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MBL CHALTI MULDHAN
Small and Medium Entrepreneurs need working capital at anytime to penetrate prevailing business opportunity and to run the existing business smoothly encountering the threat as well as exploring opportunities. However, in order to help SME customers to operate their business uninterruptedly, Mercantile Bank Limited has introduced continuous loan facility styled ‘CHALTI MULDHAN’.
Purpose
To meet up any justifiable and acceptable working capital requirements.
Loan limit
Tk 0.50 lac to Tk 50.00 lac for SE customers.
Tk 0.50 lac to Tk 500.00 lac for ME customers.
Nationality
Bangladeshi
Age limit
From 21 years to 60 Years (last installment of the loan has to be deposited before the borrower reaches the age of 60).
Note: Age bar may be relaxed/waved by the Managing Director & CEO of the Bank on acceptable grounds.
Minimum income
Minimum income must be commensurate with the amount of loan requested.
Borrower's eligibility
The entrepreneur:
- must be literate.
- is skilled in managing his/ her business preferably 2(two) years.
- has good reputation.
2 (two) years experience requirement may be relaxed if a SME customer fully covers the credit facility by providing collateral security and has prior employment/business experience in the related industry.
Incase of proprietorship concern, the borrower must be Banglaeshi by nationality. If the borrower is a Private Limited Company/partnership firm or a joint venture, it must be registered in Bangladesh and majority of shares owned by Bangladeshis.
The applicant must be 100% privately owned, controlled and operated
The principal place of business must be in Bangladesh.
The project must be financially, economically and commercially viable.
If the collateral security seems to be comfortable, guarantors' requirement may be relaxed on the basis of banker customer relationship and credit worthiness of the customer case to case basis.
Successful track record and good credit history will get advantage.
Security/Collateral
Registered mortgage with Irrevocable General Power of Attorney of the property /ownership of the space/possession right purchased.
Hypothecation of machinery, equipments, vehicles, inventories, advance payments.
Lien of cash collateral (FDR, Scheme Deposit) and competent authority approved other encashable financial instruments.
In case of proprietorship concern, personal guarantee of the proprietor and spouse.
In case of Private Ltd Co or partnership firm, personal guarantee of all directors/partners and their spouses to be obtained.
In case of third party personal guarantee, guarantors must be subject to the same credit assessment as made for the principal borrower and acceptable to bank.
Usual charges documents.
Others as applicable in compliance with the policy of the Bank.
Documentation
Valid trade license of the applicant along with 2 years old trade license preferable.
Registered partnership deed (In case of partnership firm).
Copy of Memorandum and articles of association, certificate of incorporation duly certified by RJSC and Board resolution, List of latest directors attested by MD/CEO in case of private limited company.
Attested copy of passport/national voter ID/ citizenship certificate from ward commissioner/Up chairman of the proprietor / partners.
Photograph of the proprietor/partners/a/c signatory attested by the applicant and verified by the relationship manager.
Deposit a/c statements for latest 12 months.
Statement of all loan accounts.
Latest clean/standard CIB report.
Net worth statements of all borrowers and guarantors.
Rental/lease/possession deed as applicable.
Drug/Homeopathic/Explosive/BSTI/Import/Export license as applicable
Clearance certificate from Department of Environment if applicable
Original title deed(s) of the property along with the related documents in original such as Bia-Deeds, Mutation, DCR, CS/RS/SA Khatian, up to date Khajna Receipt, Non-Encumbrance Certificates etc.
Others as applicable in compliance with the policy of the Bank.
Insurance
Fire & Other insurance coverage as applicable
Interest rate
The interest rate is subject to change based on the market conditions and policy of the Bank.
Penal interest rate
2 % higher over the prescribed rate on overdue amount or as per policy of the Bank.
Other fees & Charges
As per policy and scheduled charges of our Bank.
Interest applied
Quarterly/Monthly rest basis.
Tenure of the loan
1(One) Year on revolving basis.
Repayment method
By depositing daily sales proceeds in the loan account.
Full and final adjustment by depositing sales proceed or from own sources of the customer on or before the expiry.
Every drawing to be adjusted by 90 days.
SME Financing
CHAKA (Term Loan)
SAMRIDDHI (Continuous Loan)
MOUSUMI (Short Term Seasonal Loan)
ANANNYA (Women Entrepreneur's Loan)
SANCHALAK (A mix of Term, Time & Continuous Credit)
UNMESH (Foreign Trade Finance)
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