Repayment Period : Maximum 5 Years
Margin                      : 25%
Other Norms           :
                          (A)  : Income proof for last three years i.e.audited Balance sheet or                                      I.T. returns.
                           (B) : One acceptable guarantor.

Revised Scheme - Effective from 01/12/2006

Name of Scheme     “ Ratnatraya Professional Scheme”

01. Target Group Professionals such as Doctors, Dentists, Architects, Chartered    Accountants, Company Secretary. Engineers.

02. Eligibility And Assessment Of Limit. a. Minimum Income Rs.1, 50,000.00 P.A. (Salary/Professional Income) as per Income Tax return filed.

b. Maximum Limit would be 3 times of Annual Income (Average of Last 2 Years.)
c. Solely banking with us.

03. Facility Cash Credit /Term Loan.
04. Purpose To meet Business/Professional requirement.
05. Quantum of loan Minimum Rs. 2.50 Lakhs. Maximum Rs10.00 Lakhs
06. Minimum Qualification M.B.B.S./ B.D.S./ B.Arch./ C.A./C.S. /DME/ B.E/ M.E    /  B Tech / M Tech / BAMS / BHMS
07. Period of facility Minimum 1 Year / Maximum 5 Years.
08. Repayment Yearly Renewal /Equated Monthly Installment.
09. Security 100% of loan amount by way of Movable / Immovable assets or paper securities such as LIC/NSC/KVP/Shares/Govt. Securities/Bonds (Market Value / Surrender Value to be considered)

10. Margin NIL
11. Guarantor One acceptable guarantor.
12. Interest Rate PLR =11.75% (Rebate not applicable)
13. Processing Charges Rs 300/- per lakh or part thereof.
14. Papers required for assessment

             1. Application Form
                 2. Guarantors Form.
                 3. Declaration regarding relationship with directors / executives of the Bank
                 4. Degree Certificate (To be verified with original)
                 5. Financial Statements of last two years
                 6. Worth Papers.
                 7. Copy of last income tax assessment order / return filed. Of the borrower / guarantor.

15. Documents to be obtained

  1. Form No. 51-A- Waivers Letter
  2. Form No. 51 – Demand Promissory Note.
  3. Form No. 54/53 – Loan /Overdraft/cash credit Agreement. Form No. 66 –Letter of Guarantee On Rs.  100/- stamp paper.
  4. Legal report, Valuation report
  5. Personal Life cover Insurance Equal to Limit Sanctioned Policy is taken. (No Profit) under tie-up   arrangement.
 

16. Classification of Advance Priority Sector- Professional.
17. Sanctioning Authority Branch Manager Up to Rs. 5.00 lakhs
Assistant Manager Credit. Up to Rs. 7.00 lakhs
Assistant General Manager Up to Rs. 10.00 lakhs