||This is an all purpose credit facility i.e. to meet legitimate need based expenses viz- marriage /medical /educational expenses / repairs / renovation / extension to the residence / commercial property/ purchase of consumer durables or any unforeseen expenses, and also for investment in business, to meet credit needs of trade, commercial activities, other bona fide requirements of business/ profession
- Business Concerns (MSME) & Salaried Individuals who are income tax assesses;
- Partnership firms, Proprietary firms, Companies (Pvt./Public Ltd.), HUFs, Trusts, Societies, NRIs (subject to compliance of guidelines of Bank & RBI)
- Age limit: Min 18 yrs, Max 65 yrs and owning residential/ commercial property.
- Credit facility against agricultural property is strictly not permitted. Credit facility shall not be permitted against security of immovable property wherein Educational/ Religious Institutions are located. Vacant land may preferably be not taken as security under the scheme.
- In case of Firms/Companies & Trusts, credit facility may be considered against the property owned by Partner/Director/Trustee
- The property of following close relatives may be considered subject to becoming of their co-borrower in the facility
|Quantum of Finance
For MSME: Above Rs. 10 lakh
Non MSME: Rs.5 lakh
|Quantum of Finance is subject to
||For salaried persons: Maximum 10 times of average net annual income based on salary slip (last 12 months)/ latest Form No.16 or ITR.
For others: Maximum 10 times of average net annual income based on ITR for last 3 Financial Years.
- MPBF is subject to maximum of 50% of realizable value of immovable property.
- Security in the form of NSCs (Margin 25%) /Bank’s Own Deposits (Margin 10%) /LIC Policies (Margin 10%) may be taken to supplement the overall security requirements.
- The income of the spouse / major sons may be added if he/she is a co-borrower.
- In case of Firms/ Companies/ Trusts/ HUF, Partners/ Directors/ Trustees/ Co-parceners with regular & independent income may join as co-borrower to supplement repayment capacity.
- Cash accruals/ Depreciation may also be added to income, in case of borrowers other than salaried class.
|Rate of Interest
||For Term Loan: Maximum 15 years
For Overdraft Facility: Repayable on demand. The limit once sanctioned will hold good for 3 years.
The overdraft facility is not allowed for salaried class borrowers.
|Concession in ROI for MSMEs Only
- Concession of 0.25% in RoI for cases, where external credit rating is 1 to 4 by SMERA, ICRA, ONICRA or CRISIL
- Concession of 0.25% in RoI if account is classified under Priority Sector Advances.
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