Term loans are granted for specific purposes and are fixed as to, currency, amount, and period.
Financial and other Benefits
- A solution to suit your diverse financial needs (Business or Personal)
- Flexibility to choose a repayment period upto 3 years (Exceptionally for longer period as per the requirement of clients / project undertaken)
Costs (Interest, Fees, Charges, Commissions)
- Interest is charged on the reducing balance and the applicable rate will be indicated in the Letter of Offer.
- Loan documentation fees / legal fees / valuation fees will be applicable depending on the loan amount and security offered.
Procedure to be followed to obtain the product / service
- A duly completed application form requesting for a Loan facility along with the necessary supporting documents requested therein should be submitted to the Branch Manager of the account holding branch.
Key Terms and Conditions
- In the case of business clients Term Loans are granted for working capital requirements, purchase of fixed assets or any other purpose acceptable to the Bank.
- In the case of a personal client, Term Loans are granted to meet any acceptable personal requirements.
- The bank reserves the right to reject any application without assigning reasons thereof. However, when a facility is rejected reasons for such rejection are communicated to the client
- Term loans will be considered for a client having a satisfactory monthly income acceptable to the bank.
- Collateral / security acceptable to the Bank is generally expected to be submitted by the clients when requesting for financial assistance.