Karnataka Bank Business Loan

Updated: 19-12-2022 05:22:33 AM

 

Karnataka Bank Business Quick Loan – Highlights – 2022
Purpose	For business improvement activities, including the advertisement, office furnishing, repair to equipment and fixed assets, etc.
Interest Rate	9.75% p.a. onwards
Loan Amount	Rs. 10 lakh – Rs. 50 lakh
Repayment Tenure	PS Overdraft: 12 months PS DPN: Up to 35 months
Security	·         Mortgage of immovable properties shall be 100% of exposure ·         Bank owns Deposits, NSCs, Life Insurance policies of IRDA authorized company with surrender value

Note: Additional interest concession is offered for women entrepreneurs, MSMEs having Zero Defect Zero Effect (ZED) Certification and also for security coverage above 125%.

Eligibility Criteria

• Applicant should be legal entity, compatible to MSME classification guidelines
• Age: Maximum should be within 70 years of the loan tenure
• Credit Score: 675 and above
• CRIF Score: 700 and above for Non-individuals
• Enterprise should be in profit for the last 2 financial years
• Enterprise should be filing GST returns for the last 2 financial years
• Applicants with NPA/closed under OTS will not be considered

 Fees & Charges

• Processing Fee: 0.50% of the sanctioned loan amount
• Bank generally charges upfront fees and processing charges
• Upfront fees are for background information, legal and valuation charges