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with IDFC FIRST Bank Vyapaar Vriddhi Loan

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

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

Documentation

For loans up to 3 lakhs

Valid KYC documents
Owned House Proof (OHP)
MSME Borrowers - Valid Udyam Registration Certificate

For loan above 3 lakhs

Valid KYC documents
Owned House Proofs (OHP)
6 months Bank Statement or ITR
MSME Borrowers - Valid Udyam Registration Certificate

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.

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