SVC Bank launches 'Property Finanz'

Mumbai, June 9 (UNI) With the objective of offering value added products to their customers, the Shamrao Vithal Co-operative Bank Ltd has launched 'Property Finanz' targetted at small business enterprises, traders, professionals and other businessmen and entrepreneurs.

In a release issued here, the bank which is celebrating its centenary, said some of the features were overdraft facility, mainly for small business enterprises, traders, professionals and other businessmen and enterpreneurs. Applicant customer should be a profit making concern for the past three years and needs to have income tax returns filed for a minimum period of three years.

Property offered as security shall be way of residential property of gala/office (owned). The maximum advance permissible is Rs 50 lakh. The margin of valuation is 40 per cent. Equitable mortagage shall be created on the property offered as security to the bank. The interest rate will be reasonable, the release added.

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