Baroda Traders Loans

• Individuals (Resident) and Non-Individuals (Proprietorship/ Partnership/ Private Limited Companies / Registered Co-operative Societies engaged in trade of any commodity/goods in physical form required by the community and trading in them is not prohibited by law or opposed in public interest.

• Higher amount of eligibility upto SCR 5 Million
• Flexibility to fix Peak /Non-Peak Season limit
  • Hassle free processing and with bare minimum documentation.
  • No monthly stock statement required

• Overdraft: Working capital requirements
• Term Loan: Development of shop (Purchase of equipment, Computer, Air-Conditioner, Furniture etc.; but not for purchase of shop, for need based requirements subject to a maximum of 25% of the working capital limit sanctioned.
• Non-fund based facilities (Letter of Credit & Bank Guarantee):

(Non- fund facility can be considered over and above the Working capital / Term Loan limit, but within the limit assessed based on value of securities and Up to The specified maximum limit under the scheme. – However, if requested non fund based limit cannot be accommodated separately based on projected turnover or Offered securities, the same can be considered as a sub Limit of working capital limit.)

Interest Rates & Charges

• Interest Rates & Charges
• Processing Charges

Target Group

• Individuals (Resident) and Non-Individuals (Proprietorship/ Partnership/ Private Limited Companies/ LLPs / Registered Co-operative Societies engaged in trade of any commodity/goods in physical form required by the community and trading in them is not prohibited by law or opposed in public interest.

Purpose

• Overdraft: Working capital requirements
• Term Loan: Development of shop (Purchase of equipment, Computer, Air-Conditioner, Furniture etc.; but not for purchase of shop, for need based requirements subject to a maximum of 25% of the working capital limit sanctioned.
• Non-fund based facilities (Letter of Credit & Bank Guarantee)

(Non- fund facility can be considered over and above the Working capital / Term Loan limit, but within the limit assessed based on value of securities and Up to The specified maximum limit under the scheme. However, if requested non fund based limit cannot be accommodated separately based on projected turnover or Offered securities, the same can be considered as a sub Limit of working capital limit.)

Eligibility

All resident Individuals – Salaried/ Professionals/ self-employed/ Business persons/ Agriculturists employed/ engaged in business/ profession for a minimum period of 2 years.

Minimum Gross Annual Income (average of Last 2 years) should be SCR 200000 including co-applicants whose income is considered for eligibility of limit.

Type of facility

Term Loan/ Demand Loan / Overdraft

Margin

40% on Realizable Value of immovable properties

Security

Mortgage of Immovable Properties

• Residential Property (House / Flat)
• Commercial property (Building / Land & Building)
• Plot of Land

Limit

Minimum: SCR 200000

Maximum: SCR 2 Million

Repayment Period

Term Loan : -120- months
Overdraft : -12- months; subject to annual review

Income Criteria

Income Multipliers

Salaried : 30- times of Gross Monthly Income

Others : -5- times of Gross Annual Income

Income to be considered for multiplier

For Salaried Persons
Average of last 3 months‟ Gross Monthly Income (GMI)

For Others
Average of last 3 years’ Gross Annual Income (GAI).

Repayment Capacity: (for all category borrowers)

For All category of borrowers

• GMI up to Rs.75,000/- : 50%
• GMI above Rs.75,000/- to Rs.3.00 Lacs : 60%
• GMI above Rs.3.00 Lacs : 70%

Processing Charges

Fees & Charges

Legal opinion & Valuation charges

Title of the property proposed to be purchased is to be clear, absolutely unencumbered and marketable to the satisfaction of the Bank’s solicitor/ advocate. Title verification andValuation of the property will be done by the empanelled advocate/ valuer of the Bank.

Insurance

Insurance of the property taken as security as per the valuation report for full value excluding cost of land. The charges to be borne by borrower/s.