Surety Loan
A surety is an organization or person that assumes the responsibility of paying the debt in case the debtor policy defaults or is unable to make the payments. The party that guarantees the debt is referred to as the surety, or as the guarantor.
Surety loans for a maximum tenure of 1 years.
Required Document
| • AGREEMENT BOND |
| • LETTER OF LIEN & SET-OFF |
| • PROMISORY NOTE |
| • BUSINESS LICENSE COPY |
| • SALARY CERTIFICATE |
| • PENSION A/C STATEMENT |
Charges of Loans
| Application Charges | GST at 18% | Total | |
|---|---|---|---|
| Application Charges | 50/- | 9/- | 59/- |
| Bond Charges | Bond Charges | GST at 18% | Total |
|---|---|---|---|
| Loan Amount Upto 10,000/- | 30/- | 5.40 + 0.60 (Round Off) | 36/- |
| Loan Amount from 10,001/- to 25,000/- | 50/- | 9/- | 59/- |
| Loan Amount from 20,001/- to 50,000/- | 100/- | 18/- | 118/- |
| Loan Amount from 50,001/- to 1,00,000/- | 200/- | 36/- | 236/- |
| Loan Amount from 1,00,001/- to 5,00,000/- | 500/- | 90/- | 590/- |
| Loan Amount from 5,00,001/- to 10,00,000/- | 1,000/- | 180/- | 1,180/- |
| Loan Amount from 10,00,001/- to 25,00,000/- | 3,000/- | 540/- | 3,540/- |
| Loan Amount from 25,00,001/- to 50,00,000/- | 5,000/- | 900/- | 5,900/- |
| Loan Amount from 50,00,001/- and above | 15,000/- | 2,700/- | 17,700/- |