One, if net-worth is equal to/ greater than loan amount.
Otherwise, two guarantors (Total net-worth of both the guarantors should be equal to/ greater than loan amount).
Eligibility
Credit rating shall be applicable to CC/WCTL/OD and Business Term Loans.
Credit Rating Frequency- Annual (During the month of November & December of Subsequent year).
Application of rate of Interest as per credit rating from 1st January to 31st December of Subsequent year.
If the credit rating is not completed by 31st January of next year, interest will be charged to respective accounts as per card rate from 1st January till beginning of the months on which fresh credit rating exercise is carried out.
Interest Rate
Card Rate – 10.00% Floating Linked to BPLR
Credit Concession Effective:
For AAA RatingÂ
Concession in Rate of Interest: 1.00%
Effective Rate of Interest: 09.00%
For AA RatingÂ
Concession in Rate of Interest: 0.75%
Effective Rate of Interest: 09.25%
For A RatingÂ
Concession in Rate of Interest: 0.50%
Effective Rate of Interest: 09.50%
For Below A RatingÂ
Effective Rate of Interest: 10.00%
For Non-Rated Borrowers: 09.50%. (* Loans up to Rs.25.00 Lakh).
