NOTES TO THE FINANCIAL STATEMENTS Registration No. 200301030845 (633265-K) - 113 - 26. Bank Borrowings (Cont’d) Term loan I The term loan of RM200,000 obtained from a local bank bears interest at rate of 10.60% per annum repayable by 180 monthly installments of RM1,552 each commencing from September 2014. The term loan is secured against fixed deposit and 70% guarantee coverage by Syarikat Jaminan Pembiayaan Bhd (“SJPP”). It is also jointly and severally guaranteed by certain Directors of the Company. Term loan II The term loan is secured by way of a first legal charged on a freehold land and buildings of the Company at carrying amount of RM18,448,261. Interest charged on the facility at BLR plus 1.0% per annum. The term loan is repayable by monthly installments of RM97,934 over 10 years. Term loan III The term loan amounted to RM50,000,000 and bears interest at rate of 1.75% per annum above the bank’s cost of funds. The term loan is repayable by 30 monthly instalments commencing from May 2017. The term loan is secured by personal guarantee of a director. Term loan IV The term loan is repayable on 27 April 2024. S$289,950 of the team loan bears interest rate of 6.5% (31.12.2022: 6.5%) per annum below the bank's commercial financing rate and S$975,005 of the term loan bears interest rate of 5.2% per annum below the bank's commercial financing rate. The term loan is unsecured. Term loan V The term loan is repayable by 6 monthly instalments. The term loan's interest rate is subject to benchmark interest rate of the People's Bank of China. The term loan is unsecured. Bank overdraft Bank overdraft is secured by the following: (a) Fixed deposit pledged to licensed banks; and (b) Jointly and severally guarantee by certain Directors. Trust receipt Trust receipt is repayable within 180 days (31.12.2022: 180 days). The facilities are secured by corporate guarantee from the Company and fixed deposit pledged to licensed bank. Revolving credit Invoice financing is repayable within 272 to 365 days (31.12.2022: Nil). The facilities are secured by corporate guarantee from the Company. 190 DESTINI BERHAD ANNUAL REPORT 2024
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