Tax Payer's Liquidity Scheme

OVERDRAFT - TAX PAYER’S LIQUIDITY SCHEME (TPLS)
PARAMETER	PARTICULARS
Eligibility	Income Tax payer’s in business/ profession
Purpose	Legally permitted productive/ personal purpose
Nature of facility	Overdraft
Quantum of Advance	3 year’s total taxable income as per ITR of the applicant from all sources including agriculture. Maximum funding – Rs 100 lakhs.
Tenure	The account should be renewed once in a year
Proof of Income	Income Tax Returns acknowledged by IT department along with computation of income.
Security	Mortgage of prime residential / house property
Guarantee	1. If the security property is owned by the applicant, then spouse of the applicant or any other person with substantial means 2. If the security property is owned by others – owner of the property.
Documents Required	KYC Documents Copy of IT returns with computation of income Declaration stating that applicant has not availed any similar loans from other bank or financial institutions Declaration regarding purpose of credit facility Documents related to security of immovable property

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