Looking for a Small Business Loan for Walnut Kernel Traders from Jammu and Kashmir Bank?
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Jammu and Kashmir Bank Giri Finance Scheme
This loan helps Walnut kernel Traders get access to funds to meet their working capital needs such as procuring walnut kernels, selling walnut kernels, etc. This is a secured loan.
Features of Jammu and Kashmir Bank Giri Finance Scheme
Why this Loan?
- The Jammu and Kashmir Bank Giri Finance Scheme is meant for walnut kernel traders from Jammu and Kashmir to help them meet their working capital needs
- This is a need-based loan. The maximum loan amount sanctioned under this loan scheme depends on the needs as well as the repayment capacity of the borrower.
Loan Amount
- This is a need-based loan. The maximum loan amount sanctioned is capped based on various factors such as the repayment capacity of the borrower, internal rating of the borrower, projected sales turnover, etc.
Interest Rate
- Loans up to Rs. 2 lakh: The applicable interest rate for this loan is defined as the sum of two factors viz. One-year Marginal Cost of Funds based Lending Rate (MCLR) and Strategic Premium of 0.50%. As of now, the one-year MCLR of Jammu and Kashmir Bank is 7.50% bringing the effective rate of interest to 8.0%
- Loans above Rs. 2 lakh to Rs. 5 lakh: The applicable interest rate for this loan is defined as the sum of two factors viz. One-year Marginal Cost of Funds based Lending Rate (MCLR) and Strategic Premium of 1.00%. As of now, the one-year MCLR of Jammu and Kashmir Bank is 7.50% bringing the effective rate of interest to 8.50%
- Loans above Rs. 5 lakh to Rs. 15 lakh: The applicable interest rate for this loan is defined as the sum of two factors viz. One-year Marginal Cost of Funds based Lending Rate (MCLR) and Strategic Premium of 1.50%. As of now, the one-year MCLR of Jammu and Kashmir Bank is 7.50% bringing the effective rate of interest to 9.00%
- Loans above Rs. 15 lakh: The applicable interest rate for this loan is defined as the sum of two factors viz. One-year Marginal Cost of Funds based Lending Rate (MCLR) and Strategic Premium. The Strategic Premium depends on the internal rating of the borrower
Repayment & Moratorium
- The repayment period and moratorium for this loan is not mentioned on the bank’s website. Please get in touch with the bank for details
Security Needed
- The security needed for this loan is not mentioned on the bank’s website. Please get in touch with the bank for details
Eligibility
- All walnut kernel traders with a previous experience or track record in the business are eligible for this loan
Borrower Contribution to Total Cost (Margin Money)
- The bank charges a minimum of 25% of the total loan amount as margin
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest.
Processing Fee
- The bank charges up to Rs. 500 as processing charges for this loan
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issue Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- For term loans: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For Term Loans Only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For term loans only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Reference Facts:
- Jammu and Kashmir Bank Website: www.jkbank.com
- Headquarters: Srinagar, Jammu & Kashmir
- Call Centre Number: 1800 1800 234