contractorships with not less than 3 years experience, are eligible for this loan. The applicant should be an income tax assessee for at least the last 3 years.

Quantum of Loan: The quantum of the loan is decided based on the credibility of the applicant.

Margin: There is a margin of 25% for this loan.

Rate of Interest: In case of business, transport operators, industrial advances, swarojgar yojna credit card, trading, etc. the rate of interest is PLR + 2 % per annum. In case of small and medium enterprises the rate of interest is 0.75%, PLR-2% and PLR+2% for loans of up to Rs. 50,000/- , Rs. 50,000/- to Rs. 5 lakh and Rs. 5 lakh to Rs. 10 lakh categories respectively.

Repayment: Repayment of loan has to be done within a period of 5 to 7 years.

Security: Hypothecation of the stocks is taken as the primary security. Collateral security will be required as per the norms of the bank.

Other Features: There are nominal processing charges for the loan as per the norms of the bank.

Chaitanya Grameena Bank and Godavari Grameena Bank sponsored byAndhra Bank merged into a single Reg…

Chaitanya Grameena Bank and Godavari Grameena Bank sponsored byAndhra Bank merged into a single Regional Rural Bank on 01.03.2006 to form Chaitanya Godavari Grameena Bank with its Head Office atGuntur, Andhra Pradesh.

Purpose: This loan finances purpose ofpurchasing equipment, repairing or renovating existing equipment and /oracquiring and repairing business premises or for purchasing tools and/orworking capital requirements to professionals.

Eligibility: Any professional and self-employed person including medical practitioners including dentists,Chartered Accountants, Doctors, Engineers, Architects, Tax Consultants,Magicians and Researchers can avail this loan.

Quantum of Loan: The maximum amount that is granted as loan does notexceed Rs.10 lakhs of which not more than Rs.2 lakh should be for workingcapital requirements. Inthe case of professionally qualified medical practitioners setting up practicein Semi-urban and rural areas, the loan up to Rs.15 lakhs (including forpurchase of car – car loan

) of which not more than Rs.3 lakhs for working capitalpurposes will be financed.

Security: Property attained by the bank finance is taken as security.

Repayment: Repayment has to be done within 36to 72 Equated Monthly Installments with a holiday period not exceeding 3months.