| Loan Amount |
Minimum Rs 10,000/-, Maximum Rs 5.00 lakhs |
| Repayment Tenor |
1 Years to 3 Years (based on Business Model) |
| Processing Charges |
3.00% on Loan Amount + GST |
| Foreclosure Charges |
4% on Loan outstanding.
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| Legal & Technical |
Rs 2000/- upto Loan Amount Rs 5.00 Lakhs and Rs 4000/- for Loan Amount above Rs 5.00 lakhs.
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| Primary Security |
Hypothecatin of Stocks in favor of CITO Nidhi |
| Guarantee |
A suitable Guarantor is required |
| Collateral Security |
Equitable Mortgage of land & building in favoring CITO Nidhi Ltd. |
| Co-Applicant |
Co-Applicant should be Spouse or any Blood relative acceptable to Bank. |
| Loan Insurance Coverage |
Mandatory to take the policy to the extent of loan amount with approved Insurance Company as SINGLE PREMIUM payable by the borrower (available if the borrower is interested). |
| Other Terms & Conditions |
- Business vintage should be minimum 3 years and above and proof to be submitted
- Latest 2 years ITR/Income Statement/ Purchase Bills/ GST/ Bank Statement or any other business income proof to be submitted.
- Loan can be sanctioned without ITRs / Income proof under Income Assessment Program, but minimum income threshold of Rs 20,000/- per month is mandatory.
- Borrower Minimum age at application - 25 years and maximum age at loan maturity - 65 years.
- Residential & Business stability- 3 years in the current residence & business place
- Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Business Loan policy on delayed payments
- Residential & commercial buildings owned by resident Indians will be accepted as collateral security. Property ownership- Self/ blood relative/ co-borrower. Agricultural properties, Factories, Godowns, Cinema Halls, Schools, Restaurants, etc., will not be accepted as collateral security
- Legal and Technical valuation is done by Bank empannelled officers and loan can be sanctioned subject to satisfactory report
- 5 PDC Cheques needs to submitted
- Mandatory undertaking from the borrower/s to effect that the loan / limit will not be for speculative purposes.
- Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
- Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified.
- All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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