• It meets the credit needs of trade, commercial activity and other general business requirements.
  • To repay existing loans from other Banks or any other bona fide purpose acceptable to the Bank
  • The sanctioned limits are based on the value of security and repayment capacity of bor-rower, subject to 5 times of their annual cash accrual.
  • Overdraft; 12 months and limit can be continued subject to annual review.
  • Loan; The maximum repayment period is 60 months and shall be decided on case by case basis depending upon income /collateral security/value of the account etc. (can be extended up to 7 years at the discretion of the sanctioning authority)

  • Formal Application stating the amount, purpose, tenor, source of repayment and pro-posed security.
  • Financial card number for the borrower
  • Third party guarantee of persons with adequate worth. (Can be waived at the discretion of BOIUL depending on the standing of the borrower).
  • Mortgage charge over property in the name of applicant or his/her spouse or parents or third party. The person in whose name the property to be mortgaged stands should be either a borrower/co-borrower / or a guarantor.
  • Guarantee of the spouse and family members. If the worth of the spouse and family members is not equal to the quantum of loan/overdraft, personal guarantee of a person with adequate worth has to be provided. Any deviation in terms would need ap-proval of sanctioning authority on merits.
  • In insurance of the property, BOIUL must be noted as an interested party on the proper-ty/house insurance policy
 
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