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Union Bank of India

Union Progress

Bank Union Bank of India
Scheme Union Progress
Description To meet business related needs including purchase / construction of business/office premises including Cyber cafe, machinery including Generator Set, equipments, vehicles, other fixed assets  and working capital requirement.
Eligibility All business units irrespective of classification under Micro & Small enterprise category.
Rate of Interest & Repayment As per extant interest rate guidelines for Micro and Small Enterprises.

Repayment: Working Capital: 12 months subject to renewal as per extant guidelines.

Term Loan: To be repaid within maximum period of 84 monthly installments inclusive of moratorium period.
Interest to be paid as and when due.

Collateral Primary: All assets created out of Bank’s finance shall be charged in favor of Bank by way of hypothecation / mortgage etc.

Collateral: No collateral for accounts covered under CGTMSE (Annual guarantee fee payable to Credit Guarantee Trust will be fully absorbed by the Bank for micro enterprises).

Composite /loan Limit Maximum limits upto Rs.1.00crore
Margin ·        10% for credit limit upto Rs.10.00Lacs.

·        15% for Credit Limits above Rs.10.00Lacs

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