FAQs |
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Loans and Advances |
How much time it takes an advance to get sanctioned in the bank?
- It depends upon the amount of the advance applied for since applications for the higher amount requires approval at higher levels of the bank and therefore, in such case, little more time is taken. Nevertheless, the bank endeavors to dispose of the advances-applications within 30 days at all levels.
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How can I approach the bank for an advance ?
- Baroda Rajasthan Gramin Bank has 267 Branches in 12 districts of Rajasthan. All these branches are manned by highly experienced & skilled personnel ever ready to be of service to the customers. All you have to do to simply approach our any branch-manager, apprise him / her of your need, and, he / she shall be too glad to guide you how to proceed further according to your specific needs.
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What types of credit facilities bank can provide to assist my business needs?
- Baroda Rajasthan Gramin Bank has a very wide bouquet of types of credit facilities which can be tailor-made to suit your specific requirements. In a nutshell, the Bank offers :
A) Working Capital finance by way of :
Cash Credit |
- To provide cash / funds to procure stock, raw material, consumables, stores & spares;
- To provide cash / funds to meet business expenses;
- To replace high cost existing borrowings from other banks / lenders for the above said purpose.
To replace high cost existing borrowings
from other banks / lenders for the above
said purpose. |
Bills Purchase / Discounting |
W./C. Demand Loan for short term (upto 1 year) requirements |
W./C. Term Loans for long term (for over 1 year) requirements |
B) Long term finance by way of :
Short & Long term Loans
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- To provide cash / funds to facilitate purchase of fixed assets, such as, building, plant & machinery, equipments, furniture & fixtures, business vehicles, and other related assets and the supplier is ready to supply the assets on credit.
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What is the minimum & maximum period for which I can avail advance from the Bank?
- The Minimum period for which an advance may be sanctioned starts is one day. The maximum period for which an advance can be sanctioned depends upon:-
- The Debt Service Capacity of the borrower reckoned from the cash flow from the business operations; and,
- The purpose of the advance.
Usually, the advances for Working Capital requirements are sanctioned for a period up to one year subject to renewal on satisfactory conduct of the relationship. The advances for acquisition of fixed assets are sanctioned for a period longer than one year stretchable up to 7 years. |
How the advance is required to be repaid ?
- For Working Capital advances, the advance is expected to be liquidated within the period for which it is sanctioned along with the timely servicing of interest as per the agreed terms.
- For advances to acquire fixed assets, the repayment is agreed as per the repayment capacity reckoned with the expected cash flow from the business operations, and, therefore, it can be either equal or ballooning monthly / quarterly / half-yearly / yearly installments or a bullet payment along with the timely servicing of interest as per the agreed terms.
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What should I do if the branch, I approached, has not responded satisfactorily ?
- Baroda Rajasthan Gramin Bank has a highly dedicated customer friendly team of personnel. Therefore, such a situation is usually imperceptible except that there may very scarcely arise communication gap. In such cases, you may immediately contact the Regional Manager in whose jurisdiction, the concerned branch is situated, for expeditious redress of the grievance.
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If my company is enjoying credit facilities from other banks and because of temporary mismatch of cash flows or some unforeseen exigency, my company desires short term advance, whether my company can approach your bank?
- Yes, Baroda Rajasthan Gramin Bank believes in building new relationships and then to maintain them for mutual growth & prosperity. Therefore, we welcome a customer even if it has not been banking with our bank.
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Small Scale Industrial Loan |
What is the criteria for SSI unit ?
- It depends upon the amount of the advance applied for since applications for the higher amount requires approval at higher levels of the bank and therefore, in such case, little more time is taken. Nevertheless, the bank endeavors to dispose of the advances-applications within 30 days at all levels.
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Whether both Term finance and working capital finance are sanctioned by Bank ?
- Yes, both Term finance and working capital are available.
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Scheme for Small and Medium Enterprises |
What is the criteria for Business Enterprises ?
- Industry related service and business enterprises with investment upto Rs.50 lac in fixed assets, including land and building.
