- To meet short term Business requirements.
- 95% to 100% of Deposit amount inclusive of accrued interest.
- Minimum 2% above the interest rate on the Deposit pledged as security.
- No fixed repayment program as account fluctuates from debit to credit.
- Save unnecessary interest costs as interest is calculated on the outstanding daily balance and is charged monthly.
- Repayment Period; Maximum 36 months but not later than the maturity date of the deposit pledged.
- Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
- Lien on borrower’s or 3rd party’s term deposit held with BOIUL.
- A letter of lien and set-off to be obtained from third party if facility is secured by a third party deposit.
- No Loan/Overdraft facilities will be allowed to third parties against the deposits held in the name of Minors. Against the deposits of a minor, the facility can be availed by the natural guardian for the benefit of minor ONLY.
- Audited accounts for at least three financial years, prepared by a Certified Public Accountant, with an unqualified opinion.
- Projected Cash flows for the period of financing.
- Valuation report for the property/ assets to be pledged as collateral.
- Business Plan/ Updated Company/ Business profile.
- Financial Card Number for the borrowing entity.
- Any other information as may be requested by the Bank, depending on the nature of the request.
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