National Helpline No1800 425 00 000

IB MSME Jewel Loan

Apply For Loan

Parameter

Norms

Name of the Product

IB MSME Jewel Loan

1. Target Group

All MSMEs involved in Manufacturing / Service / Trading activities as per extant definition of Government of India.

2. Purpose

To meet Working Capital requirements, Purchase of Assets meant for business, Repayment of debt taken from Non-Institutional lenders for business purpose

3. Nature of facility

Term loan only

4. Eligibility

Existing and New Customers.

5. Quantum of Limit

Minimum Loan Amount: No Limits , Maximum : Rs 35 lakhs

6. Assessment

Limits should be assessed based on Business requirement of the applicant, subject to loan to value of jewels (as per the existing guidelines for loan against Gold Ornaments and Jewellery)

7. Margin

30%. Branch to ensure that LTV 70% is maintained.

8. Repayment Period

For Limits up to 10 lakhs

Maximum Tenor: 12 months

Repayable at the end of 12^th month along with interest accrued- bullet payment

For limits above 10 lakhs

Maximum Tenor upto 35 months Repayable in EMIs commencing from the subsequent month of disbursement of loan.

9. Security

Primary Security: Pledge of Jewels.

10. Rate of Interest

Starting from 8.65%*

11. Sanctioning Authority

As per Discretionary Power Booklet

12. Processing charges & other

Charges

Upto Rs. 100000/- : NIL

Above Rs. 100000/- : Rs 100 per lakh or part thereof (0.10% of the limit).

13. Take Over

Not Permitted

14. Appraiser Fee

· Branches in Metro and Class I cities: @ Rs.5 per Thousand subject to a maximum of Rs.500/- per Borrower in a day.

· Branches located in other centres: @ Rs.3 per Thousand subject to a maximum of Rs.300/- per Borrower in a day.

15. Documents to be obtained

· Declaration up to Rs. 3 lakhs with details of Business, line of activity.

· Above Rs 3.00 lakhs : GST registration copy / Udhyam registration / Shop establishment license / any documentary proof of Business to be obtained.

16. Others

· For Short Term Loans with tenor up to 12 months, interest will be charged to the account on monthly rests and will be recognized on accrual basis, provided the account is classified as “Standard” account.

· For Short Term Loans with tenor above 12 months up to 35 months, interest will be charged to the account at monthly rests and repayable in equated monthly installments

· Applicable Loan to Value (LTV) of the jewels pledged to be maintained throughout the tenor of the loan.

· All other conditions applicable for loan against gold ornaments and jewellery.

Apply For Loan EMI Calculator

( Last modified on May 06, 2024 at 02:05:39 PM )