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Old December 1st, 2015, 02:44 PM
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Default Central Bank of India Overdraft Facility

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  #2  
Old February 14th, 2018, 02:28 PM
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Default Re: central bank of india overdraft facility

Can you tell me if overdraft facility is offered for Corporate Mortgage Loan offered by CBI (Central Bank of India) as I want to check it before applying for the Loan?
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Old February 14th, 2018, 02:30 PM
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Default Re: central bank of india overdraft facility

Corporate Mortgage Loan offered by Central Bank of India is for any sort of Personal or Business needs, but not for any speculative purpose, real estate or capital market activity.

Eligibility
• Loan against mortgage of immovable property located in Metro / Urban / Semi Urban/Rural Centres only those rural centres where title deeds can be mortgaged for other than Agricultural purpose.
• Individuals (age 21 years to 65 years) and Business Concerns (Corporate or non-corporate). Maximum 60 years for salaried class. The Minimum Gross Annual Income for Individual borrowers is Rs. 2, 00, 000/-

Nature of Facility
Term Loan and Overdraft facility are available in it. The Overdraft facility will be for one year and to be reviewed annually.

Rate of Interest
MCLR + 3.50 % irrespective of TL/OD/Tenor

Processing Charges
• For term loans and overdraft, 0.50 % of Loan Amount subject to maximum of Rs.40,000/- and Rs.20,000/- respectively at the time of sanction.
• For OD, renewal charges to be levied @ 0.50%, maximum Rs.5000/- per annum.

Prepayment Charges:
• Nil, in case prepaid from borrower's own sources.
• If the loan a/c is taken over by other Bank/FI, prepayment charges to be levied @ 1% of loan outstanding as on the date of such take over.

Repayment:
Loan is to be repaid in maximum 120 Equated Monthly Instalments (EMIs), start from next month of payment. Repayment of EMIs through ECS mandate/ Post-dated cheques


Corporate Mortgage Loan offered by CBI




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