Purpose:

• For working capital to Individual Businessman/ Traders/ Proprietor/ Businessmen and Partnership Firms.

Eligibility:

• Professional/ Traders/ firm whose work is to purchase or sell an item, the debtor has full knowledge of the economics and business, must have license of the business. The beneficiary should not be a defaulter of any other Bank or other financial institutions. Units formerly employed which are registered in the Trade Tax. The unit is on benefit from 3 years and no case should be pending against it in court and no tax pending.

Loan Limit:

• For general traders a maximum loan amount of Rs 20.00 Lakhs and for petrol pump businessmen Rs 30.00 Lakhs which will be based on their needs and daily ability. Loan limit will also be decided on the business done in the last 3 years. Accepted Loan limit account should be atleast once made zero in the approved time limit.

Margin:

• The beneficiary will have to contribute 25% of the mortgage credit limit and 40% of the hypothecation credit limit from his own resources.

Loan term:

• Credit limit will be accepted for one year from day of grant or renewed. In renewation it should show that the interest is not owed, debt does not exceed the amount approved, installments/ accounts should not be random. Account transactions have been throughout the year. Engaged loan does not exceed the available stock.

Security:

• Purchased goods from loan will be mortgaged / hypothecated. One and a half times of the loan amount will be kept as collateral security in the form of land/ house, other house and permanent property of a proposed guaranter can be kept as equitable mortgage.

Interest Rate:

• Upto Rs 50,000.00 - 10.00%.
• From Rs 50,000.00 to Rs 2.00 Lakh - 11.00%
• From Rs 2.00 Lakh to Rs 20.00 Lakh - 11.50%

** On outstanding payment a penal interest of 2% will be charged. Interest will be calculated on monthly basis.

** For more information please visit your nearest branch of Zila Sahkari Bank Ltd. Unnao