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Baroda Overdraft Against Land and Building

Baroda Overdraft against land and building is a unique product for financing working capital requirements/long term margin requirements of SME borrowers against the security of unencumbered land and building belonging to the unit or Promoters of the unit, or, close relatives of the promoters.

PURPOSE :

  • To provide hassle free credit to SME borrowers to meet working capital requirements/augment long term margin requirements.

ELIGIBILITY

  • All Enterprises, i.e. Micro, Small & Medium Enterprises, as defined under MSMED Act, 2006, and other entities with annual sales turnover of Rs. 1/- crore to Rs. 150/- crores exclusively banking with our bank/new borrowers desirous of having sole banking arrangement with our bank.

LIMIT :

  • Minimum :Rs. 25.00 lacs (for Rural/Semi-Urban/Urban/Metro branches)
  • Maximum: Rs. 50.00 lacs (for Rural branches)
                        Rs. 200.00 lacs (for Semi-urban branches)
                        Rs. 500.00 lacs (for Urban & Metro branches)

SECURITY :

  1. Mortgage of factory land and building and/or any other property (Land & Building) belonging to the unit, promoters of the unit, or close relatives of the promoters, (viz. father, mother, wife, son and daughter only provided they stand as guarantors).
  2. Note : In case of residential/commercial building, age of property should not be more than 25 years at the time of sanction).

  3. Personal guarantees of all Promoter Directors/owners of property.
  4. Third party guarantee, if available.
  5. Charge on unencumbered personal properties of the Promoter Directors, if available.
  6. Hypothecation of stocks/book debts.

MARGIN :

  • 40% of the market value of property mortgaged (valuation of the property will be carried out by the valuer on bank’s approved panel/Government approved valuer)

    RATE OF INTEREST :

    For Micro & Small Enterprises in Manufacturing & Service Sector (As per Regulatory definition)

    Base rate plus 3.25% p.a.

    For Medium Enterprises in Manufacturing & Service Sector (As per Regulatory definition)

    Base rate plus 4.00% p.a.

    For other Enterprises, i.e. with annual sales turnover of Rs. 1/- crore to Rs.150/- crores.

    Base rate plus 4.50% p.a.

    PERIOD :

    12 months.

    OTHER FEATURES :

    • Simplified assessment methods.
    • Submission of stock/book debts statements on half yearly basis.
    • Annual inspection of securities.
    • Non-fund based facilities like LCs, Guarantees, allowed by earmarking Overdraft facility.
    • Valuation of properties once in 3 years.

      Conditions apply.

    To know the current interest rates Click here.

    Click here to download copies of blank agreements to be executed by the borrowers



    > Working Capital Finance > Term Finance > MSME > SME > Small Business Borrowers > Traders Loan




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