| 1 |
Persons Eligible |
|
| a) |
Individuals (sole proprietor /partnership/ company) |
- Any Indian National |
|
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- Must be wholesale / retail trader having State Sales Tax Registration |
|
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- Business / Trading activity should be in the area of operation of the bank |
| b) |
Affiliated Society |
- Must have bank affiliation |
|
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- Business / Trading activity should be in the area of operation of the bank |
| 2 |
Purpose of Loan |
- For trading / business activity approved under State's General Sales Tax Act. (for sole proprietor /partnership/ company) or working capital requirement |
|
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- for working capital requirement ( for societies) |
| 3 |
Maximum Limit of Loan |
|
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Individuals (sole proprietor) |
- 20 % of average turnover of last 02 years. |
|
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- Maximum upto Rs.25.00 lakhs. |
|
Affiliated Society |
- 20 % of average turnover of last 02 years. |
|
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- Maximum upto Rs.100.00 lakhs. |
| 4 |
Service Charge |
- 1% of the Loan Amount. |
| 5 |
Rate of Interest |
- Varies from time to time (as per interest rate circular) (to be calculated on quarterly compound basis) |
| 6 |
Period of Repayment |
- within 31st March of next year |
| 7 |
Security |
- 25% Cash Security as FD in JCCB Ltd.
OR
35% in the form of NSC/KVP or LIC (surrender value) |
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- 75% collateral securiy in the form of mortgage of Land / shop / building / factory etc. |
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- Hypothecation of Stock |
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- Life Insurance of the applicant |
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- General Insurance of the business. |
