loans to business correspondents - Business

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%