Traders /Businessmen engaged in trade/business either on retail or wholesale basis holding valid licence, with sufficient repayment capacity.
Borrowers can be Individuals either singly or jointly/ Proprietorship Concern / Partnership Firm /HUF/ Company or any other entity engaged in trading/business activity either independent unit or contract/commission/franchise/agency basis.
Applicants engaged in business/trading activities either on contract /commission/franchise/Agency basis are also eligible.
The applicant must have either sales tax-registration OR trade/business license/permit issued by any Statutory Authority/Recognized body.
For construction of shop in the pre-owned land orpurchase of ready built shop / commercial space for business or purchase of shop /commercial space under construction for own business purpose.
On immovable property offered as security OR on project cost : 35%
Mortgage of immovable property acquired out of the loan.
In case of ready built shop/building, age of the shop/Building shall not exceed 30 years. However, residual /balance life of the shop/building shall be at least 5 years more than the repayment tenor.
Rate of Interest
Rate of interest is linked to the MCLR & subject to annual reset.
In case the borrowers fail to construct the shop or after construction/purchase of shop, lease /rent out the premises, in such cases, the loan shall be charged at higher rate of interest @ 18.25% from the date of such act.