Acknowledgments for receipt of the loan application by branch by affixing date stamp.
Time Norms for disposal of loan applications:
|Limits||Time Limit for Disposal|
|a) Sanction of fresh / enhanced credit limits: |
- Loans Up to Rs. 5 Lakhs
- Loans over Rs. 5 Lakhs and less than Rs. 25 Lakhs
- Loans over Rs. 25 Lakhs
|Within 2 weeks |
Within 3 weeks
Within 6 weeks
|b) Renewal of existing credit limits||Within 2 weeks|
|c) Sanction of ad-hoc credit limits||Within 7 Days|
- from the date on which all clarifications / information required for processing the loan proposals are received by respective sanctioning authorities.
- No collateral security: for advances upto Rs. 10 Lakhs under MSEs Sector.
- Loan quantum: Minimum 20% of projected annual sales turnover (Nayak committee norms) for the working capital requirement. Margin Money Requirement (Contribution by the Borrower).
- Concession in Processing charges / upfront fees: 75% of the applicable charges to be collected.