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Indian Bank

IND SME Secure

Bank Indian Bank
Scheme IND SME Secure

 

Description This loan helps businesses in the Small and Micro Enterprises (SME) sector meet their capital expenditure and working capital requirements. Proprietorships, partnerships and limited companies in the manufacturing and services sector that fit SME definition are eligible for this loan.
Eligibility  
Rate of Interest & Repayment Interest

  • The interest rate for this loan is defined as the sum of one-year MCLR of the bank and Credit Risk Spread. As of now, the MCLR of Indian Bank is 7.30% and the Credit Risk Spread, as the name suggests, depends on the credit risk rating of the borrower. It can range from 1.10% to 5.60%, making the effective interest rate range anywhere from 8.40% to 12.90%

Repayment

  • These loans need to be repaid within 10 years
  • The moratorium period for this loan is not mentioned on the bank’s website. Please get in touch with the bank to know more

 

Collateral
  • Working Capital Loan: The bank asks for hypothecation of stocks and book debts
  • Term Loan: The bank also asks the borrower for equitable mortgage of land and/or building as collateral

 

Composite /loan Limit
  • The minimum loan amount sanctioned under this loan is Rs. 10 lakh. The maximum loan amount sanctioned under this loan is not capped by the bank and depends on the needs of the borrower. The actual loan amount sanctioned is decided based on the repayment capacity of the borrower

 

Margin The bank charges anywhere from 25% to 30% of total cost as margin money
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Indian Bank

IB Doctor Plus

Bank Indian Bank
Scheme IB Doctor Plus
Description To finance qualified medical practitioners for buying equipment, setting up clinic or clinic-cum-residence or nursing homes, setting up X-ray lab, pathological clinics, polyclinics. Setting up Drug/Medical stores, purchase of vehicles, ambulance, computers, expansion/renovation/modernisation of existing premises.
Eligibility Individuals/ Partnership/ Ltd.Co./ Trust. Promoters should have minimum MBBS/ BAMS/ BDS/ BHMS & registered practicioners. Key promoters or their spouse should be qualified doctors.
Rate of Interest & Repayment Interest: WC- BPLR-1.25 TL (equip)-BPLR+TP-1.75 TL (bldg) – BPLR+TP-0.75

Repayment Period:

Maximum period up to 10 years.

Collateral
  • Loans upto Rs 2 lakhs – hypothecation of charge over asset created.
  • Loans above Rs 2 lakhs – hypothecation of assets and LIC policy or other collaterals.

 

Composite /loan Limit Minimum Rs.1.00 lakh and Maximum Rs.50.00 lakhs.
Margin Margin of Loan:

Urban :

  • Upto Rs.5 lakhs-10%.
  • Above Rs.5 lakhs-20%.
Semi Urban / Rural :

  • Upto Rs.5 lakhs- 15%.
  • Above Rs.5 lakhs-15%.

 

 

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Indian Bank

IB My Own Shop

Bank Indian Bank
Scheme IB My Own Shop
Description This loan helps businesses in the Small and Micro Enterprises (SME) sector meet their capital expenditure requirements. Proprietorships, partnerships and limited companies in the SME definition are eligible for this loan.
Eligibility  
Rate of Interest & Repayment Interest

  • The interest rate for this loan is defined as the sum of one-year MCLR of the bank and Credit Risk Spread. As of now, the MCLR of Indian Bank is 7.30% and the Credit Risk Spread, as the name suggests, depends on the credit risk rating of the borrower. It can range from 1.90% to 6.10%, making the effective interest rate range anywhere from 9.20% to 13.40%

Repayment

  • These loans need to be repaid within 10 years including the moratorium period of up to 12 months
Collateral
  • The bank asks equitable mortgage on property acquired or created under the loan as prime security
  • The bank also asks for personal guarantee of partners or individuals

 

Composite /loan Limit
  • The maximum loan amount sanctioned under this loan is Rs. 50 lakh

 

Margin
  • The bank charges 25% of the total cost as margin money for this loan

 

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