Business Instalment Loan
Spread your business wings with our collateral - free Business Instalment Loan.
- Easy and collateral free loans for small and micro enterprise engaged in manufacturing, processing, preservation of
goods or rendering services
- Flexible and attractive interest rates
- Less documentation and faster processing
Apply Now | SMS BIL to 561615
You can avail this loan for the purpose of working capital, business or purchase of equipment. Now you can leverage your own business to expand it.
- Applicants must meet the Reserve Bank of India’s definition of Micro / Small Enterprises.
- Purpose of Loan - Working Capital, Business Expansion or Purchase of Machinery / Equipment.
- Personal Guarantee - Key partner will be required to stand as guarantors to the loan.
- Business Vintage - Minimum three years in the same line of business and operating for three years in the same city.
- Financials - All applicants to submit audited financial statements - Profit & Loss Account, Balance Sheet and Tax Audit report for the last two financial years.
- Bank Statement - Bank statements for six months from the customer’s main bankers.
Rating Based on:
- Robustness of Business Model
- Company's Competence
- Quality of Management
- Competitive scenario
- Industry performance
- Turnover Growth
- Financial Ratios
Schedule of charges
w.e.f 25th September, 2015
|Rate of Interest||Floating / Fixed base rate + margin|
|Penal Interest Rate||24% per annum|
|Loan Prepayment Penalties||
|Credit Maintenance Fee||1% of loan amount per year, to be paid monthly|
|Portfolio Service Charges||2% of loan amount disbursed, to be paid monthly|
|Documentation and Processing Fees||3% of loan amount disbursed|
|CIBIL Report Issuance Charges||Rs. 50/-|
|Charges for unsuccessful execution of Standing Instruction for payment/ Cheque/ ECS Bounce Charge||Rs. 1,000/-|
|Post Dated Cheques/ ECS Swap Charges||Rs. 500/-|
|Service Tax||Applicable on fees and charges|
|Stamp Duty Charges on Loan Agreement||Depending on Local Regulations|
|No Dues Certificates||Free|
|Duplicate Statement Issuance Charges||Rs. 500/-|
|Annual Account Statement Charges||Free|
- Disbursement at Sole discretion of the Bank.
- The interest rate on your floating rate loan, is linked to the Bank’s base rate. Any revision in the base rate would also have an impact on your interest rate.
- Schedule of charges is subject to review by the Bank from time to time.
- All fees and charges mentioned above will attract Service Tax at applicable rates.