business loans

business loans

 

 

Why take a Business Loan from Bank?

Whatever be your need we have a loan for you. Over the years we have won the trust of our customers and have become market leader in loan products.

Enjoy triple benefits when you take a Loan from Bank:

    Faster loan - Our loan sanction and disbursal is one of the quickest with easy documentation and doorstep service.
    Competitive pricing – Our loan rates and charges are very attractive
    Transparency – All charges are communicated up front in writing along with the loan quotation


Features and Benefits of Business Loan
Features

You will get some exclusive features and benefits with your  Bank Business Loan

    In - Principle loan eligibility in 1 Minute online and across all branches
    Convenience of contacting us through SMS, Webchat, Click2Talk, PhoneBanking and across all Branches
    Business Loan is also available on the basis of repayment of home loans, auto loans and credit cards.
    Loan Amount up to Rs. 15 Lakhs (Up to Rs. 40 Lakhs in selected locations).
    Flexible repayment options ranging from 12 - 36 Months.
    Credit Protect Insurance Plan:
    We help you take care of your loved ones with a Credit Protect Plan to cover your loan at a nominal premium.*

    In case of Natural / Accidental Death of the customer, the customer / nominee can avail of the Payment Protection Insurance (Credit Protect) which insures the principle outstanding on the loan up to a maximum of the loan amount.

    We will charge a premium for this product, and the premium amount will be deducted from the loan amount at the time of disbursal. We will also charge service tax and applicable surcharge/cess at the rates notified by the government.

    Secure your business loan with Credit Protect.

    Key benefits of policy
        Protects the family by paying off the loan amount in case of death of the customer
        Life Coverage – provides peace of Mind
        No need to use other savings to repay the loan
        Tax Benefits as per applicable laws
        One convenient package - loan + insurance

* Premium will be charged for Credit Protect will be deducted from the loan amount at the time of disbursal.
Already have a Business Loan?

Reduce your EMI, transfer your existing Business Loan to us. Business Loan balance transfer offers special and exclusive benefits.

    Interest rate as low as 15.25* % on existing loan transfer.
    Processing fees as low as 0.99%

Now reduce your EMI burden with our balance transfer programme.

Apply now for a Business Loan Balance Transfer.





Eligibility Criteria & Documentation for Business Loan

Get details on eligibility criteria & documents required for Bank Business Loan

Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.

With:

    Minimum Turnover of Rs. 40 Lakhs.
    Years in business: Minimum of 3 years in current business and 5 years total business experience
    Business must be profit making for the last 2 years
    Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
    Age of Applicant: Min 21 years & Max. 65 years at the time of loan maturity.

Documents you will need to submit:

    PAN Card – For Company /Firm/ individual.
    Proof of your identity: Copy of Aadhaar Card/Passport/Voter's ID card/Pan Card/Driving License.
    Proof of your address: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License.
    Bank Statement (latest 6 months)
    Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
    Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
    Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
Business Loan Interest Rates & Charges

Enclosed below are Bank Business Loan Interest Rates & Charges
Fee    Charges
Rack Interest Rate Range     16.25% to 19.75%
Loan Processing Charges     Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 75000/-
Prepayment     No pre-payment permitted until repayment of 6 EMIs
Pre-payment charges     07-24 Months - 4% of Principal Outstanding
25-36 Months - 3% of Principal Outstanding
>36 Months - 2% of Principal Outstanding
No Due Certificate / No Objection Certificate (NOC)     NIL
Duplicate no due certificate / NOC     NIL
Solvency Certificate     Not applicable
Charges for late payment of EMI     @ 24 % p.a on amount outstanding from date of default
Charges for changing from fixed to floating rate of interest     Not applicable
Charges for changing from floating to fixed rate of interest     Not applicable
Stamp Duty & other statutory charges     As per applicable laws of the state
Credit assessment charges     Not applicable
Non standard repayment charges     Not applicable
Cheque swapping charges     Rs 500/-
Amortization Schedule charges     Rs 200/-
Loan cancellation charges     NIL (However Inerest would be charged for the interim period between date of loan disbursement and date of loan cancellation and processing fees would be retained)
Cheque Bounce Charges     Rs 550/- per cheque bounce
Legal / incidental charges     At actual
CIBIL Report Copy Charges     Rs.50 Per Copy

Rates offered to customer during the period of January’16 to March’16.
IRR    Q IV (2015-16)
Min IRR     12.50%
Max IRR     19.76%
Avg IRR     16.55%


Annual Percentage Rate offered to customer during the period of January’16 to March’16.
APR    Q IV (2015-16)
Min APR     12.75%
Max APR     22.20%
Avg APR     17.01%

*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges