| Objective | Financing of Small, Micro and Petty Traders and Street Vendors/ Business outlets located i.e., within a radius of 3 Km from the Branch. |
|---|---|
| Maximum Loan | Depending upon the business activity/ repayment capacity of the borrower, credit can be provided to a maximum extent of Rs.1.00 lakh per borrower. Units with active existence for Two years and above shall only be considered for providing credit facility. Upto Rs.1.00 lakh Branch Manager is the competent authority to consider, sanction and disburse loans under this scheme. If the Borrower is eligible for the extension of the limit, subject to the satisfaction of the Branch Manager, he/she can refer the case to Head Office. |
| Eligibility Criteria/Activities eligible | *Tiffin Centers *Mobile Phone Sellers *Vegetable vendors *Tailoring Units *Beauty Parlours / Saloons *Repairing Centers *Photo Studios *Carpenters *Welding Units Other self-employment activities |
| Repayment Period | Repayment shall be insisted on daily/weekly basis. Equated Installments of the loan amount repayment tenure will be upto 12/18/24 months only. |
| Documents Required | The applicant shall have to provide agreement, Demand Promissory note, postdated cheques, Surety bond wherever necessary. Copy of Aadhar card and other documents (KYC) related to security shall be enclosed along with the application form. |
| ROI | Interest shall be charged @12% per annum with monthly rests. 2% penal interest will be charged on overdue installments. |