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Star SME Education Plus
 
Security Primary :
i.) Hypothecation of assets, if loan is considered for machineries / equipments.
ii.) Mortgage of land & building over which construction is proposed
Collateral :
Suitable collateral to be obtained so that minimum Asset Cover of 1.50 is available. Guarantee of key person/promoter/trustee must be taken.
Insurance Assets charged to the Bank to be comprehensively insured covering various risks including civil commotions and riots. The policies should be renewed from time to time and copy retained on branch record. Bank’s interest to be got noted in the insurance policy. Separate insurance policy to be obtained for the mortgaged property.
Due Diligence The bank will conduct its own due diligence (including pre-sanction visit).
Sanctioning Authority As per extant delegation of power
Documentation 1. IFD 10 where fixed assets are charged to the Bank
2. IFD 1 where only mortgage is available
3. L-516 4. OD-19
4 where guarantee is proposed
5. All other supportive documents as per extant guidelines
Authorized branches All branches of the Bank.
 
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Star Education Plus2