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MSME LOAN

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MSME Loan

We know that formal financing options for all the Self-Employed, driven segment are limited. Especially, when you need to mobilise significantly high amount of money. The dependence on informal sources (chit funds, private money lenders, etc) is high.

We at Equitas recognise the “Missing Middle” segment’s requirement and have been giving importance to it because we know your contribution is very significant to our country’s growth.

Purpose of the loan – The loan may be provided to self-employed applicants for meeting any of the following large-ticket expenses:

  • Business expansion
  • Closure of high-cost loans
  • Higher education of children
  • Medical expenses
  • Renovation of house
  • Other expenses – Customer to specify

 

Particulars Minimum Card Rate
Login Fees Rs. 5000 Non refundable
Processing Fee Minimum 1% of the facility amount
Renewal Fees Minimum 0.75% of the facility amount
Overdrawn charges/security not perfected/covenant not complied with 2% p.a over and above the agreed rate
Commitment charges - Average Quarterly Utilisation < 50% 0.5% of the unutilised amount. Charges will be levied on a quarterly basis. Applicable only for CC/OD facility
Penal Interest for non-submission of Stock Statement @2% additional rate on existing ROI for non-submission of Stock Statement
Non-Submission of property/stock insurance 2% additional Rate of interest on the amount out-standing.
ROC Filing charges Rs. 3000/- (plus taxes) per filing on availing bank empaneled vendor services.
Cheque Bounce Charges (Term Loan) Rs. 500/- (plus taxes) Per cheque bounce

Conversion Charges (For revising Rate of Interest – Fixed to Floating or Vice Versa)

0.25% plus Taxes as applicable on Loan outstanding in case of Term loan and on Sanctioned amount for other Working Capital facility or Rs. 5000/- plus taxes as applicable which ever is higher
Late payment penalty (Term Loan) 24% per annum (plus taxes) on the amount out-standing from date of default.
Commission on LC - Usance(for first 3 months)

1.5% p.a. on Usance LC (plus taxes) for first 3 months including commitment period Minimum of  Rs. 2000/- plus taxes as applicable per issuance.[tenor of upto 3 months will be assessed based on the Usance period under the LC and accordingly commission will be charged from issuance date of LC uptil the expiry date+usance period]

Commission on LC - Usance( Period beyond 3 months but within 6 months) Additional 1.5% p.a. for LC Usance period beyond 3 months but within 6 months including commitment period Minimum of  Rs. 2000/- plus taxes as applicable per issuance [ tenor of beyond 3 months but within 6 months will be assessed based on the Usance period under the LC and accordingly commission will be charged from issuance date of LC uptil the expiry date+usance period]
Commission on LC - Sight Upto 1% p.a. on LC value .Minimum Rs.1500/- plus taxes as applicable per issuance.
LC Text Amendment Charges Rs.750/- plus taxes as applicable per amendment
LC Value & Tenor Amendment Will be charged @ pricing same as LC issuance charges
LC Bill Handling charges Rs.750/- plus taxes as applicable per bill
LC Bill Acceptance charges Rs.750/- plus taxes as applicable per bill
Discrepancy charges Rs.750/- plus taxes as applicable per Bill
Stamp charges Actual
SFMS Charges  Rs.500/- plus taxes as applicable
LC Cancellation charges Rs.1000/- plus taxes as applicable per LC
LC Payment commission 0.75%-- plus taxes as applicable per bill, Minimum of Rs.1000/-
Issuance of Bank Guarantee - Performance Guarantee 1.5% p.a. on Bank Guarantee Amount. Minimum of Rs.1500/-
Issuance of Bank Guarantee - Financial Guarantee  2 .0% p.a on Bank Guarantee Amount. Minimum Rs.2000/-
BG Issuance & Amendment Handling Charges (Courier Charges extra) INR 200 plus taxes as applicable (Courier charges should be separate)
Text Amendment Charges Rs.500/- plus taxes as applicable per amendment
Increase in Tenor or Value Will be charged @ pricing same as BG issuance charges
BG Claim handling charges  Rs.500/- plus taxes as applicable per amendment
BG Cancellation chgs Rs.1000/- plus taxes as applicable per BG
Incremental Interest on Adhoc limits @2% additional levy over existing Rate of Interest
Incremental Interest on Temporary Overdrafts (TOD) 18% p.a. on TOD amount availed for the days, TOD is used
Prepayment Charges 1.) 4% of the Sanctioned amount for working capital facilities
2.) 4% of Loan outstanding for Term Loan

Taxes will be extra                                                                                                                                              

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Charges

Account Features for CC/OD Product code

Interest Rate

 

Market Linked Benchmark (MLB): External Benchmark Rate is arrived based on FBIL 3 Month T Bill Rate. FBIL is an external rate benchmark published by Financial Benchmark India Private Ltd. Rate is published at http://www.fbil.org.in/securities.

