Overdraft

Investment opportunities for your businesses, granting of loans in a form of Overdraft system.

Type of Business – Industrial, Trading(Domestic/ Export-Import), Production, Agriculture, Services, Transportation, Construction and Others.

Collaterals

• Land – Bobabaing or Landholder’s rights, Grant, Land Nationalisation-39, Land nationalisation -3(B), Land with no special restriction provided that all must be legally owned.
• Building – Building must be at least a Brick Nogging, land without building will not be accepted as collateral and no loan will be granted without collateral.

Sanctioned Amount – Depending on the business and requirement of investment for the expansion of business, bank is granting loans not exceeding the prescribe percentage on the forced sale value of the collateral.

Business Experience – At least 3 years of working experience in the present business.

Interest Rate – 10% per annum calculated upon the amount drawn and according to the days drawn. Interest must be paid every 3 calendar months. If the cumulative interest is in excess, interest will be calculated on the excess amount. Interest rate may be changed according to the Rates prescribed by CBM.(No extra service charges may be imposed on the amount drawn)

Other Expenses – No extra preliminary service charges will be collected except credit report fees, lawyer fees, assessor fees and insurance premium fees for the collateral.

Rates & Taxes – Only stamp duty will be collected on rate fixed by Internal Revenue Department.

Loan Period – One year.