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 April 25, 2016
|Rate of Interest||MCLR + 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||1.5% 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.
- Schedule of charges is subject to review by the Bank from time to time.
- All fees and charges mentioned above will attract Service Tax / Education Cess at applicable rates.
- MCLR means Marginal Cost of Funds based Lending Rate (MCLR) the reference rate for lending to be charged in accordance with Reserve Bank of India's circular RBI/2015-16/273 DBR.No.Dir.BC.67/13.03.00/2015-16 dated December 17, 2015, as amended from time to time.
- Interest rate reset dates for floating rate loans would be January, 2016, April, 2016, July, 2016 and October, 2016 of each calendar year during the loan tenor.
- MCLR is the rate of the Bank to which your floating rate loan is benchmarked. Applicable MCLR for your loan shall be the three month MCLR prevailing from time to time.
- The Bank states that Marginal Cost of Funds based Lending Rate (MCLR) prevailing on the date of first disbursement shall be applicable till the next reset date irrespective of the changes in the benchmark in the interim. Similarly effect of any subsequent change of MCLR shall be applicable from the next reset date irrespective of the changes in between two reset dates.