KVB MSME Easy Loan
KVB MSME Easy Loan
Karur Vysya Bank MSME Easy Loan is aimed at providing a complete solution for the Micro and Small Manufacturing units whose turnover is less than Rs. 100 Lakhs in the previous year. The bank offers working capital and term loan for Small and Medium Enterprises engaged in the manufacturing and service sectors. In this article, we look at the KVB MSME Easy Loan in detail.
The below requirements are needed to apply for the MSME Easy Loan:
- All existing Micro & Small manufacturing and service units (other than traders) whose turnover is less than Rs. 100 Lakhs in the previous financial year (with a minimum one year of existence).
- The Manufacturing enterprises can have the following loans such as OCC, SOD-RE, LC, BG or HPL (M).
- The Services sector enterprises can have SOD-RE or HPL(M). The OCC should not be sanctioned for the Services sector units.
The below table provides the maximum limits for respective loans:
Note: All the three put together must not exceed Rs. 50 Lakhs.
MSME Easy Loan Details
The following are the details of Interests, charges, fees and Commissions:
|1.||Interest Rate||The Rate of Interest is based on various factors such as Credit Score, Coverage score, etc. To know the Rate of Interest, the applicant can contact the nearest KVB Branch.|
|2.||Loan Amount offered||As per assessment and bank’s internal exposure policy|
- Waiver of charges for loans up to Rs. 5 Lakhs as per RBI norms.
- All other cases – 75% of applicable charges, i.e., 25% concession.
Online Application Procedure
To apply for the Karur Vysya Bank MSME Easy Loan follow the below procedure:
Step 1: The applicant has to visit the official portal using this link.
Step 2: The applicant must fill out the MSME Easy Loan application form with all the required details and attach the specified documents as required.
Step 3: After completing the application form, click on the submit button. Upon submission, the applicant will receive an acknowledgement for further reference.
In case of visiting the bank branch, the applicant will have to get the MSME Easy Loan from the concerned official and have to attach all the documents with the form. After completing, the verification process will be done by the bank official as they will process the request further.