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Eligibility
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- Existing and New MSME borrowers
- Borrowers under both sole banking & multiple banking arrangement are eligible
- Individuals, proprietorship, partnership, TRUST, LLP, Pvt Limited companies.
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Purpose |
Working capital for operations, term loans for creation/purchase of fixed assets/Demand loan for short term expenses. |
Loan Amount |
Minimum above Rs.10.00 Lacs and Maximum no ceiling. |
Margin |
Liquid securities - 10%(Fixed deposit/Eligible Insurance Policies). Immovable - 30% of Fair market Value of property, assessed by Bank's panel valuer.
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Rate of Interest |
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Loan Amount |
Total Spread |
Up to Rs. 2 Crore |
RLLR + 1.25% |
Above Rs. 2 Crore |
RLLR + 1.00%
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Rating - IOB 1 to 2 |
Rating - IOB 3 to 4 |
RLLR + 1.25% |
Rating - IOB 5 |
RLLR + 1.50% |
Rating - IOB 6 |
RLLR + 2.50% |
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Collateral Security |
Liquid securities-10%(FD/Policies) & Immovable - 30% of FMV |
Repayment Period |
TL upto 50 lacs- 84 months with 12 months moratorium Exceeding 50 lacs - 120 months with 18 months moratorium. Demand Loan - one year |
Processing Fee |
Working Capital - 0.50% of loan amount & Term Loan - 1.00% of loan amount. |
Other Conditions |
- If the value of prime security is 200% and above, a concession of 0.50% can be extended on the applicable interest rates.
- Borrowers having security coverage of 200% and above can be granted ADHOC facility of 20% of working capital limit.
- Borrowers under Multiple banking who wants to bank solely with us will be offered waiver of 50% processing charge/ upfront fee under SME Easy.
- Borrowers who is ready to open 100 or more employee's salary account will be offered flat Rs.10000/- discount on applicable Processing charge.
- Free credit cards to individual Borrowers/ Proprietors/ Partners/ Directors/ Guarantors (subject to the eligibility) without Joining Fee.
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*For any further detail, please contact our nearest Branch or call on 1800 425 4445 or 1800 890 4445 (Tollfree)