Loan
Business Loan
A business loan for working capital / purchase of equipment / instruments will be provided to the self employed and professionals to meet their liquidity mismatches.
At a glance
- Loan amount: ₹50,000 to ₹2,00,000
- Repayment: 12 to 24 months (EMI)
- Prepayment after 6 months with 2% penalty
- Security: third-party guarantee
Eligibility
Who can apply and under what terms.
Applicant profile
- Self employed, professionals, proprietors of small business units, shops, small establishments, petty traders, SME units, etc. (other than street vendors, peddlers, etc.).
- Minimum business turnover: ₹1,00,000 per year.
- Reasonable profit in past years.
- Age: above 18 years and below 65 years.
Loan & repayment
- Loan amount: ₹50,000 to ₹2,00,000.
- Repayment: equal monthly instalments of 12 to 24 months.
- Pre-closure / prepayment after 6 months permitted with penalty of 2% of the pre-paid principal amount.
- Security: only third party guarantee of family members or persons of repute with sufficient income and acceptable to the society.
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