VVCC Bank| SMSBanking
VVCC Bank| SMSBanking
Asset Loan

Purpose:

  1. To purchase, construct or repair any property other than residential property.
  2. Any business requirement other than working capital or to purchase machinery
  3. For medical, social or educational purpose.

Loan Amount Upto 50.00 Lakh
Rate of Interest :11.00 % (WEF 01-11-2018)

Loan Amount Above 50.00 Lakh
Rate of Interest :10.50 % (WEF 01-11-2018)
Re-Payment Period :Max 10 Years

Terms and Conditions:

  • Mortgage of property required.
  • Charge to be registered with Govt. or Revenue Authorities.
  • KYC Documents with 2 Latest Photographs
  • 3 Yrs. I.T. Returns / Balance Sheet/ Last 3 Months Salary Slip and Statement of Net worth.
  • Last 2 Yrs. Bank Account Statements.
  • 2 Guarantors required with KYC and Statement of Net worth.
  • If required, moratorium period up to 18 months can be allowed at Bank's discretion.
  • Additional Shares (Linking Shares) to be taken @ 01.00% of sanctioned Limit.
  • Linking Share amount will be adjusted / refunded at the time of closer of loan account.
  • Dividend on linking Shares will be transferred in account as and when declared by the Board of Directors.
  • Penal interest @2% extra will be charged in case of irregular A/cs.
  • No Objection Certificate from other bank if any other facility availed. (If required)
  • Principal / Collateral Security must be covered by insurance.

Applicable Approx. Charges for above facilities.

Title Clearance Report 2500.00
Valuation Report of Property(if Required) Max 0.125% of Valuation Amount
Mortgage Charges
Legal Fees & Misc Charges 5500.00
Stamp Duty @ 0.35 % of Loan amount
Mortgage Registration Charge Max. Rs. 6000.00
Stamp charges for Loan Agreement @ 0.25% of Loan amount

VVCC Bank| SMSBanking