- Key Features of Vaishya Global Business Loan (Micro Finance):
- Latest KYC of Applicant Mandatory
- Family Unit Income should not exceed Rs.3,00,000/- per annum.
- It is a collateral free loan
- End use of loan not mandatory
- Tenure of loan up to 60 months (as per borrowers need)
- Income Proof / Self-Declaration to be obtained
- Business Proof (Udyam Registration) to be obtained
- No pre – payment charges to be levied for loan closure
- Key Fact Statement along with Repayment schedule at the time of disbursement will be given.
Eligibility:
- Applicant must be a member/account holder of the bank.
- Satisfactory income proof and repayment capacity.
- Guarantor(s) as per bank’s policy.
PRICING OF LOAN & LIMIT:
Loan limit up to Rs.1,00,000/-
Rate of Interest – @17.00% p.a.
Repayment period – up to 60 months (As per borrower requirement)
Processing fees – Nil
Penal Charges – 2% on Overdue Amount as per Bank’s Policy
Share linkage – 5% on Sanctioned Loan Amt.
Surety – One Surety
Target Customers:
- The scheme may be offered to following individuals:
- Small business owners
- Micro-entrepreneurs
- Self-employed individuals
- Traders and shopkeepers
- Service providers
- Small manufacturers and artisans
- Individuals engaged in livelihood-generating activities
- Other eligible low-income households undertaking viable business activities
FOR SELF –EMPLOYED APPLICANTS / GUARANTOR:
1) Two passport size photos
2) Proof of Identity – PAN / AADHAR / PASSPORT
3) Proof of Residence – PASSPORT / AADHAR / DRIVING LICENSE / UTILITI BILLS such as Telephone Bill, Electricity Bill, Water Bill, Piped Gas Bill, Property tax receipt.
4) Business Proof – Udyam Registration
INCOME PROOF - APPLICANT / GUARANTOR:
Income Declaration from Applicant / Guarantor
OR
Last 3 Years IT Returns along with computation of income (if available)
OR
Last 3 months Salary Slip / Salary certificate (for Guarantor)
ACCOUNT STATEMENT:
- Last 6 months Bank Account Statements for all bank accounts held by the Applicant / Guarantor
- Application from applicant for purpose of loan (e.g. Business Expansion / Purchase of Stock, etc.)
