Business Instalment Loan

Business Instalment Loan

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

Download application form for MSME’s | Schedule of charges

Overview

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.

  • Loan Amount - Rs. 10 lakh to Rs. 50 lakhs.
  • Loan Tenure - 12 months to 36 months.
  • Attractive interest rates.
  • Less documentation, fast processing.
  • Purpose - For business purposes including expansion and medium / long term working capital requirement.
  • KYC documents of promoters / Key directors / Proprietor / Partners. Click here for acceptable documents.

Mortgage Referral

Requirements

  • 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

Rating Based on:

  • Robustness of Business Model
  • Company's Competence
  • Quality of Management
  • Competitive scenario
  • Industry performance
  • Turnover Growth
  • Margins
  • Financial Ratios

Schedule of charges

w.e.f 25th September, 2015

 Fee Type                              Charges
Rate of Interest Floating / Fixed base rate + margin
Penal Interest Rate 24% per annum
Loan Prepayment Penalties
  • Prepayment is allowed only after 9 months from the date of disbursal
  • No part prepayment is allowed
  • In case of Fixed rate loan : 5% of the principal outstanding at the time of foreclosure for Fixed Rate loans.
  • In case of Floating rate loan : No pre-payment charges
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.