• To meet short term Business requirements.
  • 95% to 100% of Deposit amount inclusive of accrued interest.
  • Minimum 2% above the interest rate on the Deposit pledged as security.
  • No fixed repayment program as account fluctuates from debit to credit.
  • Save unnecessary interest costs as interest is calculated on the outstanding daily balance and is charged monthly.
  • Repayment Period; Maximum 36 months but not later than the maturity date of the deposit pledged.

  • Formal Application stating the amount, purpose, tenor, source of repayment and proposed security.
  • Lien on borrower’s or 3rd party’s term deposit held with BOIUL.
  • A letter of lien and set-off to be obtained from third party if facility is secured by a third party deposit.
  • No Loan/Overdraft facilities will be allowed to third parties against the deposits held in the name of Minors. Against the deposits of a minor, the facility can be availed by the natural guardian for the benefit of minor ONLY.
  • Audited accounts for at least three financial years, prepared by a Certified Public Accountant, with an unqualified opinion.
  • Projected Cash flows for the period of financing.
  • Valuation report for the property/ assets to be pledged as collateral.
  • Business Plan/ Updated Company/ Business profile.
  • Financial Card Number for the borrowing entity.
  • Any other information as may be requested by the Bank, depending on the nature of the request.
 
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