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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

 

Charge Description Particulars
Proposal Login Fee(Non refundable) Rs. 5000 Non refundable
Processing Fee Upto 2% of the facility amount
Renewal/Review Fees for Existing cases Upto 2% of the facility amount
Commitment Charges in case quarterly average utilisation in CCOD account is < 60% 0.5% pa on the difference between the actual utilisation and average utilisation of 60% for the quarter 
Take Over/ Pre-closure Charges (full pre-closure) 
 
  • Working capital -4% of the Sanctioned amount 
  • Term Loan - 4% of principal outstanding
Term Loan part pre-closure 4% on the Term loan principal amount Pre paid
Non-Submission of property/stock insurance 2% pa over and above the existing interest rate charged on facility utilisation till conditions are complied 
Late payment penalty (Term Loan) 24% pa on overdue instalment due but not paid till overdue amount 
is regularised
Incremental Interest on Adhoc limits 2% pa over and above the existing interest Rate on Adhoc limit utilisation till Adhoc is repaid
Incremental Interest on Temporary Overdrafts (TOD) Minimum 2% p.a. over and above the existing Interest rate till TOD is regularised
 
Conversion Charges (For switching loan from Fixed to Floating rates or Vice Versa)
  • Term Loan – one time charge of 0.25%  on loan principal outstanding or Rs 5000/-  whichever is higher 
  • Working capital –one time charge of 0.25% on sanction amount or Rs 5000/-whichever is higher
Working capital - Penal Interest for non-submission of Stock Statement / covenant not complied /Renewal docs not submitted / Property or stock insurance not submitted 2% pa over and above the existing interest rate charged on facility utilisation till conditions are complied
Term loan – Penal interest for Non-Submission of property insurance / covenant not complied 2% pa over and above the existing interest rate on Term loan principal outstanding till conditions are complied
Commission on LC - Usance
  • Upto 1.5% Pa on Usance LC for first 3 months - Minimum of Rs. 2000/-
  • Additional 1.5% for LC Usance period beyond 3 months but within 6 months - Minimum of Rs. 2000/-
Commission on LC - Sight Upto 1% p.a. on LC value .Minimum Rs.1500/- per issuance.
LC Text Amendment Charges Rs.750/- per amendment
LC Value & Tenor Amendment Will be charged as LC issuance charges plus amendment charges as above
LC Bill Handling charges Rs.750/- per bill
LC Bill Acceptance charges Rs.750/- per bill
Discrepancy charges Rs.750/- per Bill
Stamp charges Actual
SFMS Charges  Actual
LC Cancellation charges Rs.1000/- per LC
LC Payment commission 0.75% per bill
LC Devolvement 
  • 20% up to 90 days
  • 24% Above 90 days 
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 (Courier charges should be separate)
Text Amendment Charges Rs.500/- per amendment
Increase in Tenor or Value Will be charged as BG issuance charges
BG Claim handling charges  Rs.500/- per claim
BG Cancellation charges Rs.1000/- per BG
ROC Filing charges Rs. 3000/- per filing on availing bank empaneled vendor services.
Issuance of Solvency Certificate  0.5% of solvency certificate value (Min of Rs 1000 and max of Rs 10000)
BG Invocation 20% up to 90 days
24% Above 90 days
CERSAI Charges (Stock/Receivables/ Plant & Machinery and Collateral Security) 
 
Rs. 100/- per security
 
Stock and Receivables Audit –External Rs. 10000/- for Metro Locations 
Rs. 6000/- Other Regions 
 

*Taxes as applicable will be additional and subject to change from time to time

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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.
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 Free
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 day
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 Free
Charges beyond free limits Rs. 20 per txn

 

Cash Charges
Charge Type Charges Applicable
Cash Deposit Charges (Home Branch) Rs. 3/1000
Cash Deposit Charges (Non Home Branch)
Rs. 4/1000
Cash Withdrawal at home location Free
Cash Withdrawal at Non-Home location Free upto Rs. 100000/- per day by self or third party, beyond which charges of Rs. 4/1000
   
   
Other Charges
Charge Type Charges Applicable
Debit card Not issued for this product
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. 200/- per return
SMS Alerts Rs. 15 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)
Cheque Pickup beat (per month) Free once a day (More than once a day Rs. 50 per call)
   
Cash pickup Beat (charges per month)
Upto Rs. 200000 Free twice a week (Beyond which charges as per oncall applicable )
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.