Unsecured Business Loan

• Customer segment

  • Micro and Small Enterprises (defined by turnover criteria in eligibility grid) typically with annual sales turnovers in the range of

  • Manufacturing: `18,00,000 and above

  • Trading: `20,00,000 and above

  • Services: `15,00,000 and above

• Loan amount

  • Minimum `2,00,000

  • Maximum `3,00,000

• Tenure

  • Minimum 1 year

  • Maximum 2 years

• Rate of Interest (ROI)

  • 24% p.a. (reducing)

• Charges

  • Processing Fees : 2.25% of the loan amount plus taxes as applicable.

  • Bounce and Late Payment Charges : `250 for ECS/ACH/Cheque bounce, taxes as applicable. Penal interest of 2.5% p.m. on the overdue amount will be applicable on number of days delay from due date.

  • Pre-Closure Charges : Before completion of 12 months from the date of disbursement - 5% on principal outstanding, plus taxes as applicable. After completion of 12 months from the date of disbursement: 3% of the principal outstanding, plus taxes as applicable.

Overdraft Facility

• Customer segment

  • Micro and Small Enterprises (defined by turnover criteria in eligibility grid) typically with annual sales turnovers in the range of

  • For MSE businesses with annual turnover of `50 lakh and above

• Loan amount

  • Minimum `11 lakhs

  • Maximum `50 lakhs

• Tenure

  • OD limit will be annually renewable unless specified otherwise

• Rate of Interest (ROI)

  • 13-16% p.a. (Linked to 1 year T-Bill rates)

• Features

  • Pay interest only on utilized limit

  • Option to combine MSE Loan with Overdraft facility

  • Quick processing

  • Priority services at branches

• Charges

  • Processing Fees : 1% of the facility amount plus taxes as applicable.

  • Interest Overdue Charges : If interest not paid within 7 days of the calendar month, additional 3% interest will be charged on the interest overdue amount above the existing rate of interest.