Banks have come out with 20% Collateral Free Loan scheme. Highlights of the same are:
1. Loan amount will be 20% of outstanding balance as on 29th Feb 2020
2. Both Term Loan & CC shall be treated to calculate outstanding balance as on 29th Feb 2020
3. ROI will be 7.8% for SBI & 7.65% for PNB
4. No guarantee fee, no processing or documentation charges.
5. Loan can be disbursed in one go or in installments as per borrower’s need.
6. No margin money is required from the borrower
7. No stock statement for this term loan is required to be submitted
8. Trading as well as MSME units are eligible
9. Borrowers with fund based loan amount over 25 crore or Turnover over 100 Crores are ineligible.
10. Maximum loan can be Rs 5 crores
11. Loan to be repaid in 36 monthly installments after a moratorium period of 12 months
12. Interest is to be paid during moratorium
