Eligibility/ Purpose of Loan:
The Baroda Traders Loan facility enables individuals, proprietorships, bodies such as partnership firms and Co-op societies to avail of working capital or undertake development of shop by way of loan/overdraft. Dealers in gold/ silver jewelry are also covered under the scheme.
Option to avail the credit facility as loan or overdraft.
Quantum of Loan:
Minimum : Rs. 25,000/-
Maximum : Rs. 200 Lakhs.
Margin of Loan:
40% on market value of immovable property.
10% on Bank's own Fixed Deposits.
15% on face value of NSCs, Govt. Bonds, surrender value of LIC policies.
Tangible collateral Securities in the form of mortgage of land (not agricultural land) and building is acceptable as security.
National Savings Certificates, Government Bonds, our Bank's Term Deposits, Assignment of Life Insurance Policies, standing in the name of the borrower/ proprietor/ partner/ director are acceptable as security.
Rate of Interest:
Upto Rs.2/- Lakhs: sanctioned on or after 01.04.09: 0.75% Above BPLR i.e. 12.75%.
Above Rs.2/- Lakhs: sanctioned on or after 01.04.09:
OD and loans upto 1 year: 1.25% Above BPLR i.e. 13.25%.
Loans more than 1 year: 1.50% Above BPLR i.e. 13.50%.
Baroda Traders Loan ( Loan/ Overdraft) processing charge is 0.35 % for Minimum : Rs.1,000/- and Maximum : Rs.30,000/-
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