BGVB Mortgage Loan

To provide hassle free credit to meet working capital requirements I augment long-term margin I financing of fixed assets related to business activity or for expansion of business. The Term Loan under the scheme shall also be for general purpose of the borrower to meet business or profession or any personal requirement. The followings Business Entities are included under the scheme:

• Trading
• MSME Enterprises (Both priority & Non priority).

Facility shall not be granted for:

• Term loan I OD to builders /developers against mortgage of unsold flats or projects under construction . Loans to Builders I Property dealers I Real estate agents/ Real estate/capital marked investment in or for giving loans to associate/group/sister concerns . Term loan/ OD backed by mortgage of land and building of Educational Institution and/or mortgage of properties of promoters for setting up of Educational Institution or for infrastructural development of existing institution . Term Loan/OD cannot be extended against property of Nursing Homes/Hospitals, Orphanages, Old Age Homes or any other Social Sector Infrastructure Speculative & prohibited by Law purpose.
• Third Party property shall not be eligible for loan under the scheme (except family members or close relatives). Close relative means: Spouse, Father, Mother, Son, Un married daughter, Brother, Sister, Brother's wife.

• Individual, Proprietorship, Registered Partnership Firms, Private /Public Ltd., Companies I LLPs I Societies I Trusts, engaged in business activity.
• Business Unit should comply with applicable statutory requirements such as GST Registration, License under Shops & Commercial Establishment Act, Registration with Excise Department, trade license etc.
• The cash generation and repaying capacity of above said business establishment shall be the primary criteria for considering loan under the scheme.
• The unit should have a Cash Profit in the normal course of business in the immediate preceding year. However new enterprises/Start Up Unit is also eligible to finance under the Scheme.
• The borrower shall not be in the defaulters list of the Bank/caution list circulated by RBI/IBA/CIC/ECGC/other banks/Fis/Govt. of India from time to time.
• Business entities dealing in gems & Jewellery/ Software/ IT Enterprises can avail credit facility under the Scheme.
• Individual above 21 years of age but not exceeding 70 years owning the property to be mortgaged and having regular income sufficient to repay the loan are eligible for loan under the scheme. Individual borrower may be salaried or self-employed or retired person having regular source of income to repay the loan. The individual owner of the property may avail of the loan either singly or jointly. If the property is held jointly by more than one individual, then loan shall be in the joint names of all the owners who will be jointly and severally liable to repay the loan. The property to be mortgaged shall be unencumbered and free from any litigation.