Term Loans

Short Term Loan

Eligibility

Loans shall be sanctioned to the A Class members of the bank and the applicant should own the land or plot on which the construction is proposed

Application of Loan

Loan will be available for all purpose

Limit of Assistance

The loan amount for all purpose shall be fixed as a maximum amount of Rs.25 lakhs

Repayment/ Tenure of loan

Loan shall be repaid in equated monthly installments spread over a maximum period of 5 years. Borrowers are free to remit more than one installment or lumpsum at any time

Interest Rate

  • Interest Rate upto Rs.25000.00 : 14%
  • Interest Ratefor amount above Rs.25000 and upto 50000 : 14.50%
  • Interest Rate for amount above Rs.50000 and upto 200000 : 15.00%
  • Interest Rate for amount above Rs.200000 and upto 500000 : 15.50%
  • Above Rs.500000 and upto 25 lakhs : 16%

Interest subsidy is eligible for this loan

Collateral Security

Advance is made against the mortgage of landed property as equitable mortgage or registration. Building shall be insured at the cost of the borrower and the insurance policy shall be assigned in favour of the bank

Share Linking

Share linking will be 3.50% of the loan amount

Authority to sanction the loan

  • Tittle deeds
  • Tax Receipts of the property & Buildings, if any
  • Encumbrance certificate for 20 years
  • Possession Certificate
  • Location Certificate and Sketch etc

Eligibility

Loans shall be sanctioned to the A Class members of the bank and the applicant should own the land or plot on which the construction is proposed

Application of Loan

Loan will be available for all purpose

Limit of Assistance

The loan amount for all purpose shall be fixed as a maximum amount of Rs.20 lakhs

Repayment/ Tenure of loan

Loan shall be repaid in equated monthly installments spread over a maximum period of 7 years. Borrowers are free to remit more than one installment or lumpsum at any time

Interest Rate

  • Interest Rate upto Rs.25000 : 14%
  • Interest Ratefor amount above Rs.25000 and upto 50000 : 14.50%
  • Interest Rate for amount above Rs.50000 and upto 200000 : 15.00%
  • Interest Rate for amount above Rs.200000 and upto 500000 : 15.50%
  • Above Rs.500000 and upto 25 lakhs : 16%

Interest subsidy is eligible for this loan

Collateral Security

Advance is made against the mortgage of landed property as equitable mortgage or registration. Building shall be insured at the cost of the borrower and the insurance policy shall be assigned in favour of the bank

Share Linking

Share linking will be 3.50% of the loan amount

Authority to sanction the loan

  • Title deeds
  • Tax Receipts of the property & Buildings, if any
  • Encumbrance certificate for 20 years
  • Possession Certificate
  • Location Certificate and Sketch etc