• Baroda Gujarat Gramin Bank Traders Loan

    The Traders Loan from Baroda Gujarat Gramin Bank can be taken out either as a loan or an overdraft depending on the customer’s requirements. The traders loan can be availed for the following purposes:

    • Working capital requirements
    • Non-fund based facilities (Letter of Credit and Bank Guarantee)
    • Development of shop (to buy equipment, furniture, air conditioner, PC, etc., and does not include buying a shop), for working capital requirements not exceeding 25% of the working capital limit granted

    Eligibility criteria

    • Individuals, partnership concerns, private limited companies, proprietorship, registered co-operative societies and firms (public limited companies and Hindu Undivided Families are not eligible)
    • Gold jewellers, silver dealers
    • The business must be operating in the same lime for at least two years
    • Trading units created by existing customers or their close relatives having satisfactory history of dealing with the bank, even if the units have been in operation for under two years

    Features and benefits

    • The minimum amount granted through this loan is Rs.25,000 and the maximum is Rs.100 lacs
    • The interest rate for amounts up to Rs.50,000 is 10%, for funds between Rs.50,000 to Rs.2 lacs is 10.50%, between Rs.2 lacs and Rs.5 lacs is 11%, and more than Rs.5 lacs is 11.50%.
    • The tenure of the loan is 12 months
    • Repayment can be done in a maximum of 60 EMIs
    • Mortgage of land and building must be pledged as tangible collateral securities (not agricultural land), or government bonds, National Savings Certificate or Baroda Gujarat Gramin Bank’s Term Deposits, approved bonds and shares in the director/proprietor/borrower/partner’s name, or assignment of LIC policies

    Documents required

    • DP Note
    • Hypothecation of goods including equipment / stock / other items bought through the bank’s financing
    • Letter of instalment for loans / Letter of continuing security for overdrafts
    • Mortgage / assignment / pledge of collateral securities
    • Customer’s undertaking to solely deal with Baroda Gujarat Gramin Bank
    • Guarantee if the immovable property is in third party’s name
    • Customer’s undertaking to declare that no statutory dues such as professional tax, sales tax, corporation tax, income tax, etc. are overdue and possesses renewed / obtained licenses from the concerned authorities needed for trading in the goods / merchandise each year
    • Other documents as may be required by the bank

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