Preapproved Business Loans (PABL) - Business

Features

• Target Group: Current Account customers with Constitution type as individual, Sole Proprietor, Partnership Concerns and classified as Micro/ Small as per definition of MSME
• Facilities Available : Dropline OD.
• Quantum of loan : >₹0.50 lakh to ₹20 Lakhs.
• Pricing : Competitive Pricing Linked to EBR (Linked to Repo Rate and Currently EBR is Repo Rate + 2.65%)
• Repayment Period: Fixed 48 months
• Processing Fee/ Upfront Fee: 0.30% of the sanctioned limit + GST.
• Other Charges : As per Bank Guidelines which will be appraised to the borrower before sanction of loans
• Collateral Security : nil.
• Special Feature
  • Simplified journey with minimal Manual Intervention
  • Pre-Approved/ Pre-Qualified Loans for faster processing
  • Collateral Free loan upto Rs. 20 Lakhs
  • Simplified Documentation formalities
• Eligibility :
  • Age of the borrower: Age of Promoter should be maximum 70 years.