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BUSINESS LOAN - MSME

Manage and improve your business by getting timely access to funds under Micro and Small Business Loan Scheme of CITO Nidhi.

Avail funds to meet your working capital requirements, purchase of machineries and equipment, or for repairs and renovation of existing business unit and other Term Loan for Business expansion.

Rs. 10000 - 5 Lac

Rs. 10000 - 5 Lac

Loan Amount

1 Years - 3 Years

1 Years - 3 Years

Period

PF - 3% + GST

PF - 3% + GST

Charges and Fees

Features and Benefits

  • All resident Individuals, Proprietorship concerns can avail
  • Loan shall be granted for business expansion, working capital purposes and any other general purpose pertains to business.
  • Assessment based on Kachha Pukka Bills / ITR / GST / Bank Statements
  • Can be availed as Overdraft/ Term Loan with easy EMI payments Option.
  • Stock Hypothecation in favor of CITO Nidhi Ltd.
  • For Secured Business Loan Both residential and commercial property accepted as collateral under EM
  • Pre-Mature Closure is allowed, subject to applicable norms.
  • CIBIL deviation allowed on satisfactory justification.

Terms and Conditions

Loan Amount Minimum Rs 10,000/-, Maximum Rs 5.00 lakhs
Repayment Tenor 1 Years to 3 Years (based on Business Model)
Processing Charges 3.00% on Loan Amount + GST
Foreclosure Charges 4% on Loan outstanding.
Legal & Technical Rs 2000/- upto Loan Amount Rs 5.00 Lakhs and Rs 4000/- for Loan Amount above Rs 5.00 lakhs.
Primary Security Hypothecatin of Stocks in favor of CITO Nidhi 
Guarantee A suitable Guarantor is required
Collateral Security Equitable Mortgage of land & building in favoring CITO Nidhi Ltd.
Co-Applicant Co-Applicant should be Spouse or any Blood relative acceptable to Bank.
Loan Insurance Coverage Mandatory to take the policy to the extent of loan amount with approved Insurance Company as SINGLE PREMIUM payable by the borrower (available if the borrower is interested).
Other Terms & Conditions
  • Business vintage should be minimum 3 years and above and proof to be submitted
  • Latest 2 years ITR/Income Statement/ Purchase Bills/ GST/ Bank Statement or any other business income proof to be submitted.
  • Loan can be sanctioned without ITRs / Income proof under Income Assessment Program, but minimum income threshold of Rs 20,000/- per month is mandatory.
  • Borrower Minimum age at application - 25 years and maximum age at loan maturity - 65 years. 
  • Residential & Business stability- 3 years in the current residence & business place
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Business Loan policy on delayed payments
  • Residential & commercial buildings owned by resident Indians will be accepted as collateral security. Property ownership- Self/ blood relative/ co-borrower. Agricultural properties, Factories, Godowns, Cinema Halls, Schools, Restaurants, etc., will not be accepted as collateral security
  • Legal and  Technical valuation is done by Bank empannelled officers and loan can be sanctioned subject to satisfactory report
  • 5 PDC  Cheques needs to submitted
  • Mandatory undertaking from the borrower/s to effect that the loan / limit will not be for speculative purposes.
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.
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