Reply Letter on “Request for Industrial Loan” by Bank Manager.
Place
Dt.
From
The Manager,
Punjab Co-operative Bank Ltd.,
Ludhiana.
To
Shri Gurpreet Bedi,
Senior Vice President,
Sindh Hosiery,
Ludhiana.
Sir,
With reference to your letter dated …, I should like to inform you that our bank has embarked on an industrial loan policy in the wake of the economic liberalization of our government, Already financial grant has been endorsed and disbursed to 30 small scale and medium scale and even sick industries that showed resilience in returning to normally.
The general procedure our bank adopts is as follows :
1. Our survey or assessment team will visit your units at the time and on days fixed by prior appointment. ‘Their aim is to assess the economic health and viability of your units.
2. An assessment of the total estate price of your industries is made since we shall mortgage the same against any loan amount advanced to you.
3. Only 85 percent of the total amount required is endorsed, the rest being borne by the company.
4. Our general rate of interest varies according to the final specifications.
Whereas the above is the general procedure followed, we shall need to meet personally by prior appointment to discuss matters at length. So kindly inform us of the time and date suitable for you next month.
Thanking you and assuring you of the best of service possible.
Yours Sincerely,
Harkeerat Singh
Manager,
Punjab Co-operative Bank,
Ludhiana.
