Eligibility

Any regular member of the Bank engaged in any trade, industry, services, or profession.

Purpose

To meet pre-sale and post-sale working capital requirements.

Nature of Facility

• Cash Credit or Overdraft
• WCTL (Working Capital Term Loan)
• Bills Purchased (BP)
• Bills Discounted (BD)

Primary Securities

Hypothecation of stocks and/or book debts outstanding for not more than 90 days. Pledge of cheques, bills, or duly accepted hundies in case of BP/BD facility.

Collateral Securities

As per merit of each case, by way of mortgage of immovable property and/or hypothecation/pledge of any other tangible security acceptable to the Bank, owned by borrower or sureties.

Sureties

At least two sureties of good means and high reputation, subject to Bank’s satisfaction.

Margin

As per merit of each case and nature of security.

Limit

Need-based credit limits to be assessed as per Bank’s policy and rules.

Period

12 months, subject to review thereafter. WCTL is repayable within a maximum period of 72-120 months in suitable instalments.

Rate of Interest

As per Bank’s guidelines from time to time, including penal charges for non-compliance of sanction terms.

Insurance

All primary and collateral securities must be insured adequately and comprehensively with Bank’s clause at borrower’s cost.