Headquartered in Kalwa, a remote village in Thane in 1972, Gopinath Patil Parsik Janata Sahakari Bank (or the GP Parsik Bank) today has operations spread across Thane, Navi Mumbai, Pune, Nashik, Raigad and Ichalkaranji (Kolhapur). Apart from the regular banking services, the multi-state scheduled bank also offers deposit schemes, and loans & advances.
The Cash credit facility offered by GP Parsik Bank is aimed at helping customers fulfil their business financial requirements.
Purpose of Availing Cash Credit Facility
The bank provides fund-based working capital facility to traders/manufacturers and small & medium--size enterprises. The cash credit facility can be availed for additional stock purchases and loan repayments to trade creditors. The credit can also be availed to meet working capital requirements.
Eligibility for Availing GP Parsik Bank Cash Credit Facility
This cash credit can be taken by:
Features and Benefits of GP Bank Cash Credit Facility
The maximum loan amount that can be availed is from Rs 25 lakhs to Rs 2 crore and above
The repayment period is 12 months, on renewable basis Interest is charged on a floating method.
The floating rate of interest for the loan amount of up to Rs 25 lakhs is 12.50%. The fixed interest rate is 14%.
Interest rates for amounts above Rs 25 lakhs to below Rs 2 crore are based as per gradation
Rates of interest for loan amount Rs 2 crore and above are according to risk-based pricing.
The rate of interest shall be revised on yearly basis as per the rating arrived.
Processing charges are up to 1 % for all new and additional fund based exposures
Pre-payment penalty charges for premature closure would be charged at 2 % on the outstanding amount for the remaining tenure.
Documents required for GP Parsik Cash Credit Facility
In order to apply for the cash credit facility scheme through GP Parsnik Bank, the applicants will be required to submit the following documents:
Identity Proof: A proof of identity such as driving license, passport, Aadhaar card, PAN card, etc., issued by a competent and legitimate government authority.
Address Proof: Any proof of address that contains the borrowers’ names and is issued by a competent and legitimate government authority. Could be driving license, passport, telephone /electricity bill (attested), etc.
Proof of income
Income tax certificates, bank records, balance sheets
The bank may also require other documents on an individual basis after assessment of the borrower. This, however, will be declared on the bank’s discretion.