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- GST Based Overdraft
GST Based Overdraft
Support your cash flows and ongoing working capital expenses with a ready source of funding by availing our GST-based Overdraft facility for MSME customers. This Long-term Business Loan is provided based on GST returns. Residential, commercial, or industrial property can be offered as security. Interest on these products is charged only on the utilised amount.
Features & Benefits
- Loan amount can be availed starts from ₹10 lakhs and goes up to ₹150 lakhs.
- Facility renewal at the end of 12 months from the date of availing this facility.
- Interest is charged on the utilised amount.
Eligibility
Business vintage
- Minimum 3 years current profession
Age
- Minimum 21 years at the time of loan application
- Maximum 70 years at the end of loan tenure
Documentation
- KYC documents
- Duly filled in application form signed by the customer
- Relevant financial documents
- Bank account statement for the last 6 months
- PAN card/Form 60
- Business proof
- GST returns for the last 12 months
Business income
- As per ITR, it should not be loss-making in the last 1 year (1 year ITR and computation of income required)
Residence/Office stability
- The borrower should own either an office or residential property
- Residence stability should be for at least 12 months
- Office stability should be for at least 24 months
Commercials
| Loan Processing Charges | Up to 1.25% + applicable taxes |
|---|---|
| Part Pre-payment Charges | NA |
| Foreclosure Charges | 2.00% of sanction limit |
| Penal Interest | 2.00% p.a. additional on existing rate of interest |
| Repayment Instruction/Instrument Return Charges | ₹500/- per instance + applicable taxes |
Frequently Asked Questions
GST based OD facility is designed for self- employed segments like individuals, proprietorship firms, partnership firms, LLP, pvt. ltd. companies and unlisted public companies.
We offer competitive interest rates for our loan facilities. The interest for each loan is determined based on assessment of your business profile, past track record, financial records, loan amount required and tenure of loan.
Interest is charged only on the amount utilized and not on the entire sanctioned limit.
No, we do not have any annual review charges. But for every OD renewals processing fees is levied.
No, It’s a regular Overdraft facility, renewable every 12 months.
