Commission Agents Loan Arthias

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Purpose

To meet working capital requirement of Commission Agents/Arthias, engaged in retail trade, who undertake responsibility of realization of debtors.

Nature of facility

Overdraft

Margin

• 40% on realizable market value of immovable property.
• 10% on bank's own fixed deposits.
• 15% on face value of NSCs, Govt. bonds, surrender value of LIC policies.

Security

• Tangible collateral securities in the form of mortgage of land (not agricultural land) and building is acceptable as security.
• National savings certificates, government bonds, our bank's term deposits, assignment of life insurance policies, standing in the name of the borrower/proprietor/partner/director are acceptable as security.

Rate of Interest:

One year MCLR + Strategy Premium + 2.00%

Service Charges (Excluding GST) w.e.f. 20/06/2019:

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• Commission agents/Arthias (functioning in markets/mandies) who are engaged in trade activities on commission basis and enjoying good reputation in the market with 2 years of experience in the line of their business activity (i.e. extending credit to farmers, for supplying of inputs as also for buying the output from the individual farmers/SHGs/JLFs).
• They should be registered with the market committee and possess a valid license issued by the authorised government agencies.

Loan limits

Minimum

• Rs. 25,000

Maximum

• Rs. 100 lakhs for rural/semi-urban/urban branches
• Rs. 200 lakhs for metro branches