- The borrower/ unit shall be any legal entity, conforming to MSME classification guidelines.
- For individuals the age of the applicant + Loan period should be within 70 years and Credit Bureau score of 675 and above.
- For Non individuals, the CRIF score shall be 700 and above.
- The MSMEs shall be a profit making unit for the last 2 financial years and also regularly filing the GST returns for the last 2 financial years.
- Existing credit facilities of the borrower with us/with other Banks, if any, should not be in the NPA/ Stress category.
- If applicant’s earlier accounts turned as NPA/closed under OTS, such applicant’s application will not be entertained.
- PS Overdraft : 12 months.
- PS DPN : Up to 35 months.
- Mortgage of immovable properties shall be 100% of exposure
Bank owns Deposits, NSCs, Life Insurance policies of IRDA authorized company with surrender value.
- PSOD - On demand as per OD guidelines.
- PSDPN - Equal Monthly installments.
- As per EBLR Guidelines.
- Upfront charges will be collected (wherever applicable) towards legal, valuation, BIR etc.
The above information is subject to terms and conditions.For more details, please contact the nearest Branch
Purpose:
- Purpose of the loan is to extend fund based loan for business improvement activities like advertisement, office furnishing, repair to equipment's & fixed assets etc.
Limit of Advance:
- Above Rs.10 lakh, up to Rs.50 lakh.
Frequently Asked Questions (FAQs) for KBL Business Quick Loan
What is KBL Business Quick Loan?
For providing fund based financial assistance to MSME based on the average sales/revenues of last two years, supported by GST returns filed by the applicant.
What is the maximum loan amount I get from this scheme?
Above Rs.10.00 and up to Rs.50.00 Lakh.
What is the period of Loan under this Scheme?
For overdraft facility, it is 12 months and for DPN it is 35 months.
What securities I have to furnish for availing the loan?
- Mortgage of immovable properties shall be 100% of the exposure.
- It may also include, Bank own deposits, NSC’s and Life insurance policies of IRDA authorised Insurance Companies with surrender value.
What are the fees charged by the Bank?
Bank generally charges upfront fees and processing charges. Upfront fees is for legal/valuation/background information charges.
Is takeover is permitted to this scheme?
Yes, subject to take over norms of Bank.
Is any additional interest concession is offered in this scheme?
Yes. Additional interest concession is offered for women entrepreneurs, MSMEs having Zero Defect Zero Effect (ZED) Certification and also for security coverage above 125%.
If am not registered to GST portal and not filed a return for last two years. Am I eligible for applying the loan?
NO.
