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MEL Product Features



Utkarsh Samridhi (Micro Enterprise Loan)

Loan Purpose: Working Capital
Business structure renovation
Machine purchase
Business investment/expansion.
   
Loan Size: Rs. 25000/- to 300000/-
   
Rate Of Interest: 29% Per Annum Reducing
   
No of Installments: Based on tenure of loan
   
Loan Repayment frequency: Fortnightly or Monthly
   
Repayment mode: Post Dated Cheque (PDC)
   
Loan tenure: 6 Months to 36 Months
   
Processing Fee: Rs 500/- or 1% of Loan Amount whichever is higher.
   
Credit life insurance one time premium: At actual for full loan amount for entire tenure; Handling charges as per IRDA guidelines.