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Whether both Term finance and working capital finance are sanctioned by Bank ?
- Yes, advances can be granted by way of Cash Credit for working capital and by way of Demand / Term Loan for fixed assets, equipments etc.
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Scheme for Professionals & Self Employed |
What is the criteria for Assisting Professional & Self Employed Persons ?
- Loans to professional and self-employed persons include loans for the purpose of purchasing equipment, repairing or renovating existing equipment and / or acquiring and repairing business premises or for purchasing tools and / or for working capital requirements to medical practitioners including Dentists, Chartered Accountants, Cost Accountants, Engineers, Architects, Surveyors, or Management Consultants or to a person trained in any other art or craft who holds either a degree or diploma from any institutions established, aided, or recognised by Government or to a person who is considered by the Bank as technically qualified or skilled in the field in which he is employed.
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Whether both Term finance and working capital finance are sanctioned by Bank ?
- Yes, advances can be granted by way of Cash Credit for working capital and by way of Demand / Term Loan for fixed assets, equipments etc.
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Scheme for Retail Traders |
What is the criteria for Retail trader ?
- Retail traders dealing in essential commodities (fair price shops) and consumer co-operative stores, and Private retail traders are eligible for availing Loans.
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Whether both Term finance and working capital finance are sanctioned by Bank ?
- Yes, advances can be granted by way of Cash Credit for working capital and by way of Demand / Term Loan for fixed assets, equipments etc.
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Traders loan |
Can I get loan under your Traders loan Scheme ?
- Yes, if you are engaged in trade of any commodity / goods which are required by community and trading in them is not prohibited by law and opposed to public interest and you are established in your line of business.
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Whether other than individuals can get loan under Traders Loan Scheme?
- Yes, proprietorship and partnership concern engaged in trade are also eligible.
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How much amount your bank lend under Traders Loan Scheme ?
- Need based loan. Maximum Rs.50,00,000/-
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Where can I approach for loan under your Traders Loan Scheme ?
- Please approach our branch nearest to your place of business
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What are the financial statements required to be submitted under the scheme ?
- Obtention of financial statements i.e. Balance Sheet and profit & loss a/c is dispensed with. However, declaration on annual sales, supported by Returns/Assessment on sales tax/Income tax to be submitted to the Bank.
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Whether copy of latest sales tax return is required to be submitted for sanction of loan under Traders Loan Scheme ?
- Submission of sales tax return is required at the time of annual review of the loan account.
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What is the periodicity for submission of stock statements ?
- Stock statements are to be submitted only once in a year i.e. as of February every year.
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Whether inspection of units under the scheme is required ?
- Yes, inspection is required to be conducted once in a year.
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Is it mandatory to take insurance for premises/ stock ?
- Obtaining insurance cover may not be a condition for sanction of the facility. However, borrowers should insure premises/stock in their own interest at their cost.
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As existing borrower under your usual scheme for retail traders, can I get loan under Traders Loan Scheme ?
- Borrowers will NOT be considered for working capital assistance both under this scheme and under our usual scheme for retail traders simultaneously. However, retail traders enjoying finance under the existing scheme can have the facilities transferred into an overdraft/loan account under BRGB SARAL VYAPAR if they so desire after providing for the collateral security.
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Housing Loan |
Can I avail of Home Loan from Baroda Rajasthan Gramin Bank ?
- Yes, you can avail a Home Loan from Baroda Rajasthan Gramin Bank, if you plan to construct or purchase a house/flat or extend your existing house/flat and, you are :
- Employed or Self Employed with regular income.
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Who can be co-applicant ?
- The proposed owners of the residential accommodation as per the Agreement for sale, in respect of which financial assistance is sought, must be co-applicants. Usually joint applications are from husband-wife, father-son or mother-son etc.
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How much does Baroda Rajasthan Gramin Bank lend ?
