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BONUS LOAN

BONUS LOAN

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.

Particulars Guidelines
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 )