Our Bank extends Bonus loan to our existing customers. This facility will ensure that the Bonus payment obligations of the business are met in time without hurdle on account of any temporary shortfall in cash flow requirements.
|Eligibility||Existing Corporate and Non Corporate clients (Including Educational Institutions and Hospitals)|
|Purpose||To provide the funds required for payment of Bonus to the Workers and employees|
|Loan amount||Based on the eligibility of the Total Bonus amounts|
|Margin||Bonus upto 8.33% nil Margin
Bonus between 8.33% to 20% Margin 25%
|Tenor & Period of repayment||Tenor maximum 7 months-
Loan repayable in 6 monthly installments with an initial holiday period of one month.
Cash flow must support the above repayment.
|Interest||1% higher than the applicable rate or MCLR + 4.45%
whichever is higher.
|Security||Extension of existing securities|
( Last modified on Apr 28, 2020 at 04:04:57 PM )