Credit > Baroda Traders Loan

Baroda Traders Loan
loan for your business need

Baroda Traders Loan is for working capital requirement.  Demand Loan for purchase of shop/ renovation/ purchase of equipments, furniture fitting, working capital purpose etc. This loan is also applicable for non-fund based facilities i.e. Bank Guarantee and Letter of Credit.

Facility:
Overdraft, Loan, Guarantee, AB/TR

Eligibility:
Traders who are engaged in trade of any commodity/ goods required by the community and trading in them that is not prohibited by law or opposed to public interest. The business units should have been established in the line of business for a minimum period of 2 years.


Margin/ Advance Value over Security:
  • 35%  on  market value as per  recent valuation report of immovable property (valuation carried out  in the  last  one year can be accepted)
  • 35% on market value of motor vehicles
  • 10% on Bank’s own  FDRs
  • 15% on the  surrender value of Life Insurance Policies

Maximum Limit:
  • Maximum limit is $200000
  • Working capitals limit up  to 40%  of the  projected sales subject to verification of VAT returns of previous years/quarters or Advance value of collateral assets to be charged, whichever is lower.  
  • Demand loan to be considered need based subject to a maximum of 50% of the  projected sales or Advance value of securities to be charged, whichever is lower.
  • Working capital advance,  Demand loan and  Non  fund based  facilities together should not exceed advance value of collateral security or maximum amount under the  scheme guidelines, whichever is less.
  • Repayment period up  to 84 months in case of Demand Loan.
  • Property mortgaged/ vehicles to be insured comprehensively as per  bank’s norms. 

Other Information:
  • Motor  vehicles registered within  6 years may  be considered as security for the  purpose  of determining the  advance value up to 20% of the total value of securities offered. However, if the motor vehicles registered are more than 6 years, the borrower may either replace by suitable value of security or the advance value may be recalculated without considering the motor vehicles beyond 6 years.
  • Borrowers to route the sales and all other transactions through their Overdraft/Current A/c (in case of loan) with the branch.
  • Wherever the property is acquired out of  Demand Loan availed, the  property is to be mortgaged to us.
  • In case of Demand Loan margin contribution of 25% is to be brought by the borrower
  • Obtaining of financial statements i.e.,  Balance Sheet and Profit  & Loss A/c up  to F$ 200,000 is dispensed with. However, declarations on  annual sales supported by Returns/Assessment on VAT/ Income Tax etc. to be submitted.
  • Where the VAT returns are not required to be filed,  financial statements for  limits below F$200,000 to be obtained.
  • In case borrower intends to avail  Demand Loan, total  loan installments including the  proposed installments not  to exceed 80% of the  projected Net Profit  and Depreciation declared by them. The  projected net  profit should be in line with actual profits earned by the  borrower.
  •  In case of D/L, repayment to be commenced after  one month of first disbursement
  • Valuation of the  property is to be carried out  every 4 years.
  • if the  credit turnover in the  account in the  preceding month is not adequate to cover the  interest debited, then interest debited be recovered separately.
  • Terms and Condition Apply

Fees and Charges
Establishment Fees
Upto $1,000.00 $50.00
From $1,001.00 to $2,500.00 $100.00
From $2,501.00 to $5,000.00 $100.00
From $5,001.00 to $10,000.00 $200.00
From $10,001.00 to $20,000.00 $300.00
From $20,001.00 to $200,000.00 1.00% of Loan Amount / OD Limit
Above $200,000.00 0.75% of Loan Amount / OD Limit
(Minimum $2,000.00)

Credit Service Fees
 
Upto $1,500.00 $5.00 per month
From $1,501.00 to $5,000.00 $15.00 per month
From $5,001.00 to $10,000.00 $20.00 per month
From $10,001.00 to $30,000.00 $35.00 per month
From $30,001.00 to $50,000.00 $70.00 per month
From $50,001.00 to $70,000.00 $100.00 per month
From $70,001.00 to $90,000.00 $120.00 per month
From $90,001.00 to $100,000.00 $140.00 per month
From $100,001.00 to $200,000.00 $240.00 per month
Above $200,000.00 0.125 % of Loan Amount / OD Limit per month
(Minimum $240.00  and Maximum 1,500.00)

Inspection Fees
Upto $1,500.00 Free
From $1,501.00 To $10,000.00 $50.00 per visit
From $10,001 To $25,000.00 $75.00 per visit
From $25,001.00 To $50,000.00 $100.00 per visit
From $50,001.00 To $100,000.00 $150.00 per visit
Above $100,000 $200.00 per visit

Security Document Handling Fees
Upto $1,000.00 Free
Above $1,000.00
One Document $100.00
Additinal Document $40.00 per document
(Solicitor charges + out of pocket expenses to be recoverred seperately)

Excess Fees Charges
Upto $5,000.00 $25.00 per visit
From $5,001 To $10,000.00 $50.00 per visit
From $10,001.00 To $25,000.00 $100.00 per visit
Above $25,000 1.00% of excess / Adhoc per occassion
Loan Arrear Fees
Upto $500.00
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
From $501.00 To $1,000.00
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
From $1,001.00 To $2,500.00
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
From $2,501.00 To $5,000.00
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month
Above $5,000.00
2% p.a. additional interest on
the overdue amount with
minimum of $25.00 per month

Opinion Fees
Local $25.00 + Out of Pocket Expenses
Overseas $50.00 + Out of Poecket Expenses
Modification in Terms and Conditions
For each modification $100.00
Stamping/Unstamping Charges
$15.00 + out of pocket expenses

Document Discharge Fees
 $100.00 per document   
Settlement Fees
$150.00 per settlement

Search Fees
$30.00 subsequent $10.00 per hour
Data Bureau Charges
$17.00

                    Cheque Book Charges            
                              $2.00 per fifty leaves book plus stamp duty as applicable
(For Current and Overdraft Accounts)		  
Stop Payment Charges 
$10. 00 per instrument
                    Duplicate Statement Fees            
                    $5.00 per page Computer Printout
$7.50 per page statement		            
                               
                               
                    Cheque Holding Charges            
                              $15.00 per instrument per working day  
Dishonour Cheque Charges 
Outward-$25 per instrument
                    Cash Handling Charges              
                    Total cash deposit below $5000 (per day)           Nil  
                    Total cash deposit $5000 & above (per day)           0.50% of total cash deposit  

© 2020 Bank of Baroda, Fiji Territory, GPO. Box.57, Suva, Fiji Islands.