· You are a commodity trader, stockist or dealer registered under sales tax.
· You are a permanent resident of the city (If not permanent resident, property offered as collateral security is in your name and located at the same location).
· Minimum- Rs. 2.50 lakhs
· Upto- Rs. 200 lakhs
· CC Limit upto 20 % of your projected turnover.
· Non-fund based limits upto 25% of eligible limit on the basis of projected turnover
· Term Loan upto 20% of working capital eligibility
In case of disruption of the working capital cycle, 40 % of collateral security can be included to calculate Drawing Power.
Nature of Limit
Cash Credit (hypothecation), Term Loan (Secured), Non-fund based limits (Bank Guarantee & LC)
CC Hypothecation - 25% stock, 50% of book debts
Non-fund based limits (BG & LC) - 25%
Term Loan - 25%
Rate of Interest
Please Check out the Interest Rates Section to find latest Interest Rates applicable
INTEREST CHARGED ON DAILY REDUCING BALANCE
NO PREPAYMENT CHARGES
CC limit : Hypothecation of Stock and Book Debts
Term Loans : Hypothecation of security created out of term loan
Equitable mortgage of immovable property or any other liquid assets (other than equity shares, debentures) with minimum realisable market value of 100% of sanctioned limit as collateral
CC Hypothecation - As applicable for normal CC / Hypothecation account
Term Loan - 1.25% of the limit sanctioned. At the time of review, review fees of 0.10% of the outstanding amount
Commission on Non-fund based limits (BG & LC) to be charged as per Bank's extant guidelines.
Commitment Charges as applicable for normal CC Hypothecation accounts as prescribed in Loan Policy.
Tomorrow, the U.S. Chamber of Commerce plans to
Hold a reception for the Bahrain Banks Association, a trade group for banks operating in the Kingdom of Bahrain. The Bahrain Minister of Finance, Central Bank, and Bahrain Ambassador will be attending, and the event listing invites âbanks and investment firmsâ to attend.
John Kerry and Terrorism
Follow the Money:
Two decades ago, the Bank of Credit and Commerce International (BCCI) was a highly respected financial titan. In 1987, when its subsidiary helped finance a deal involving Texas oilman George W. Bush, the bank appeared to be a reputable institution, with attractive branch offices, a traveler's check business, and a solid reputation for financing international trade. It had high-powered allies in Washington and boasted relationships with respected figures around the world.
All that changed in early 1988, when John Kerry, then a young senator from Massachusetts, decided to probe the finances of Latin American drug cartels
Banks "catatonic' so consumers don't get TARP
As the new owner of $172.5 billion of preferred shares and warrants in 208 U.S. financial institutions, the Treasury Department hasnât succeeded in thawing frozen credit markets, leaving taxpayers propping up an industry that wonât lend to them.
While inter-bank lending rates have fallen since Congress approved the $700 billion Troubled Asset Relief Program on Oct. 3, most bank lending to consumers remains tight and interest rates high. The average credit-card rate was 14.33 percent on Dec. 16, according to IndexCreditCards.com in Cleveland, almost unchanged from 14
Following your lead: More bad econ news:
" Today in Finance for August 30, 2004
Economic Slowdown Sharper Than Projected
Real GDP increased at an annual rate of 2.8 percent in the second quarter, a significant slowdown from the first quarter's 4.5 percent.
Ed Zwirn, CFO.com
August 30, 2004
The U.S. economy's rate of expansion slowed more sharply in the second quarter than originally projected, according to a report by the Department of Commerce.
Real gross domestic product â the output of goods and services produced by labor and property located in the United States â increased at an annual rate of 2