Loan For Existing & New MSME's

Loan For Existing & New Business

To provide medium to long term financial assistance for setting up of new, expansion, diversification or modernization projects in various manufacturing or services sector.

Eligibility

Entity - Sole proprietors, Partnership firms, LLPs, Private Ltd.
Sector - Manufacturing, Services & Trading
Type of Unit - New & Existing Businesses

Photo identity and Address proof : As per RBI defined KYC guidelines.
Business Proof : Trade License/MOA & AOA/GST Registration/ITR, Partnership Deed etc. as per applicability.Trade License/MOA & AOA/GST Registration/Income Tax Retrun, Partnership Deed and other documents as per applicability.
Additional documents may be collected during the loan application process as per actual requirement.

Key Features

Rate of Interest

Starting from 7% p.a

Repayment

Upto 84 months

Nature of Assistance

Term Loan

Upfront Fee

1% of the Loan amount

Security

First charge on fixed assets of the unit.
Hypothecation of current assets of the unit.
Personal Guarantee of the Promoter(s)
Additional security as per availability.

Other Terms & conditions

Extent of Assistance: Maximum 75% of the project cost as Term Loan.
Promoter’s Contribution : Minimum of 25% of the Project Cost.

Key Area

Agriculture & allied

Healthcare

Textile unit

Others

Food Processing

Education

Hospitality

Manufacturing

Trading

Retail

Infrastructure

Food & Beverages

Handloom

Handicraft

Implementation Period of 18 months

Moratorium upto 12 months

Interest calculation on Reducing Balance

No Detailed Project Report required for Loan upto 25 Lakhs