loans to business correspondents

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loans to business correspondents
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Purpose

To meet all kinds of Credit requirements relating to business (General purpose)

Features

  • Nature of Facility : Overdraft (OD) / Demand Loan (DL) / Term Loan (TL)
  • Target Group : Kiosk operators / Customer Service Providers (CSPs) engaged by Business Correspondents of the Bank (one person per outlet)
  • Quantum of loan (Min/Max)
    • Min: Rs.25000/-
    • Max: Rs.2.50 lacs
    • (Amount Limit to be fixed at 6 times of the average commission earned during the last 12 months or max. of Rs. 2.50 lacs, whichever is lower.)
  • Margin (%) : Nil
  • Pricing :One Year MCLR + 2.75%
  • Collateral Security :Nil. To be covered under Credit Guarantee Fund for Micro Units (CGFMU)
  • Repayment Period
    • Overdraft: 12 months and to be reviewed every year
    • Demand Loan: Maximum 36 EMIs with 1 month moratorium
    • Term Loan: Maximum 60 EMIs with 1 month moratorium
  • Processing Fee
    • Loans upto Rs. 50,000/-: Nil
    • Loans > Rs. 50,000/-: 0.50%

Eligibility Criteria

  • Kiosk operators / CSPs between the age of 18-60 years who themselves have valid agreement BCs of the Banks for the purpose of providing Banking Services under Financial Inclusion and should be residing in his / her area of operations for more than 3 years. Further, the BC/CSP should be attached with Bank for at least 01 year.

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Interest Rates

6.90%* p.a.

w.e.f. 19.10.2020

*T&C Apply.

 

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