Short Term Loan Against Liquid Security

SHORT TERM LOAN AGAINST LIQUID SECURITY
(i) |
Name of the facility |
Short Term Loan against Liquid Security |
(ii) |
Type of facility |
Fund based short term loan facility |
(iii) |
Tenure of the loan |
From 3 months to 1 year |
(iv) |
Purpose |
To meet the temporary liquidity mismatch in the business operation or for payment of statutory dues, salary/ wages/ electricity bill, rent etc. |
(v) |
Margin |
Upto 90% of the value of liquid security |
(vi) |
Interest Rate |
7.00 to 7.50 % p.a. (monthly rests, on reducing balance) |
(vii) |
Types of Liquid Securities accepted |
|
(viii) |
Repayment of Principal |
Monthly / Quarterly / Bullet repayment at the end of tenure |
(ix) |
Security |
|
(x) |
Processing Fee |
Nil (in line with similar products of banks) |
(xi) |
Prepayment penalty |
Nil (in line with similar products of banks) |
(xii) |
Eligibility |
|
(xiii) |
Other Conditions |
|