United Trade Credit
Are you a trader finding it difficult to expand your business? Interested
in easy loans? Here comes United Bank of India with United Trade Credit Scheme to help
you.
All types of traders- retailers/ wholesalers engaged in trading of
commodities including readymade garments, medicines and other merchandise or acting as
distributors/ dealers of consumer goods, automobiles, etc. are eligible for this credit
line. No hassles of submitting regular statements or periodical calculation of Drawing
Power.
Purpose of Loan:
Working capital as well as Block Capital finance for the purpose of business in the
form of overdraft or Term Loan.
Eligibility:
If you are an existing trader/ business person/ service provider operating and earning
profit for atleast two years, you may apply for the loan. If you are engaged in trade/
business/ service with any other activity like agriculture, manufacturing, construction or
exports etc. you are also eligible for the scheme.
Amount of Loan:
Credit line may be in the form of overdraft or term loan and credit limit from Rs. 0.50
lac to Rs. 100 lacs may be sanctioned under the scheme.
Security:
- Mortgage of unencumbered and marketable immovable property and/ or securities like NSCs/
KVPs/ LIC policies etc.
- The inventories, receivables and other available movable fixed assets shall also be
hypothecated to the Bank as collaterals.
Margin:
40% Margin on the value of mortgaged property, 20% on the value of NSC, KVP and LIP
(surrender value), both for term loan and overdraft facility.
Interest Rate : 14.00% (i.e. BPLR + 0.75%) w.e.f. 09.04.07 (floating)
Concessions in Interest rate:
- A concession of 0.25% p.a. in rate of interest shall be allowed for every 25% (of the
limit) liquid security provided.
- On satisfactory conduct of the account one-time incentive by way of reduction in the
rate of interest to the extent of 0.25% p.a. shall be allowed at the beginning of 3rd year
of operation.
Repayment:
- The term loan is to be repaid within a maximum period of 60 months by equal monthly
installments commencing one month after the date of disbursement.
- In case of overdraft the limit shall be valid for 12 months and renewable thereafter
upon review.
We do not charge penal fees for pre-payment of loans.
So why are you waiting for? Just walk into the nearest branch of UNITED BANK OF INDIA for
further details and avail the facilities.
Click here for United Trade Credit Form
Pdf format for United Trade Credit Form
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