Frequently Asked Questions (FAQs)

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Scheme for Professionals Self-Employed
  • Scheme for Professionals Self-Employed
  • Scheme for Business Enterprises
  • Scheme for Retail Traders
  • Scheme for Small Road and Water Transport Operators
  • What is the criteria for assisting professional & self-employed persons?

    Loans to professional and self-employed persons include loans to purchase equipment, repairing or renovating existing equipment; and/or acquiring and repairing business premises or for purchasing tools; and/or for working capital requirements to medical practitioners including dentists, chartered accountants, cost accountants, engineers, architects, surveyors, or management consultants or to a person trained in any other art or craft who holds either a degree or diploma from any institutions established, aided, or recognised by the Government or to a person who is considered by the Bank as technically qualified or skilled in the field in which he is employed.

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  • Are both term finance and working capital finance sanctioned by the Bank?

    Yes, advances can be granted by way of cash credit for working capital and by way of demand/term loan for fixed assets, equipment, etc.

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  • Is collateral security required?

    No collateral/third-party guarantee for loans up to Rs. 1 lakh.

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  • What is the criteria for business enterprises?

    Industry-related services and business enterprises with an investment in equipment defined above in question no.1 are small business enterprises.

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  • Are term finance and working capital finance is sanctioned by the Bank?

    Yes. Both term finance and working capital facilities are sanctioned by the Bank

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  • Is collateral security required?

    No collaterals/third-party guarantee for loans up to Rs. 100 lakhs which are covered under CGTMSE. For other accounts which are not covered under CGTMSE, the Bank may stipulate collaterals as per Bank’s guidelines.

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  • What is the criteria for retail trader?

    Retail traders dealing in essential commodities (fair price shops) and consumer co-operative stores, and private retail traders with credit limits not exceeding Rs. 5 lakhs.

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  • What is the criteria for retail trader?

    Yes, advances can be granted by way of cash credit for working capital and by way of demand/term loan for fixed assets, equipment, etc.

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  • Whether collateral security is required?

    No collateral/third-party guarantee for loans up to Rs. 1 lakh.

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  • Whether small road and water transport operators are included in micro & small enterprises?

    Yes. Small road and water transport operators satisfying the definition under MSMSD ACT stated above are included in micro & small (service) enterprises

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  • Is collateral security is required?

    No collaterals/third-party guarantee for loans up to Rs. 100 lakhs which are covered under CGTMSE. For other accounts which are not covered under CGTMSE, the Bank may stipulate collaterals as per Bank’s guidelines.

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