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Baroda Traders Loan
Baroda Traders Loan is for working capital requirement. Demand Loan for purchase of shop/ renovation/ purchase of equipments, furniture fitting, working capital purpose etc. This loan is also applicable for non-fund based facilities i.e. Bank Guarantee and Letter of Credit.
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Facility
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Eligibility
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Margin Contribution
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Loan Amount
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Fees and Charges
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Terms & Conditions
- Overdraft, Loan, Guarantee, AB/TR
- Traders who are engaged in trade of any commodity/ goods required by the community and trading in them that is not prohibited by law or opposed to public interest.
- The business units should have been established in the line of business for a minimum period of 2 years.
- 35% on market value as per recent valuation report of immovable property (valuation carried out in the last one year can be accepted)
- 35% on market value of motor vehicles
- 10% on Bank’s own FDRs
- 15% on the surrender value of Life Insurance Policies
- Maximum limit is $200000
- Working capitals limit up to 40% of the projected sales subject to verification of VAT returns of previous years/quarters or Advance value of collateral assets to be charged, whichever is lower.
- Demand loan to be considered need based subject to a maximum of 50% of the projected sales or Advance value of securities to be charged, whichever is lower.
- Working capital advance, Demand loan and Non fund based facilities together should not exceed advance value of collateral security or maximum amount under the scheme guidelines, whichever is less.
- Repayment period up to 84 months in case of Demand Loan.
- Property mortgaged/ vehicles to be insured comprehensively as per bank’s norms.
| Establishment Fees | |
|---|---|
| Upto $1,000.00 | $50.00 |
| From $1,001.00 to $2,500.00 | $100.00 |
| From $2,501.00 to $5,000.00 | $100.00 |
| From $5,001.00 to $10,000.00 | $200.00 |
| From $10,001.00 to $20,000.00 | $300.00 |
| From $20,001.00 to $200,000.00 | 1.00% of Loan Amount / OD Limit |
| Above $200,000.00 | 0.75% of Loan Amount / OD Limit (Minimum $2,000.00) |
| Credit Service Fees | |
|---|---|
| Upto $1,500.00 | $5.00 per month |
| From $1,501.00 to $5,000.00 | $15.00 per month |
| From $5,001.00 to $10,000.00 | $20.00 per month |
| From $10,001.00 to $30,000.00 | $35.00 per month |
| From $30,001.00 to $50,000.00 | $70.00 per month |
| From $50,001.00 to $70,000.00 | $100.00 per month |
| From $70,001.00 to $90,000.00 | $120.00 per month |
| From $90,001.00 to $100,000.00 | $140.00 per month |
| From $100,001.00 to $200,000.00 | $240.00 per month |
| Above $200,000.00 | 0.125 % of Loan Amount / OD Limit per month (Minimum $240.00 and Maximum 1,500.00) |
| Inspection Fees | |
|---|---|
| Upto $1,500.00 | Free |
| From $1,501.00 To $10,000.00 | $50.00 per visit |
| From $10,001 To $25,000.00 | $75.00 per visit |
| From $25,001.00 To $50,000.00 | $100.00 per visit |
| From $50,001.00 To $100,000.00 | $150.00 per visit |
| Above $100,000 | $200.00 per visit |
| Security Document Handling Fees | |
|---|---|
| Upto $1,000.00 | Free |
| Above $1,000.00 | |
| One Document | $100.00 |
| Additinal Document | $40.00 per document |
| (Solicitor charges + out of pocket expenses to be recoverred seperately) | |
| Excess Fees Charges | |
|---|---|
| Upto $5,000.00 | $25.00 per visit |
| From $5,001 To $10,000.00 | $50.00 per visit |
| From $10,001.00 To $25,000.00 | $100.00 per visit |
| Above $25,000 | 1.00% of excess / Adhoc per occassion |
| Loan Arrear Fees | |
|---|---|
| Upto $500.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
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| From $501.00 To $1,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
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| From $1,001.00 To $2,500.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
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| From $2,501.00 To $5,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
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| Above $5,000.00 |
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
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| Opinion Fees | |
|---|---|
| Local | $25.00 + Out of Pocket Expenses |
| Overseas | $50.00 + Out of Poecket Expenses |
| Modification in Terms and Conditions | |
|---|---|
| For each modification | $100.00 |
| Stamping/Unstamping Charges | |
|---|---|
| $15.00 + out of pocket expenses |
| Document Discharge Fees | |
|---|---|
| $100.00 per document |
| Settlement Fees | |
|---|---|
| $150.00 per settlement |
| Search Fees |
|---|
| $30.00 subsequent $10.00 per hour |
| Data Bureau Charges | ||
|---|---|---|
| $17.00 |
| Cheque Book Charges | ||
|---|---|---|
| $2.00 per fifty leaves book plus stamp duty as applicable (For Current and Overdraft Accounts) |
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| Stop Payment Charges | |
|---|---|
| $10. 00 per instrument |
| Duplicate Statement Fees |
|---|
| $5.00 per page Computer Printout $7.50 per page statement |
| Cheque Holding Charges | ||
|---|---|---|
| $15.00 per instrument per working day | ||
| Dishonour Cheque Charges | |
|---|---|
| Outward-$25 per instrument |
| Cash Handling Charges | |
|---|---|
| Total cash deposit below $5000 (per day) | Nil |
| Total cash deposit $5000 & above (per day) | 0.50% of total cash deposit |
- Motor vehicles registered within 6 years may be considered as security for the purpose of determining the advance value up to 20% of the total value of securities offered. However, if the motor vehicles registered are more than 6 years, the borrower may either replace by suitable value of security or the advance value may be recalculated without considering the motor vehicles beyond 6 years.
- Borrowers to route the sales and all other transactions through their Overdraft/Current A/c (in case of loan) with the branch.
- Wherever the property is acquired out of Demand Loan availed, the property is to be mortgaged to us.
- In case of Demand Loan margin contribution of 25% is to be brought by the borrower
- Obtaining of financial statements i.e., Balance Sheet and Profit & Loss A/c up to F$ 200,000 is dispensed with. However, declarations on annual sales supported by Returns/Assessment on VAT/ Income Tax etc. to be submitted.
- Where the VAT returns are not required to be filed, financial statements for limits below F$200,000 to be obtained.
- In case borrower intends to avail Demand Loan, total loan installments including the proposed installments not to exceed 80% of the projected Net Profit and Depreciation declared by them. The projected net profit should be in line with actual profits earned by the borrower.
- In case of D/L, repayment to be commenced after one month of first disbursement
- Valuation of the property is to be carried out every 4 years.
- if the credit turnover in the account in the preceding month is not adequate to cover the interest debited, then interest debited be recovered separately.
- Terms and Condition Apply
