Multiple banks. Different interest rates. Call it a "conflict of interest".
Equitas SME Loans
Overview about Equitas SME Loans
Small and Medium Enterprise loans or SME loans are primarily used in the funding of small and medium-sized companies. Small and medium sized companies raise capital through these loans or avail of these loans to infuse additional capital into their existing business. SME’s can acquire these
as long as they have a good credit rating for the last three financial years and their performance in terms of sales and profits has been satisfactory. Equitas SME Loan Features
Some of the main features of
Equitas SME loans are:
Loan amounts can be availed from Rs 50,000 to Rs 5 Lakhs
The interest rate for loan amounts upto Rs 3 lakhs is
24% The interest rate for loan amounts between Rs 3.1 lakhs to Rs 5 lakhs is
22% A processing fee of 2% of the loan amount is chargeable
Additional finance charges are 36% per annum
Loan terms offered can range from 3 - 5 years
The loan is to be paid at a monthly repayment frequency
The preferred repayment mode is via the Electronic Clearing Service or ECS
It is mandatory to have a Term Life Insurance
Business premises insurance against fire, earthquake and other disasters is also mandatory
Equitas SME Loan Fees and Charges
Equitas SME loans entail the following fees and charges: Verification of Equitas SME Loan
Equitas SME loans require verifications to be carried out by the following authorities:
The Retail Sales Officer, Assistant Branch Manager or Branch Manager hold the authority to check and evaluate the credit and collateral worthiness of the applicant
The Branch Manager will be in charge of checking the Credit Bureau Check Report.
Tele verification and loan sanctions will be carried out by Credit Operations
The Credit Intelligence Team will carry out sample checks of field credit assessment
The In-house legal team will carry out collateral title verification
Loan disbursement will be carried out by Central Operations
Documents Required for Equitas SME Loan
While applying for Equitas SME loans the following documents are required:
ID and Address Proof such as voter ID, ration card etc
Loan application and sanction form
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