PURPOSE – To offer loans for Micro, Small and Medium manufacturing concerns, Ancillary units, vendors to large manufacturers, agro processing units , for traders, dealers, distributors of consumer products, agricultural inputs, educational institutions, hotels, travel, freight management, small hospitals, call centers, health care units, women entrepreneurs etc.
ELIGIBILITY CRITERIA – The credit requirements of applicant or party unit shall not be more than Rs.50 lakh, the annual sales or revenue turnover of the applicant, party, and unit shall not be more than Rs.250 lakh.
Quantum of Loan – MSME typically have credit needs in the range of Rs.10 lakh to Rs.50 lakh and hence per party ceiling is Rs.50 lakh. However, in case of trading units the quantum of Finance shall not exceed Rs.10.00 lakh unlike other personal loan.
Credit Facility – Over draft, Loans, Bill limits, LCs, etc
RATE OF INTEREST – 11.50% p.a. up to Rs.2 lakh and 12.00% p.a. for loan above Rs. 2 lakh
SECURITY – The security coverage for Primary or Collateral put together is that the facilities enjoyed by a particular borrower shall not be less than 150% of the value of advance.
REPAYMENT – 3 to 5 years
15 lak
Dear Kunal,
Thanks for your interest in BankBazaar. If you would like to check your eligibility for a Loan, you can click here. Our friendly customer service agent will get in touch with you as soon as you apply for a loan. If everything goes well, you could have your Personal Loan in a few days.
Cheers,
Team BankBazaar