Kwik LAP PRO

We understand the financial needs of working professionals are slightly different from other businesses. To cater to the diverse financial needs of the professional community like Doctor’s, CA’s and Architects, we have designed an easy finance options through our Kwik LAP Pro Scheme to help you achieve your dreams.

To meet financial requirements for personal or business use.

Eligibility:

CAs, Doctors and allied medical professionals (BAMS, BHMS, MDS, BDS and Veterinary, Physiotherapist), Architects and Certified Engineers.
Should be practicing for a minimum of 2 years

Limit of Loan:

OD limit Upto Rs 25 lakh
TL upto Rs.100 lakh (for purchase of Commercial Property)

Margin:

25% of the Realizable Value

Basis of Advance:

Margin as stipulated above

20% of Gross Sales T/o (Avg of last 2 years or latest audited gross sales turnover with justification)

7 times Gross Cash Accruals (Avg of last 2 years or existing borrower with good track record for last 1 year – Latest gross cash accrual based on financials as per applicable norms)

Repayment Period:

Revolving line of credit, limit to be renewed basis yearly review
Monthly reduction to be stipulated
Term Loan with maximum repayment period of 12 years.

Prepayment/ Foreclosure charges:

For non-Individual (pre-closure for availing loan from other bank) - 2% on outstanding balance of term loan or drawing power of OD a/c and

If paid through own sources - NIL

For Individual - NIL

Rate of Interest:

ROI starting from 9.25%* to 10.75% p.a.*

*ROI varies as per CIBIL score

Present PLR @15.90% p.a. (w.e.f -08.08.2024)

Processing Fee:

Upto Rs. 25 Lakh-

0.50% of the sanctioned amount
OD Review/Renewal charges of 0.25% of the sanctioned amount

(No other charges such as CIBIL/ other credit agency, FI & CERSAI.)

Commitment charges:

NIL

Shareholding:

Rs 1,000/-

Security:

Mortgage (Legal/Equitable) of residential / commercial property
The property should be owned by the applicant or spouse or blood relative
In case of Term Loan for Purchase of Property Under construction - Approved building plans, Title clearance and availability of CC will be required.

Guarantor:

The owner of the property to be mortgage (other than the applicant) can be taken as a guarantor.
In case of Pvt Ltd company, personal guarantee as per resolution.
In case of Partnerships firms and LLP : Personal guarantee of all the partners

Documentation:

Prescribed loan application form
Annexure II A for individuals & Annexure II B in case of loans to entity to be obtained.
Photograph, Photo ID & Residence Proof of the Applicant & Guarantor

For Professional, copies of:
(i) Last 2 years' Audited Profit & Loss & Balance Sheet
(ii) ITR with Computation of Income for last 2 years
(iii) Bank Account Statement (related to business/ profession) for last 2 months.

Conditions Apply*

Combo offer for KWIK LAP loan customers:

Combo offers for Kwik Lap customers: Pre-sanction Credit Card based on repayment capacity of Borrower subject to max limit of Rs. 5.00 Lacs
Shareholding for credit card

Upto Rs 1 lakh: Rs. 100/- nominal membership
Above Rs 1 lakh: Rs. 500/- shareholding