Small Business Enterprise Loan to give support to the small business enterprise setup mainly for giving loan to small business enterprise on following terms and conditions .
Purpose – The loan is offered for the purchasing equipment, repairing or renovating existing equipment and or acquiring and repairing business premises or for purchasing tools and / or for working capital requirement
Eligibility – Individual, Professional or Self employed or Businessmen with repayment capacity just like any other personal loan
Repayment – Cash-credit limit sanctioned for one year subject to annual review or renewal; Term loan EMI max 72 months.
Document – The documents required are Photograph of the borrower, Income tax return for last two years, Audit or un- audit trading, profit & loss a/c, balance sheet for last two years. Estimate and projected balance sheet, projected financial statement for ensuring year, registration certificate under shop or establishment act, trade tax act, bank statement of last six months, proof of business address/residential address or continuity in business.
Rate of Interest – 14.00%
Security – Hypothecation of goods in case of cash credit limit or term loan, EQM by deposit of title deed, pledge of term deposit, KVP, etc. Assignment of life insurance policy.