MSME LOAN
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
Account Features for CC/OD Product code
- Interest Rate
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Competitive rates linked to External Benchmark (Rate is arrived based on Repo Rate) published by Reserve Bank of India
- Cheque book
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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
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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
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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
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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
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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
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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*
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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
Apply nowNotification 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.
