Indian Bank- IB Professional Special
Purpose:
For purchase of necessary tools / equipments, vehicles
(ambulance/jeep for office use), upgradation of existing equipments/renovation
of Office building including Air-conditioners, furnishings, reference
books, purchase of new vehicles (even if new vehicle /equipment
has already been purchased out of own sources, reimbursement can
be allowed, if it was acquired within 6 months).
Eligibility:
Qualified professional(s) like Chartered Accountants,
Architects/ Interior Decorators, Qualified caterers etc. who are
practicing in Metropolitan/ Urban/semi-urban areas, with minimum
of 3 years experience (including internship). The scheme is generally
applicable only to resident Indians (either individual or Registered
Firm) not above 60 years.
Quantum of Loan:
Experience exceeding 3 years - Max. Rs. 5 Lakhs
with an overall ceiling of 12 months gross monthly projected income
with the previous year's income as indication Experience less than
3 years - Loan restricted to 50% of the eligible amount.
Repayment of Loan:
60 EMI with an option for holiday period of 6 months
(MAX).
Security of Loan:
Assets created, if any, out of the loan amount
for the advance upto Rs.1 lakh For limits above Rs 1.00 lakh, hypothecation
of Equipments/ assets purchased out of the loan Where creation of
tangible security is not involved, LIC Policy to the extent of shortfall
in security coverage.
Margin of Loan:
No margin for loan upto Rs.1 lakh limit Above Rs.1
lakh, a margin of 20% is to be brought in.
Rate if Interest:
BPLR+TP+0.25
For more information: Website
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