• Gangtok, East Sikkim 737101

  • Mon – Sat: 9:00am-6:00pm. Sunday CLOSED

  • 03592-202646/204086

  • WORKING CAPITAL TERM LOAN

     

    SCHEME  FOR WORKING CAPITAL TERM LOAN

    Eligibility: (a) Business firms doing business for last several years

    And reporting profit continuously in Financial statements.

    (b) should have trade license in the name of the Firm.

    © Type of Ownership: Individual/Proprietorship

    firms/Partnership firms.

    Commodities traded: Grocery/ready made garments/ cloth shop/

    Restaurants/Sweets shop etc

    Type of Credit facility: Working capital Term Loan

    Assessment of Credit requirement:  25% of sales of previous year as working capital requirement out of which 5% Shall be contributed by the applicant-borrower.

    Credit limit: Actual requirement as above subject to maximum of Rs 10.00 lac

    Security: Primary: Hypothecation of Stocks of goods

    Collateral: Pledge of FD/NSC/Assignment of LIC policy with Surrender value aggregating 40% of  the WCTL

    Insurance: Stocks to be  insured with bank’s clause

    Personal Guarantee: Permanent residents having High Net Worth(HNI)

    Good for the amount of credit.

    Rate of interest: 14.5% p.a

    Repayment: In 18/24 EMIs ( depending on cash flow)

    Frequency of submission of stock statement: Quarterly