|Union Bank of India
|Union GST Gain
|To fund need based Working Capital requirement for trading/ services/ manufacturing business.
|All units engaged in trading/Services/manufacturing activity i.e. Retail Traders, Wholesale Traders including Supermarkets, Malls, Departmental Stores, Dealers in Groceries, Consumer durables, Co-operative stores, manufacturer, Repairs shops etc irrespective of constitution and classified under MSME (Manufacturing/Service Enterprise) will be eligible under the scheme.
|Rate of Interest & Repayment
|• The Rate of Interest would be as per the extant interest rate circular of our Bank.
• Extant Interest Rate shall continue for existing accounts i.e. till review/ renewal/ closure of account.
Repayment : On Demand
The advance shall be secured by hypothecation of stock duly insured and/or book debts.
Minimum collateral security shall be 100% of the loan amount.
• Mortgage (Equitable /Registered) of immovable property (land and building) / pledge of securities like NSCs / KVPs / Deposits / assignment of LIC policies (only surrender value to be taken into account) / other Government securities to the extent of minimum 100% of loan amount.
• In case of any existing Term Loan secured by Landed property, the value of property in excess over 133% of the total outstanding in Term Loan account or margin stipulated at the time of sanctioning of Term Loan, whichever is higher, may be considered as eligible collateral for the scheme.
• However, in case of mortgage loan such excess shall be considered over 200% of the loan outstanding.
|Composite /loan Limit
|Minimum Limit: Above Rs.10.00 lacs.
Maximum: Rs. 500.00 lacs.
|Working Capital : 20%