- Loan amount is determined on the basis of the repaying capacity of the applicant/s. Repaying capacity takes into consideration factors such as age, income, dependents, assets, liabilities, stability of occupation and continuity of income, savings etc.
- The maximum loan would be Rs.50 lacs (In urban area) per unit to any individual applicant. We will extend loan upto 90% (for fresh houses / flat) of the cost of property under our Housing Loan Scheme.
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For how long a period can I get the loan ?
- We grant term upto a maximum of 15 years. The term for the loan will under no circumstances exceed the age of retirement in case of salaried or completion of 62 years of age in case of other than salaried class.
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But can I prepay the loan ahead of schedule ?
- Yes, you have the option to prepay the loan ahead of schedule either in part or in full from your own sources.
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What is the mode of repayment ?
- Equated Monthly Instalment (EMI) : It means a uniform lumpsum amount, which includes repayment of a part of the principal amount and payment of interest, calculated on daily products basis.
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What is the security for the loan ?
- The security for the loan is equitable mortgage of the property to be financed. You will also be required to furnish guarantee by two individual/s of sound financial standing acceptable to us.
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Do you insist on LIC policy as additional collateral security ?
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What are the supporting documents required while applying for the loan ?
I. Common requirements for all applicants.
- Application form duly filled in (with photograph of all the applicant).
- Residence verification, which may be established from the PAN card, Election ID, Passport, Drivers license and Ration card etc.
- Copy of approved plan and sanction letter from local civic authority.
- Copy of NA permission.
- Two guarantors forms and salary certificates. - If guarantor is in business, copies of I.T. returns or assessment orders for the last three years are required.
- Latest salary slip/statement showing all deductions in case of employed applicants.
- Certified copies of Balance Sheets and Profit and Loss accounts, IT acknowledgments, advance tax challans (for both company/firm and personal account) for the last three years in case of self employed applicants.
- Memorandum/Articles of Association for companies, partnership deeds for firms and a brief profile of your company/firm in case of self employed applicants.
II. Additional requirement.
A. In case of purchase from builder
- Copy of Agreement for sale.
- Copy of registration receipt.
- Copy of sanctioned plan & sanction letter of the competent authorities.
- Copy of NA permission/ULC order.
- Copies of receipts of payments already made.
- NOC from builders.
B. In case of direct allotment in a Co-operative Housing Society
- Allotment letter.
- Share certificate. Society registration certificate.
- Copy of sale/lease deed in favour of the society.
- NOC from society.
- Possession letter in original.
C. In case of resale
- Copy of all previous vendors agreements duly stamped and registered and the registration receipts. (original to be given before disbursement).
- NOC from Society/Builder.
- Original Share Certificate.
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Education Loan |
Who can apply for the loan ?
- Any Indian National fulfilling criteria is eligible for education loan.
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Who can be co-obligant ?
- The parents and guardians can be co-obligant.
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How much does Bank lend ?
- Baroda Rajasthan Gramin Bank extend need based finance subject to repaying capacity of the parents/student with margin upto following ceilings.
Studies in India |
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Studies abroad |
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For how long a period can I get the loan ?
- We grant loan for a term of 5-7 years after repayment holiday/moratorium.
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What is the repayment holiday / moratorium period ?
- Course period + 1 year or 6 months after getting job whichever is earlier.
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What is the mode of repayment ?
- The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalment (EMI) is fixed.
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Do you offer any concession ?
- Yes, we do offer 1% interest concession to student loanee, if the interest is serviced during the study period when repayment holiday is specified for interest / repayment under the scheme.
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What type of interest do you charge under your Education Loan Scheme ?
- We charge simple interest at monthly rests during the repayment holiday /moratorium period.
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Do you levy any penalty for default under the scheme ?
- Yes, we charge penal interest @ 2% on overdue amount.
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Scheme for Small Road & Water Transport Operators |
What is the criteria for Small Road & Water Transport Operators (SRWTO) ?
- Advances to small road and water transport operators owning a fleet of vehicles not exceeding ten vehicles, including the one proposed to be financed.
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