1. Purpose
To provide finance to general public to subscribe to IPO/Public Issues /Rights /ESOP of reputed Corporate / Corporates approved by the Bank from time to time.
2. Eligibility :
Individuals (such as salaried persons, professionals, businessmen, pensioners etc.) either individually in their own names or jointly with others, with sufficient income to service the loan.
3. Nature of facility
Demand Loan
4. Loan amount
Minimum Rs.0.20 lakh and Maximum Rs.10.00 lakh
5. Margin
50% of the value of shares subscribed (issue price + price)
6. Rate of Interest
12.25% with effect from 11.08.2008
7. Penal Interest
@ 2% over and above the applicable interest rate on the overdue portion or at rates as prescribed from time to time.
8. Repayment Holiday
NIL
9. Repayment period
(a) In the event of refund of application money
The loan account has to be closed immediately.
(b) In the event of allotment of share
Total loan amount along with interest shall be repayable in maximum 36
Equated Monthly Installments [EMI]
10. Security
Pledge of shares allotted
11. Service charges
0.50% of the loan amount subject to a minimum of Rs.500/-
12. Guarantee
Suitable third party guarantee
Please click here for list of implementing Branches identified under the Corp IPO scheme
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