Bandhan Bank MSME Loan

Eligibility of Bandhan Bank MSME Loans

Here are the main eligibility requirements to apply for Bandhan Bank MSME Loans

1. For Individual / Proprietorship / Partnership firm, minimum age should be 23 yrs. and maximum age at the time of loan maturity should not exceed 60 yrs.
2. Minimum of 2 years’ experience in same line of activity is expected. However, eligible new Entrepreneurs will also be considered.
3. For Non Individuals, satisfactory two years track record in same business is required

Features and benefits of Bandhan Bank MSME Loans

The main features and benefits of Bandhan Bank MSME loans include:

1. Processing fees include 1% of the loan amount plus taxes if and when applicable.
2. Insurance coverage with concessions based on the bank’s discretion.
3. Margins for working capital loans are 25% and term loans are 25% as well.
4. The interest rate is linked to the base rate.
5. For term loans the tenure can go up to 5 years which includes the moratorium period of maximum 3 months and for working capital loans, it is purely based on the bank’s demand.
6. The maximum amount of money that can be borrowed under these plans is Rs.25 lakhs.

Documents Required for Bandhan Bank MSME Loans

Here are the major documents that are required for these types of loans from Bandhan Bank:

• Duly filled application form
• 3 passport size photograph of the Individual Borrower/Directors/Partners
• 2 passport size photograph of the Guarantor, if required
• KYC documents
• Financial statement of last 2 years
• Trade license or any other regulatory license applicable to unit
• Statement of existing Bank account for last 6 months if any
• Ownership documents of security to be provided if any.
• Copy of Partnership deed/ Copy of MOA & AOA or other related documents in case of partnership firm / company
• For working capital, stock statement to be submitted on monthly basis

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