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IND MSME DIGI

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IND MSME DIGI

(New Credit Assessment Model based digital journey)

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Our Bank has now launched a new credit assessment model based digital journey – “IND MSME DIGI”. This New credit assessment model leverages the digitally fetched and verifiable data available in the ecosystem and provides automated journey for MSME loan appraisal using objective decisioning for all loan applications and model-based limit assessment for both Existing to Bank (ETB) as well as New to Bank (NTB) MSME borrowers.

Salient Features of the scheme:

MSME credit requirements up to Rs.25.00 lakhs.
Digital footprints of customer are leveraged by using various APIs of PAN, GST, URC, ITR, Account statement, CIC.
PAN authentication with NSDL
Mobile and Email verification with OTP
ITR and Bank Statement Analysis (BSA).
Automated working capital limit assessment.
Credit decision based on objective data / Transactional behavior and credit history.

Benefits to MSMEs:

Submission of application from anywhere through online mode
Reduced paperwork and Branch visit by customer
Instant in-principle sanction through digital mode
Seamless processing of credit proposals
Reduced turnaround time (TAT)

Pre Requisite Documents:

PAN
Udyam Registration Certificate Number (URC) and Mobile Number linked to URC
GSTIN, GST Username and Mobile Number linked to GSTIN
Income Tax Filing Return downloaded from Income tax site.
Bank Account statement in PDF form for last 12 months
Basic details of Promoters/guarantors information, Business information and Loan requirements and Security information for the proposed loan.
Proprietor/Partner Details – Basic information such as Address, PAN, Date of Birth, etc.

Customers can apply for MSME loan online by visiting our Bank’s website/Mobile Banking / Internet Banking channels.

Product Features – IND MSME DIGI

Particulars

Guidelines

Target Group

MSMEs with valid Udyam Registration Certificate.

Eligibility

All Brown field units with minimum business vintage of 12 months.
New to Credit (NTC), Existing to Credit (ETC), New to Bank (NTB) and Existing to Bank (ETB) customers.
Individuals, Proprietorship firm, Partnership firm, LLP, Private limited Companies.
PAN, Active GSTIN, ITR and Bank Statement for 12 months mandatory.
CMR of 1 to 6 or equivalent CIC score and NA.
Promoter/ Partner have CIBIL score of 730 & above or equivalent other CIC score.
Net worth of the unit should be positive.
Compliance to Bench Mark norms applicable for Working Capital.

Purpose

Fresh Working Capital Requirements (OCC)

Nature of facility

Fund Based Limits.

Quantum of Limit

Minimum Loan Amount: Above Rs.10.00 Lakhs
Maximum Loan amount: Rs.25.00 Lakhs.

Margin

20 % on Stock & Book debts.

Assessment of Loan

Through inbuilt Business Rule Engine (BRE) based on New Credit Assessment Model

Repayment Terms

Principle – On Demand. Interest to be serviced as and when debited.

Security

Primary Security: Hypothecation of Stocks and Book Debts

Collateral Security:

Micro/Small enterprises:
Nil collateral, if covered under CGTMSE. Guarantee Fee to be borne by borrower.
In case, the borrower is not willing to cover under CGTMSE, minimum 100% of loan amount to be secured by way of immovable property/liquid security
Coverage under Hybrid model is also permitted as per extant CGTMSE guidelines

Medium Enterprise: Collateral requirement shall be based on IND rating as under:

IND rating	Minimum collateral / EM needed (Non CGTMSE)
IND 1-3	25% of the loan amount
IND 4-6	35% of the loan amount
IND 7 & above	75% of the loan amount