V Entrepreneur
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1
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Purpose
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- Financial assistance to start new/expansion of existing manufacturing/service enterprise for working capital, purchase of commercial property, vehicle, plant & machinery etc.
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2
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Eligibility
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- Traders mainly engaged in buying and selling of goods/commodities either as retailers or wholesalers.
- Both Manufacturing and Service activities under taken by MSME units.
- Existing customers with a satisfactory track record.
- New customers including take-over based on merit.
- Applicant must have either sales tax/VAT registration wherever applicable and trade/business license or MSME/SSI registration Certificate or permit issued by recognized body or any statutory authority.
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3
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Nature of facility
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- Term loan.
- Working Capital limit
- Combination of both as Composite loan.
- Non-fund based limits
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4
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Quantum of Loan minimum/maximum.
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- Minimum: Rs.2.00 lakhs
- Maximum: 60% of market value of property offered as security subject to cap of Rs.500.00 lakhs
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5
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Margin
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- 25% for purchase of Equipment/Machinery/Generators
- 20% of the value of the commercial vehicle
- 40% for acquisition of premises and/or expansion/ renovation/ modernization of existing premises
- 25% cash margin for Non-Fund Based Limits
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6
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Rate of interest
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7
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Guarantor
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- Suitable third party guarantee to be provided in case of individuals
- Personal guarantee of partners, promoter Directors to be provided.
- Personal guarantee of property owner/s whose property is offered as collateral security.
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8
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Security
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Primary Security
Assets purchased out of bank finance such as property/premises/machinery/vehicles etc. as applicable
AND
Mortgage of immovable property including residential/ commercial property with 40% margin on market value
OR
Term deposit of our Bank/ NSC/ KVP/ Surrender value of LIC policy to the extent of 100% of the limit.
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9
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Processing fees/other charges
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10
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Repayment
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Working Capital Limit - To be renewed on yearly basis
Term loan - Maximum 120 EMIs
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11
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Application with checklist
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Click Here to Download Application Form
Click Here for Checklist of Documents
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