Cheque book
Charge Type Charges Applicable
Free Cheque book (PAP cheque book of 25 leafs) 10 cheque book free per month for limit amount equal to or greater than Rs. 2 Cr.
  4 cheque books free per month for limit amount less than Rs. 2 Cr.
Charges beyond free limits Rs. 2 per leaf

 

Collections
Charge Type Charges Applicable
Local Cheque clearing Free
Outstation cheque collection charges at bank/non-bank location Upto ₹ 5000 charge of ₹ 25/-
Above 5000 and upto and including ₹ 10,000 charge of ₹ 50/-
  Above ₹ 10,000 ad upto including ₹ 100000 charge of ₹ 100/-
  Above ₹ 100000 charge of ₹ 150/-
RTGS Inward Free
NEFT Inward Free
IMPS Inward Free

 

Payments
Charge Type Charges Applicable
Demand Draft and Payorder at branch locations Free upto 10 DDs or POs per month
Charges beyond free limits Rs. 50 per DD
Demand Draft at non-branch locations Rs. 100 per DD
PAP Cheque payment Free
RTGS and NEFT Outward Charges at branch (Free online) Free
IMPS Outward Upto Rs. 50,000/- charges of Rs. 5/- per transaction, Rs. 50,001 to Rs. 2, 00,000/- charges of Rs. 15/- per transaction.

 

Cash Charges
Charge Type Charges Applicable
Free Cash Deposit at home location 10% of the sanctioned limit per month
Charges beyond free limits Rs. 3/1000
Cash Deposit at Non-Home location 1% of the sanctioned limit per month
Charges beyond free limits Rs. 4/1000
Cash Withdrawal at home location Free
Cash Withdrawal at Non-Home location Free upto Rs. 50000/- per day by self or third party, beyond which charges of Rs. 4/1000

 

Other Charges
Charge Type Charges Applicable
stop payment single cheque Rs. 100/- per cheque
stop payment series Rs. 150/- for a series of 25 cheques
Outward cheque return charges for financial reasons Rs. 50/- per cheque
Outward cheque return charges for technical reasons NIL
Inward cheque return charges for financial reasons Upto 2 cheques Rs. 350/- per cheque, 3-5 cheques Rs. 500, 6th cheque onwards Rs. 750 per cheque
Inward cheque return charges for technical reasons NIL
Standing instructions set up Free
Standing Instructions failure (return) Rs. 200/- per return
ECS/NACH Return due to financial reasons Rs. 500/- per return
SMS Alerts Rs. 25 per Quarter

 

Certificate and Report issuance 
Charge Type Charges Applicable
Balance Certificate at Branch (Online Free) Rs. 250/- per instance
Previous Year balance and interest statement 1 free per annum, more than 1 Rs. 300/- per statement
Signature verification certificate/Photo Attestion/Address Confirmation Rs. 50/- per instance
Stock Statement non-submission charges Rs. 750/- per month/Quarter
Duplicate TDS certificate Rs. 100/-
Duplicate account statement Print (Free Online or on email) Rs. 200/-
DD/PO revalidation/cancellation Rs. 100/-

 

Doorstep Banking*  
Charge Type Charges Applicable
Cheque pickup Oncall per instance Free one pickup per day (More than once a day Rs. 50/- per call) for limit amount equal to or greater than 2 Cr.
 
  For limit amount < 2 Cr. Rs. 50 per call.
Cheque Pickup beat (per month) Rs. 450/-
Cash pickup Beat (charges per month)
Upto Rs. 200000 Rs.2200/-
Rs. 200000 to Rs. 500000 Rs. 3200/-
Rs. 500000 to Rs. 1000000 Rs. 8000/-
Rs. 1000000 to Rs. 2000000 Rs. 12000/-
Rs. 2000000 above Contact Branch
Cash pickup On call (charges per instance)
Upto Rs. 200000 Rs. 150/-
Rs. 200000 to Rs. 500000 Rs. 300/-
Rs. 500000 to Rs. 1000000 Rs. 500/-
Rs. 1000000 to Rs. 2000000 Rs. 800/-
Rs. 2000000 above Contact Branch
* Available on request at select locations only
Taxes as applicable will be additional

 

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Know your
Application Status 

Notification of Sanction/Rejection will be communicated to you , within two weeks in case your application is for a credit limit or enhancement in existing credit limit up to Rs. 5 lakhs ; within 3 weeks in case your application is for a credit limit or enhancement in existing credit limit above 5 lakhs and upto 25 lakhs; and within 6 weeks in case your application is for a credit limit or enhancement in existing credit limit above 25 lakhs from the date of receipt, provided your application is complete in all respects and is accompanied by documents as per `check list’ provided.