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Boat Loan For Fishery Business

Who can apply? Applicant should be a member of fishermen`s society and entitled to get  50% Govt subsidy
What should be  the purpose? Purchasing  a mechanized boat for fishing
Nodal Branch Colaba branch
What is the age criteria? Minimum age  : 25 years Maximum age : 65 years
How much loan can be granted ? Upto  Rs.60,000.00 net of subsidy.
What is rate of interest? @12.50% p.a. with monthly rest on reducing balance
What will be share linkage ctioned.
What will be the repayment period? By 84 EMIs
What will be the securities?
  1. Hypothecation of  the boat
  2. Collateral security  
What about guarantors? Two  guarantors acceptable to Bank
How to apply?
  1. Application in prescribed format
  2. Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card etc
  3. Identity proof : Passport/voter identity card/ PAN card telephone/electricity bill etc.
  4. Income proof :  Profit& Loss account, Balance-    sheet of last 3 years,
  5. Consent letter & financial papers of guarantors
  6. Pro-forma invoice from seller
What about insurance? The boat shall be fully insured with Bank clause
How disbursement will be made? By way of  disbursement through Account Payee Pay Order in favour of the selle

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