P& S Bank Multipurpose Business Loan (Mortgage) Scheme
Eligibility
Retail Traders / Wholesale Traders, Contractors, Professional, self employed and Small and Medium Business Enterprises (SSI/ SMEs) Manufacturing Concerns.
Type of Facility
Overdraft/Cash Credit / Term Loan / B.G. / L.C etc.
Quantum of Finance
Maximum Rs.200 lac & Minimum of Rs.1 lac (GM (A), ZMs Delhi I, II & III authorized to sanction upto Max. Limit Rs 500 lac ) For newly established activity / ventures -- Rs.50 lac
Margin
Funded facilities are to be allowed maximum upto 65% of the realizable value of immoveable property for fresh cases. In cases of renewal, where revaluation of property is not due, funded facilities can be continued maximum upto 75% of the realizable value of immoveable property.
Rate of interest Security
As per general advances rate of interest chart.
- Hypothecation of assets (stocks, receivables, work in progress, plant & machinery etc) as applicable.
- Equitable/registered mortgage of land and building free from any encumbrances in the name of borrower/ partner / director.
- Advance against third party property can be allowed if the property is in the name of close blood relatives (Major children, spouse, father, mother, brother, sister of the borrower viz proprietor, partner, director) subject to the condition that guarantee of owner(s) / Co-owners of the property shall be mandatory.
Stock Statements
Stock statement / Book Debt statement to be furnished by the borrower at the time of sanction and thereafter once in a year.
