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IND GST ADVANTAGE

Apply For Loan

Our Bank has initiated “Project Wave” with an objective to digitize the way of doing business by the Bank. As a part of digital initiative our Bank has launched “IND GST ADVANTAGE”, a digital product offering Instant MSME Loan to existing customers having GST registration through end to end digital processing.

Customers can apply for loan and entire processing, assessment, documentation, sanction and disbursement will be done through digital journey. Customers can avail the facility through any of the following channels:

Ø Mobile Banking

Ø Internet Banking

Ø Indian Bank Website

The special benefits of IND GST Advantage:

Ø No Physical application.

Ø No customer visit to Branch

Ø No KYC verification as only KYC compliant customers are selected

Ø No manual appraisal and sanction by Branch

Ø No manual documentation,  prefilled documents are generated

Ø No manual account opening and disbursement

Ø Instant sanction & disbursement

PRE-REQUISTE DOCUMENTS:

The applicant to have the following details before applying for loan.

Ø PAN

Ø Udyam Registration Certificate (URC linked mobile number should be same as in CBS)

Ø GSTIN & GST site User ID

Ø Active Mobile number which is linked to the SB/CA account, Udyam Registration Certificate (URC).

Ø OTP will be triggered to the registered mobile number/email ID registered with respective site.

Scheme Guidelines:

Particulars	Guidelines
Target Group	All Micro, Small (both manufacturing and service) Enterprises as per extant definition of Government of India. Applicant – Individual / Proprietorship concern. (Existing Customer to our Bank)
Eligibility	· The customer account must be KYC complied. · GST and Udyam Registration Certificate is mandatory. · GST returns should have been filed at least for the past two years. · Account should not have been restructured except for Covid restructuring reason · Existing accounts/CIF should not have been classified as NPA · CIF and PAN Based NPA to be checked with our Bank account. · Customer enjoying WC limit with other Bank/s to close the existing WC limit in other Banks to avail the facility. · Entry level age of the individual applicant / Proprietor Minimum- 18 Years Maximum- 70 Years
Purpose	To meet Working capital requirements.
Nature of facility	Open Cash Credit (OCC )
Quantum of Limit	Minimum Loan Amount: Rs.5.00 lakhs Maximum Loan Amount : Rs.25.00 lakhs
Margin	NIL
CIBIL Score	Commercial CIBIL rank – CMR 1- 4 and if CMR is not available, minimum promoters Consumer CIBIL Score is 750 and above with DPD not more than 60 days in past 12 months.
Assessment of Loan	Assessment Method: Turnover method Sales declared in GST return during the past twelve months should be considered as Turnover for assessing the limit. Assessment of Limit : Sales declared in GST return during the Past 12 months : A Eligible Limit : 25% of A Max : Rs. 25.00 lakhs If the applicant is already enjoying WC Limit with our Bank, existing limit to be absorbed in this limit. Total Limit including existing limits should not exceed the maximum eligible limit Rs.25 lakhs. The excess over the existing limit will be a separate limit under this scheme.
Security	Primary Security: Hypothecation of Stock and Book debts – based on the declaration submitted by the borrower before availing the limit. Guarantee Coverage: CGTMSE coverage is Mandatory. Guarantee fee is to be borne by the borrower.
Rate of Interest	Repo rate + 5.35% (Whenever there is a change in Repo Rate, Rate of Interest will change accordingly)
Processing & other charges	Processing Charges: 0.20 % of loan amount + GST @ 18%. Documentation Charges: For Loan amount up Rs.10 lakhs: NIL for Loan amount above Rs.10 lakhs: Rs.250.00 per lakhs or part thereof subject to a maximum of Rs.6250/- + GST @ 18%. Inspection Charges: 0.075% of the loan amount with a minimum of Rs.250.00 p.a. + GST @ 18% (To be recovered quarterly as per existing procedure) Other Charges to be borne by borrower separately post sanction: 1. The CIC Charges of Rs.30 + GST @ 18%. 2. The NESL E-signing and E-stamping charges actual incurred along with GST to be recovered as applicable to NESL State. The charges are subject to revision as per Bank’s extant guidelines.
Pre-Payment / Foreclosure	· The loan may be pre-paid / foreclosed at any point of time. · No prepayment/foreclosure charges.
Others	· Post Sanction unit visit to be conducted and recorded as per extant guidelines within T+5 days of sanction. · Quarterly unit visit to be conducted and recorded as per extant guidelines. Stock should be adequately insured with Bank Clause – Premium to be borne by the borrower. · Drawing Power for OCC limit must be fixed once in a quarter based on the GST sales. · Calculation of Drawing Power: Sales declared in GST return during the past 12 months : A Eligible DP (B) : 25% of A Sanctioned Limit : C Drawing Power : B or C whichever is less

FREQUENTLY ASKED QUESTIONS (FAQs) for Applicant – GST Advantage Loan

How can I apply for GST Advantage Loan?

The applicant can apply for GST Advantage Loan through any of the following mode :

a) Indian Bank Website à Products à Online Loans à Apply for GST Advantage Loan
b) IndOASIS Mobile App à Apply Loan Tab à Apply for GST Advantage Loan
c) Internet Banking à Apply Loan Tab à Apply for GST Advantage Loan
Do I need to have any account in Indian Bank for applying GST Advantage Loan?

Ø Yes, an applicant should be an existing customer of Indian Bank to apply for this loan.

What are the details required for applying for GST Advantage Loan?

Ø PAN Number

o Kindly ensure to register the PAN Number with CIF in Bank Records

Ø UDYAM Registration Number

o The mobile number registered with URC should be same as mobile number in Bank CBS records. o If URC is not available, the applicant can generate URC in the link provided instantly at free of cost https://udyamregistration.gov.in/UdyamRegistration.aspx Ø GST User Name