Loans under Contactless Lending Platform - Business
CLP Mudra (For loans of ₹1.00 lakh to ₹10.00 lakh sourced through CLP)
Objective/ Purpose
Working Capital needs & Acquisition of fixed assets
Features
- Target Group
- Facilities Available : Cash Credit and Term Loan
- Quantum of Loan : Rs.1.00 lakh to Rs.10.00 lakh
- Pricing :Competitive Pricing Linked to EBR (Linked to Repo Rate and Currently EBR is Repo Rate + 2.65%)
- Borrower’s Margin / Contribution :
- Margin: 10%
- Repayment Period :
- Cash Credit : On Demand. To be renewed every year.
- Term Loan : Rs.1 lakh to Rs.5 lakh: Maximum 5 years including maximum moratorium period of up to 6 months
- Rs.5 lakh to Rs.10 lakh: Maximum 7 years including maximum moratorium period of up to 12 months.
- Processing Fee/ Upfront Fee :
- Upto Rs.5.00 lakh: Nil
- Above Rs.5.00 lakh: 0.50% plus applicable GST
- Other Charges : As per Bank Guidelines which will be appraised to the borrower before sanction of loans
- Primary Security :
- Cash Credit: Hypothecation of all Stocks and Receivables
- Term Loan: Hypothecation of Plant and machinery / other assets or Mortgage of Land / Property, created out of Bank finance.
- Collateral Security :
- All Mudra loans to be covered under the guarantee cover of Credit Guarantee Fund for Micro Units (CGFMU).
- Premium amount to be borne by the borrower
- Special Feature :
- Customer with GST will follow current process for the generation of in-principle approval i.e. CLP portal will verify data from GSTN portal, xml data uploaded for Income Tax and 1 Year account statement upload
Last Updated On : Thursday, 08-02-2024
Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above
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Criteria
- Features
- Eligibility
- Terms and Conditions
Interest Rates
2.70% p.a.
less than Rs.10 Cr. w.e.f 15.10.22
3.00% p.a.
Rs.10 Cr. and above w.e.f 15.10.22
2.70% p.a.
Balance below Rs. 10 crs
3.00% p.a.
Balance Rs. 10 crores and above