Andhra Bank has formulated a a scheme “loans against property – overdraft / term loan”.
The highlights of the scheme is as under:
- Individuals, partnership firms, limited companies and LLPs are eligible under this scheme.
- The loan may be sanctioned in the form of overdraft facility or term loan
- The minimum limit will be Rs.5.00 lacs
- The maximum permissible bank finance in the case of partnership firms, limited companies and LLPs are arrived based on 3 times of average (last two financial years) cash profit as per ABS.
- Margin for overdraft facility is at 50% of realizable market value of the property ( as per latest valuation report of Bank’s approved panel valuer. For term loans 40% of the realizable market value of the property ( as per latest valuation report of Bank’s Approved Panel Valuer)
- The security offered should be non agricultural property, and may be residential/commercial/ industrial building/plot.
The Rate of Interest is market competitive.
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