Reply from the bank to the above letter agreeing to lend the amount ask for

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 ©️ Write a reply from the bank to the above letter agreeing to lend the amount ask for.

Ans :

             STATE BANK OF INDIA
                 Shyam nagar Branch
                 Kolkata -700112

Ref No. Loan/122/14.             January 25, 2021


S. Kundu
General Manger
SUPERDOX PAPER MILLS LTD.
25, B. T. Road,
Kolkata- 700123

Sub: Your application for loan tor a new manufacturing unit

Ref.: No. Your Letter No. Appl-Loan/2/14 dated 10th January, 2021

Sir ,

We have received your application for loan for developing a new manufacturing unit. AS your company is One of our valued Customers having a long standing relation and regular transaction with our branch , our bank  is ready to process your application on usual terms and conditions. Our terms and conditions include the following points :

1.Repayment should be made within ten       years by depositing EMI on monthly basis.

2. Interest rate for the first two years is 14% per annum. However, interest rate may change from time to time at
the  sole discretion of the bank.

3.Non-refundable processing fee of Rs 10,000/- (Rupees Ten Thousand only) is to be paid within seven days from
the date of the issue of this letter.

4.On satisfactory report of the site inspection and documentation, the loan will be sanctioned.

5. The sanctioned loan will be disbursed in three instalments.

6. Utilization certificate for each instalment is to be produced before applying for the next instalment.

7. Penality will be charged for early repayment or delay in repaying EMI.

8. The first instalment of the loan would be disbursed only after hypothecation of your manufacturing unit.

If our terms are acceptable to you, please deposit the non-refundable processing fee and inform us so that necessary formalities for sanctioning the said loan may be started without delay.

We await your early response and assure you of our best services.

Thank you.         
                                      Yours faithfully,
                                  for State Bank of India
                                      Agarpara Branch
                                    Parthib Bose (Manager )


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