(for a new client it can take upto anything between 4 to 5 months). A vessel can be acquired either from second-hand market or newly-built. In the former case, shipowners require quick sanctioning of loans lest the vessel passes over to other competing buyers.
             Further, public sector banks, having made their foray into project finance only recently, do not have the necessary skills for project appraisal. This leads to a greater demand for security in the form of mortgage and collateral from promoters. Moreover, the sources of funds being short-term in nature, savings and current deposits are very short term in nature, while the duration of loan granted by them is generally medium term in nature (around 3 to 5 years).
             These banks can be divided into two groups - the old ones and the new ones. Old ones like Lord Krishna Bank, Bank of Rajasthan, Vysaya Banks, Catholic Syrian Bank and others operate more or less lik
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