Micro Business Loan

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Fund based loan for working capital and purchase of machineries/equipment’s/transport vehicles.

 

Eligibility Criteria:

• All Micro entrepreneurs

  • In case of manufacturing enterprises, the investment in plant & machinery shall be up to Rs.25 lakh.

  • In case of service enterprises, investment in equipment’s shall be up to Rs.10 lakh.

1. For individuals the age of the applicant + Loan period should be within 70 years.

2. Applicant shall be our customer at least for the last 1 year with active SB or CA, with satisfactory transactions.

3. Minimum CIBIL Credit Vision score of 675 or CRIF score of 700.

4. For Non individuals, the CRIF score shall be 700 and above.

5. Existing credit facilities of the client with us/other Banks if any, should not be in the NPA/Stress Category.

6. Purpose & activity shall be eligible for coverage under CGTMSE.

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Limit of Advance:

• Minimum Rs.100,000/- and Maximum Rs.10 lakh.

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Margin:

• New vehicles:15% against on road cost*

• New equipment’s/machineries:25%

• Used Vehicles:30% (up to 3 years old)

• Stocks/Book debts:25%

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Security:

• Hypothecation of stocks/book debts/assets/vehicles.

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Tenure / Period:

• Working Capital :

  • PS DPN : up to 35 months

• New Vehicles:

  • For 3 wheelers : Maximum 60 months

  • For 4 wheelers : Maximum 84 months

• New Machineries/ equipment's : Up to 60 months

• Used vehicles : Maximum 60 months from the date of registration.

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Repayment:

• PSDPN - In Equated Monthly installments.

• PSTL - In Equated Monthly Installments.

• The above information is subject to terms and conditions. For more details, please contact us.

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