take over of loans of financial institutions and bank transfers - sobell finance limited
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03/11/2015 Take Over of Loans of Financial Institutions and Bank Transfers Sobell Finance Limited
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The scheme shall be subject to following parameters
All the parameters of Project Term Loan scheme such as Debt Equity Ratio, loan limit shall be applicable for this scheme also.The assets coverage ratio for the loan being taken over should not be less than 1.5 times.
The unit should be in existence and profitable at least for the last one year
The unit should be regular with the institutions/ banks from where it has availed financial assistance and the account shouldhave been classified as 'standard assets
The entire loan should be taken over and loan thus taken over shall be secured by way of first charge on the alreadymortgaged assets to the existing lender (institutions/ banks) and/ or other securities acceptable to SFL.
The payment should be directly released in favor of institution/ banks which have extended the financial assistance.
However, this take-over of loans will not be in isolation and shall be resorted to only when company has scheme for additional loanfor expansion/ modernization.
Securities for securing SFL loan
1. The Term Loans extended by SFL are secured by way of mortgage of Primary Security (Financed Assets) and/ or CollateralSecurity (Land/ Building other than the Financed Assets). The quantum of Collateral Security depends on the risk perception/merit of the case.
2. Demand Promissory note.
3. Personal guarantees of Promoters/ Directors / Partners/ Sole Proprietor/owner of collateral Securities.
4. Post Dated Cheques.
Verification & valuation of SecuritiesThe SFL has a panel of Advocates/Valuers for carrying out verification & valuation of securities. Further it is also to be cross checkedby the officers of SFL.
Following details will be required in respect of securities to be mortgaged with SFL:
1. Sale deed/Conveyance deed of the proposed security.
2. Valuation report from an approved valuer (to be arranged by SFL).
3. Search report from an Advocate. (to be arranged by SFL).
4. Approved building plan in case of constructed property.
5. Site/ Location Plan of the Land/ Building, duly certified by the Revenue Department/ Map approving authorities.
6. Ownership details of the Property & relationship of the owner with the Applicant Company / Firm / Partners/ Sole Proprietor.
Takeover of Loans of Financial Institutions / Banks
The SFL has a scheme for takeover of loans of other Institutions / Banks, along sanctioning of loan forexpansion/ modernization of such companies. This will facilitate dealings of the company with one institutionimprove the asset quality of the SFL, while reducing the cost of funds for the borrowers.
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03/11/2015 Take Over of Loans of Financial Institutions and Bank Transfers Sobell Finance Limited
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