| Q. |
Who is eligible for BIL? |
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|
Sole Proprietors / Proprietorship firms |
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Partnership Firms |
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Pvt. Ltd. Companies (including closely held limited companies) |
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Professionals – Doctors, Architects, Chartered Accountants,
Business Consultants |
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|
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|
| Q. |
What is the minimum and maximum annual turnover eligibility? |
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|
Minimum
turnover – INR 45 lakhs |
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Maximum
turnover – INR 30 crores |
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|
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|
| Q. |
What is the minimum and maximum loan amount offered? |
| |
You can get an unsecured Business Instalment loan ranging from
INR 5 lakhs to INR 30 lakhs depending on the financial
eligibility conditions being met. |
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|
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|
| Q. |
What is the minimum and maximum tenure of the loan? |
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The loan tenure ranges from 15 months to 48 months. |
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|
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|
| Q. |
What is the security/ collateral that I need to provide? |
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BIL is an unsecured loan product. Hence, no security is
required. |
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|
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|
| Q. |
What is the interest rate charged on BIL? |
| |
We offer attractive interest rates on the facility depending on
loan amount, credit assessment and other parameters. Specific
details would be provided by the sales officer. |
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|
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|
| Q. |
What are the basic documents required for applying for the
facility? |
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The loan tenure ranges from 15 months to 48 months. |
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|
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|
| Q. |
What is the minimum and maximum tenure of the loan? |
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|
Bank statements for last 6 months |
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|
2 year financials including Profit & Loss (P&L) Statement , Balance sheet and Income Tax returns. |
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Documents related to establishment of entity , identity and address proof documents. |
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Specific details would be provided by the sales person. |
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|
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|
| Q. |
What are the pre-closure charges on BIL? |
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Pre-closure charges – 5% of the outstanding at the time of
closure (service charges extra) |
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|
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|
| Q. |
What is the turnaround time for the disbursal of the loan? |
| |
Disbursal of the loan may take a minimum of 7 working days from
the time of submission of loan related documents as requested by
the Bank. |
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|
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To schedule an appointment with our sales officer,
click here |
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Note: The FAQs have been prepared for general information only
and are subject to change. The ultimate aim of the FAQs is to
extend the availability of the information about the product in
simple and readable manner and should not be construed as a
comprehensive feature of the product. |
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