Loan Schemes


Professionals and Self Employed Persons

Eligible borrower :

  • Individual professionals like Medical Practitioners, Engineers, Chartered Accountants, partnership firms or companies formed by professionals engaged in providing professional consultancy, service, etc
Security :
  • Any tangible asset owned by loan applicant/proposed sureties, having sufficient value commensurate with the amount of loan and which are easily marketable (immovable property, deposits, LIC policies, NSCs, KVPs, vehicles, etc.)
Sureties :
  • Two
Margin :
  • As mentioned under separate sub-heading herein
Amount of Loan :
  • Upto 75% of the project cost and subject to credit exposure limit
Rate of Interest :
  • As decided by the Board and HO circulars
Repayment Period :
  • Normally 5 years maximum. However, the repayment period may be changed depending on the cash flows
Working capital limits :
  • May be allowed if required
Other requirements :
  • Relevant professional qualification
  • Experience in the concerned profession is desirable
  • Project Report/quotations/estimates, permission/license/approvals from competent authorities like Health Dept., Water / Electricity Dept., Municipality / Panchayat, etc. – wherever applicable
  • Copies of B/S, P/L A/c, I.T. Returns for last 3 years in case of already existing unit
Documentation :
  • Loan Application in the appropriate Form
  • Joint & Several Demand Promissory Note
  • Agreement for loan
  • Agreement for Mortgage/Hypothecation/Assignment of LIC Policies or any other tangible security acceptable to the Bank
  • Agreement for salary deduction u/s 49 of MCS Act if borrower/surety is/are salaried persons
  • The financial unit/securities should be comprehensively insured against all possible risks
  • Letter of continuing security (in Form L-4) for OD limits
  • Valuation of assets to be hypothecated/mortgaged (if not new units)
  • Any other document depending on the purpose/security of the loan