Overdraft On Property (ODP)
Overdraft Against Property loan is designed to cater to the business community’s needs for meeting short-term working capital requirements. This facility provides funds on demand for various purposes, such as the purchase or stocking of raw materials, salary payments, or financing the gap between supply and receipt payments.
Features:
- Provides overdraft facility to eligible customers to meet credit needs in trades and commercial activities.
Loan Tenure:
The facility is repayable on demand and renewable once a year.
Applicable Rate of Interest:
The rate of interest is as per the bank’s current terms.
Required Documents:
- Project report of the property/activity/estimates
- Original sale deed/document of title
- Link documents for 13 years
- E.C. (Encumbrance Certificate) for 13 years
- Valuation certificate issued by Sub Registrar Office
- Cash flow and projected balance sheet for business concerns
- Hypothecation of stocks/movables (if any)
- KYC documents (Subject to RBI guidelines from time to time) of applicant
IMPORTANT NOTE:
To apply for an Overdraft on Property (ODP), you can visit the nearest branch of Kanakamahalakshmi Cooperative Bank.