Terms and Conditions
- Annual household income should be more than INR 3,00,000
- Maximum annual household income up to INR 6,00,000
- Rate of Interest up to 25% p.a.
Minimum Interest Rate p.a. Maximum Interest Rate p.a. 24% 25% - Borrower’s age must be between 22 years to 65 years at the time of loan maturity for Self Employed Non Professional (SENP) or age as per insurance program (65 years) whichever is lower.
- Loan applicants have to mandatorily have a co-borrower, preferably their spouse. In the event that the main borrower is male, a female co borrower is mandatory.
- The loan applicant should have an existing business for the past 3 years at the minimum.
- The loan obligation maximum limit is 50% of the monthly household income.
- The timeline for credit decision after submitting all the details correctly to the Bank is T+1 working day, provided that the details are shared before 4 pm on “T” working day.
- Loan processing fee is up to 2% of the sanctioned loan amount plus statutory taxes as applicable.
- Pre-closure charges – NIL
- Cheque/Payment instruction return charges- NIL
- Swap charges- NIL
- Collection charges- NIL
- Insurance is offered at reasonable premium rate to cover the loan amount in the unfortunate demise of the customer. It is voluntary for the loan applicant to purchase the insurance cover to protect the family for the loan amount.
- Loan amount- Minimum INR 50,000 to maximum INR 2 Lakh.
- Loan tenure- Minimum 12 months to maximum 36 months.