Micro, Small and Medium Enterprises (MSME) :

• In the growth phase of a business, having access to timely credit is crucial for exploring new opportunities and reaching new levels of success. At our bank, we consider ourselves partners to our client's businesses, helping them to focus on their business needs.
• Our bank has made significant efforts to comprehend and empathise with the needs of our customers.
• Our range of financial solutions includes working capital, term finance, bank guarantees, and property loans designed to meet your specific needs. Our team of experts conducts through financial, quantitative, and qualitative evaluations to tailor working capital solutions for your business.

Manufacturing Enterprises :

Enterprises involved in the manufacturing, production, processing, or preservation of specific goods as outlined below :

• A micro-enterprise is classified as an enterprise in which the investment in plant and machinery does not exceed Rs. 25 lakh.
• A small enterprise, on the other hand, is characterised by an investment in plant and machinery that is more than Rs. 25 lakh but does not exceed Rs. 5 crore.
• Finally, a medium enterprise is defined as an enterprise in which the investment in plant and machinery is more than Rs. 5 crore but does not exceed Rs. 10 crore.

Service Enterprises :

Enterprises that are involved in offering services and have made investments in equipment (Original cost, excluding land, building, furniture, fittings, and other items not directly related to the services provided, as specified under the MSMED Act, 2006) as indicated below :

• A micro enterprise is an enterprise where the investment in equipment does not exceed Rs. 10 lakh.
• A small enterprise is an enterprise where the investment in equipment is more than Rs 10 lakh but does not exceed Rs 2 crore.
• A medium enterprise is an enterprise where the investment in equipment is more than Rs. 2 crore but does not exceed Rs. 5 crore.

Eligibility :

• Businessmen / Professionals / Firms.

Repayment Period :

• Maximum 5 years, depending on the cash flow.
• Moratorium period available, depending on the cash flow.

Rate of Interest : 14.25%.

Penal Charges :

• If there is any deviation or failure to make the scheduled repayment, a penal charge of 3.00% per annum on the overdue amount will be charged in addition to the regular interest on the remaining balance.

Processing Fees : 1.30%

Shareholding :

• 2.5% of the loan amount as a regular shareholder.

 Quantum Of Finance :

• The amount of the loan will be determined based on the specific needs and eligibility criteria of each case.
• Collateral security should be 150% of the loan amount.

 Interest Calculation Method :

• Reduced balance method.

Security :

• Equitable / Registered Mortgage of property.

Documentation :

• A completed application form.
• Photo identity & residence proof for both the applicant & co-obligant.
• The last three year's profit & loss account, balance sheet, ITR, and Bank statements for the past 12 months.
• Legal documents required for creating a mortgage as per the specified  requirements.
• A detailed project report.