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Eligibility
Professionally qualified persons such as medical practitioners, dentists, advocates, architects, chartered accountants, cost accountants, engineers, company secretaries, IT consultants, and other professionals engaged in independent practice. The person/association/firm involved in independent practice.
Overdraft Limit
Maximum limit up to ₹5.00 lakh (Unsecured).
Rate of Interest
8.95% per annum at monthly rests.
Purpose
To provide overdraft facility to professionally qualified persons engaged in providing professional services for making payment of rent, bills, salaries, office expenses, etc.
Tenure
For 12 months (limit shall be renewed for further period for 12 moths subject to performance/turnover in the past 12 months)
Processing Fees
0.50% of the limit, minimum ₹1,500, plus applicable GST.
Share Contribution
5% of the sanctioned limit.
Security
One surety (Spouse could be accepted as surety).
Documents Required
GST Registration Certificate, UDYAM Registration, three years’ Income Tax Returns, GST Returns of the last financial year and List of administrative expenses