FAQsWho can avail of SME Secured Loans ?
- Self-employed doctors in the age group of 24 to 65 years (at the end of the loan tenure).
- Partnership Firms & Private Ltd. Companies.
You can borrow up to 80% of your planned investment in plant and machinery, based upon your loan eligibility.What are the tenure options?
Business loans range from a minimum of 6 months up to a maximum of 4 years.How long will it take to process the loan?
Loans are processed within 4-5 working days of completing the documentation.Do I need a guarantor?
- For sole applicant - one adult family member to be co-applicant.
- Partners /Promoter Directors will be taken as co-applicant in case of Partnership/Pvt ltd co. respectivel.
Yes. One can pre-pay the loan at any time after 6 months of availing of the loan. Foreclosure charges would be applicable.How do I repay the loan ?
You can make part pre-payments of a minimum amount of Rs 50,000 after 6 months from the date of first disbursement of the loan. This payment can be made only once in a financial year subject to a maximum of 25% of the balance outstanding against your loan amount at the start of the financial year.How do I repay the loan ?
- Electronic Clearing System (ECS) OR
- Post dated cheques (PDCs)
The stages involved are:
- Sanctioning of the loan