Corporate / Clean Loan

General: Clean advances are granted only to borrowers of undoubted reputation and integrity and who have a high proportion of capital resources in relation to the amount borrowed and their other liabilities where no primary security is available with the Borrower.  Clean advances should wither in due course by generation of funds by the borrower which should go to liquidate clean advance in a phased manner. Repayment schedule commensurate with the borrower’s cash flows , monthly income, etc

Clean Advances to Limited Company Borrowers: Funds to the corporate to meet its margin requirements for working capital, long term project finance margin and other financial commitments of the corporate. ROC search is obtained to ascertain that there is no existing charge or mortgage on the Company’s assets. An undertaking should be obtained from limited companies that they will not, without the Bank’s consent in writing, create any charge, mortgage, lien or any encumbrance whatsoever on their fixed or floating assets during the currency of the clean advance.

Clean Loan other than corporate: Clean advances are usually granted by way of overdraft limits cash credit or loan. Clean advances are generally considered in the names of two or more individuals or a third party guarantor.  In the case of clean advances, Bank insist for  collateral security, wherever possible, by way of mortgage of immovable property or shares or life policies of the borrowers, even if the market value/surrender value of such collateral security may not be adequate to cover the entire advance.

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