Term Loan
Term loans are especially useful for the purpose of investing in CapEx for fixed assets (e.g., the setting up of new commercial or industrial units) for up to 3 years. A term loan is usually for a long-term financing plan, and repaying before maturity can incur a prepayment fee.
Features
| Loan repayment Period | Up to 3 years |
| Interest Payment | Monthly |
Eligible Borrower
- General traders
- Importers/ Exporters
- Industrial / SME/ Corporate Units
- Construction/ Real estate contractors
- Any other business conglomerates (where applicable)
Proof of Income Evidences
- License of Business (Copy)
- Income Tax for the Last 2 years and the Current year
- Financial Statement for Last 2 years and current year
For Businesses
- BOD Resolution from Borrower (If Borrower is Company)
- BOD Resolution from Guarantor (If Guarantor is Company)
- Company Registration Certificate issued by DICA, Company extract including the list of shareholders and Constitution of the company (As per registered in MYCO DICA.
Required Documents
- Loan application
- KYC documents and income proof of borrower & Guarantors
- NRC (Copy)
- Census (Copy)
- Ward Recommendation (Original)
- Passport Photo (2 pecs)
- Photo of business Places, shops, warehouses Etc:
- Photo of the building (Front, Back, Sides, Inside and Floor by Floor)
- Grant Documents related to lease/ Free Hold land, Register Documents and other related documents.
- Land Map (Form 105), Land History (Form 106) at most one year.
- Legal Opinion from the lawyer about the security property.
Guarantee
| Personal Guarantee: | Personal Guarantee of significant shareholders, partners if the loan is in the name of company/firm. |
| Corporate Guarantee: | Company /firm who uses the finance( if the facility is in the name of shareholders, partners ) |
Type Collateral
Land and Building and Other
Fees and Charges
| Interest Rate | 12.5 %p.a. |
| Services Charges | 1 % |