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Introducing the First-in-industry IDFC FIRST Bank's Super Account
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You gain a dedicated partner committed to helping you reach your full potential and achieve new heights
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- Account for all Domestic businesses
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Convert the idle funds in your current account into a fixed deposit with the BRAVO feature.
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Unlock features, exclusively available
only on the IDFC FIRST Bank app
with IDFC FIRST Bank Vyapaar Vriddhi Loan
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Borrow with zero collaterals
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Wide coverage of multiple services and businesses
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No income proof required for a loan up to ₹3 lakhs
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Doorstep collection - No cheques required
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Borrow with zero collaterals
-
Wide coverage of multiple services and businesses
-
No income proof required for a loan up to ₹3 lakhs
-
Doorstep collection - No cheques required
Vyapaar Vriddhi Loan
Small and micro enterprises generate substantial income and employment for rural households. However, they have limited access to resources from the banking and financial sectors, which could help them in upgrading their business. IDFC FIRST Bank micro-enterprise loan is offered to small and micro-enterprises. It can be applied for, from our nearest branch. This small business loan comes with one of the best MSME loan interest rates compared to informal financing sources. It offers some amazing benefits like borrowing with zero collaterals and doorstep collection.Read More
One of the best features is that it requires no income proof for a loan up to ₹3 lakhs. This loan is now available in 100% paperless mode with the Instant Disbursal Option. Hence, IDFC FIRST Bank offers just the right micro-enterprise loan if you’re looking to expand your small/ micro-enterprise. Read Less
Key Features
Loan Amount up to 5 lakhs
Loan Tenure up to 60 months
No income proof for a loan up to 3 lakhs
Instant Disbursal
ELIGIBILITY
Schedule of Charges (exclusive of GST)
| Loan Processing Fees | Up to 2.75% of the Sanctioned Amount + GST Nil processing fees for loan facility upto ₹ 5 Lakhs availed by Micro and Small enterprises subject to latest Udyam Registration certificate submission prior to loan disbursal. |
| EMI Bounce Charges per presentation | 7.5% of EMI. Subject to Minimum of ₹400 and Maximum of ₹1000. |
| Technical Bounce charges* | N/A |
| Penal Charges | 2% per month of the unpaid EMI or ₹300 whichever is higher. GST is not applicable for penal charges. |
| Foreclosure/Prepayment charges | 4% of Principal outstanding for non MSE and others. Foreclosure is not allowed till 12 EMIs. Nil Foreclosure Charges and lock-in period for Micro & Small Enterprise Customers. (Latest Udyam Registration Certificate is Mandatory). |
| Rate of Interest | 12%-28% |
| EMI Pick-up/collection charges |
₹500 |
| Foreclosure lock in period | 12 EMIs |
| Part-payment charges | Part Payment is not allowed for non Micro & Small Enterprise. Part payment is allowed for Micro & Small Enterprise customers without any charges. |
| Cancellation Charges | ₹5,000 within 30 days of disbursement or 1st EMI presentation whichever is earlier, post 30 days or 1st EMI presentation request for cancellation will be treated as foreclosure. |
| Life Insurance Charges | As applicable |
| Health Insurance Charges | As applicable |
The above schedule of charges is also applicable for all loans under PM Svanidhi
*Mandate Rejection technical Bounce Charges (for mandate rejected by your bank, to be charged for each month from 3rd consecutive bounce month onwards until the mandate is registered).
FREQUENTLY ASKED QUESTIONS
What is the advantage of MSME loans?
Vyapaar Vriddhi Loans are the best options to meet all type of needs of your growing business with zero collaterals.
What are the documents required for getting a quick MSME loan for new business?
Loan application with OVD for loan amount up to INR 3L, income proofs for a higher loan amount.
