Bandhan Bank – Small Enterprise Loan
Bandhan Bank – Small Enterprise Loan
Bandhan Bank initiated a new venture called ‘Small Enterprise Loan’ to assist small-scale entrepreneurs. Under the scheme, the bank offers working capital and term loan for Small Enterprises engaged in the manufacturing and service sectors. In this article, we look at the Small Enterprise Loans from Bandhan Bank in detail.
To know about the MSME Loan Restructuring 2019
Bandhan Bank Business Loan Details
The below following are the details of Interests, charges, fees and Commissions:
|
S.No. |
Type |
Loan Details |
| 1. | Interest Rate | The interest rates for loans up to INR 2 Lakhs will remain at 18% per annum and for the loans exceeding INR 3 Lakhs will remain at 16% per annum. |
| 2. | Loan Amount offered | The loan amount provided under Small Enterprise loan by Bandhan Bank ranges between INR 1 Lakh and 10 Lakhs based on the performance of the firm. |
| 3. | Loan Tenure |
The repayment period is stated to be 3 years, including the moratorium period of maximum one month. While for loans acquired towards supporting the working capital of the firm, the repayment period is fixed based on entrepreneur’s or the business owner’s demand. |
| 4. | Processing Fee | The processing fee to avail loans under this scheme accounts to 2% of the complete loan amount and is inclusive of the applicable taxes. |
Purpose of the Loan
The Small Enterprise Loan is a drop-line overdraft facility offered to the business units engaged in manufacturing or service activities. This business loan can be taken to build fixed assets and current assets of the business.
Eligibility Criteria
The following are the eligibility criteria for availing Small Enterprise Loan from the Bandhan Bank:
- Small Enterprise Loans are availed only for self-employed professionals or self-employed non-professionals who require business loans ranging between INR 1 Lakh to INR 10 Lakhs.
- Minimum age of the beneficiary should be strictly above 23, and the maximum age during the period of loan maturity should not be beyond 60 years.
Documents Required
The following are the documents which are necessary for processing your loan:
For Small Enterprise Loans up to INR 5 Lakhs:
- Loan Application
- Identity Proof: PAN Card, Driving License, Aadhar Card, Voter ID Card, Proprietor, partner of Director (if a company), etc.
- Address Proof: Legal Passport, Utility bill, Property tax bill, etc.
- Stock Statement (In case the Loan is availed towards Working Capital)
- Trade License, if available
For Small Enterprise Loans above INR 5 Lakhs:
- Identity Proof: PAN Card, Driving License, Aadhar Card, Voter ID Card, Proprietor, partner of Director (if a company), etc.
- Address Proof: Legal Passport, Utility bill, Property tax bill, etc.
- Legal Trade License/Shop & Establishment Certificate or any other Government Registration Certificate.
- ITR (Income Tax Returns) including Balance Sheet and Profit and Loss Statement and Estimated Current Year (C.Y.) Self-Declared financial statement.
Application Procedure
Kindly follow the below procedure while applying online for the Bandhan Bank Small Enterprise Loan:
Step 1: Approach the nearest Bandhan Bank branch in your locality for applying for a business loan.
Step 2: Then, the applicant has to get the Small Enterprise Loan form from the bank office and have to fill out the business loan application form in a prescribed format.
Step 3: Submit the loan application form in the prescribed format to the concerned bank official along with all the supporting certificates mentioned above.
Step 4: After completing, the bank official will process the request further.
Step 5: After completion of the post-sanction formalities the fund offered is transferred to the beneficiary at the earliest (within the working hours of the bank).
