- To meet temporary shortfall / mismatch in liquidity, for meeting genuine business requirements only.
- Micro, Small & Medium Enterprises as per Regulatory definition and all other entities with annual sales turnover up to Rs. 150/- crores.
- Satisfactory credit rating for the last three years.(BOB-5 & ABOVE)
- Latest Balance Sheet etc. should be available.
- Satisfactory financial performance in terms of sales / turnover and profits. Negative variance, if any, should not be more than 10%.
- Satisfactory dealings with the Bank for at least three years.
- Upto 25% of the existing Fund based Working capital limits (depending on the Credit Rating), subject to a minimum of Rs. 10 Lakhs and maximum of Rs. 250 Lakhs.
- To be repaid in 12 months including moratorium period.
- First charge / Equitable mortgage of fixed assets of the company / firm or extension of existing first charge / equitable mortgage of fixed assets, ensuring that there is a minimum asset cover of 1.25.
- Extension of Charge on current assets for the additional facility ensuring that adequate drawing power is available.
- Extension of all existing guarantees of Directors / Third party guarantees to cover the additional facility.
RATE OF INTEREST:
- As applicable to existing working capital facilities.
- 25% concession in applicable charges.
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Click here to download copies of blank agreements to be executed by the borrowers