PRODUCT PURPOSE/DESCRIPTION
This facility is available for Investment or purchasing a land plot for construction purposes.
PRODUCT FEATURES
| Loan amount | • As per Bank Credit Risk policy with serviceability demonstrated from existing and projected income streams. • No Minimum amount but subject to business reasonability. • Maximum-to be determined by serviceability |
| Repayment capacity | • Repayment capacity will be assessed on existing businesses only |
| Security | • As per collaterals defined in the Bank Credit Risk Policy |
| Maximum tenor | 60 Months |
| Method of Repayment | • Amortized over the tenor of the loan. Loan Repayment to include loan principal plus Interest amount. |
| Documentation/Conditions | • Established business for at least 2 years with a good track record • Plot size should not be more than 2.5 acres • The applicant (in case of sole proprietor must be between 25 years and 65 years old) • Evidence of payment of deposit price • The borrower must have clear and proven source of repayment – from already existing income streams that are sufficient to meet expected repayment. |
BENEFITS
- Allows the borrower to acquire fixed assets without drawing working capital from the business