The business loan is for men and women engaged in small and medium scale businesses and other income generating activities but who face liquidity problems, financial insolvency, and do not meet the requirements of obtaining loans from banks.
Loan amount | INR 61,000- 125,000 | ||
Tenure/duration | 12 or 24 months, depending upon the repayment ability and the borrower's choice as per RBI directives | ||
Instalments frequency | Weekly | Fortnightly | Monthly |
For tenure/duration of 12 months | 46 instalments | 22 instalments | 11 instalments |
For tenure/duration of 24 months | 106 instalments | 53 instalments | 26 instalments |
Rate of interest | 26% (effective from 22nd July 2024) | ||
Processing fee | 1.5% of the loan amount plus applicable GST | ||
Insurance / loan processing fees | INR 4.50 for per INR 1,000 per year plus applicable GST | ||
Admission fee | Rs 25 inclusive of GST | ||
Security deposit | NIL | ||
Penalty for late payment | 2% on the overdue amount plus applicable GST | ||