please visit union bank of india branch/website for revised service charges w.e.f 01.04.2023. hindi

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MSME Loan

Find MSME Loan Eligiblity, Interest rates, Documentation required and procedure for getting a MSME (Micro Small and Medium Enterprises) Loan online.

MSME Loan

MSME Loans also known as Micro, Small, and Medium Enterprise Loans are types of loans which you can avail if you own a business or is an entrepreneur. This type of loan provides you working capital which you can use for various purposes such as purchasing new inventory, buying new equipment, paying your staff their salary, or aid yourself in expanding your business. There are multiple lenders in India who offer MSME loans to their customers. The interest charged also differs from banks to banks.

MSME Loan Details

Interest Rate 7.65% p.a. onwards

Loan Amount Rs.50,000 onwards

Loan Tenure Up to 15 years

Processing Fee Subject to the lender

New definition of MSME

The definition of MSME was altered, and was announced by the Government of India on 13th May 2020. Given below is the new definition of MSME:

The criteria for MSME classification have been changed from Investment to Investment and Annual Turnover.

The Government of India also increased the investment limit for classification of MSME units. This means, that more firms and enterprises can now avail MSME schemes.

Criteria for the classification of MSMEs is now uniform for Manufacturing and Services Enterprises which is given below in the table below:

Manufacturing and Services Enterprises Investment does not exceed Rs.1 crore and Turnover does not exceed Rs.5 crore Investment does not exceed Rs.10 crore and Turnover does not exceed Rs.50 crore Investment does not exceed Rs.20 crore and Turnover does not exceed Rs.100 crore

Micro, Small, and Medium Enterprises can avail MSME loans for the expansion of businesses or for setting up new enterprises. The interest rates on MSME loans start at 7.65% p.a. The loan amount sanctioned ranges from as low as Rs.50,000 and can go up to a few crores. On the basis of the sanctioned loan amount, the loan repayment tenure can go up to 15 years.

MSME Loan Interest Rates by Top Banks in 2023

Allahabad Bank At the discretion of the bank

Oriental Bank of Commerce 10.70% p.a. onwards

Andhra Bank At the discretion of the bank

Central Bank of India 11.25% p.a. onwards

Indian Bank 9.75% p.a. onwards

Punjab and Sind Bank 9.95% p.a. onwards

Punjab National Bank At the discretion of the bank

State Bank of India 7.65% p.a. onwards

Syndicate Bank At the discretion of the bank

UCO Bank 8.85% p.a. onwards

Union Bank of India At the discretion of the bank

United Bank of India 10.25% - 16.25% p.a.

Popular Banks offering MSME Loans in India

Listed below are some of the most popular banks in India which offer MSME loans:

Interest Rate 9.65% p.a. onwards

Processing Fee Up to 2% of the loan amount

Loan Amount Depending on the scheme

Loan Repayment Tenure Up to 120 months

Interest Rate 15.75% p.a. onwards

Processing Fee 0.99% of the loan amount

Loan Amount Up to Rs.50 lakh

Loan Repayment Tenure Up to 48 months

Top NBFCs Offering MSME Loans Interest Rates

There are various Non-Banking Financial Companies (NBFCs) in India who offer MSME Loans to its customers at attractive interest rates. Given below are some of the NBFCs from whom you can avail an MSME Loan.

LendingKart At the discretion of the lender

Fullerton India 17% p.a. to 21% p.a.

Mahindra Finance At the discretion of the lender

Muthoot Fincorp At the discretion of the lender

Popular NBFCs offering MSME Loans in India

Listed below are some of the most popular NBFCs in India which offer MSME loans:

Interest Rate 17% p.a. to 21% p.a.

Processing Fee Up to 6.5% of the loan amount

Loan Amount Up to Rs.50 lakh

Loan Repayment Tenure Depending on the scheme

Interest Rate At the discretion of the lender

Processing Fee 2% of the loan amount

Loan Amount Rs.50,000 to Rs.1 crore

Loan Repayment Tenure Up to 36 months

Other MSME Loan Schemes

In addition to the loan schemes offered by the banks and NBFCs, there are a host of government schemes as well. These schemes have been listed below:

1) MUDRA Loan Micro-Credit Scheme

Credit for Micro Finance

Refinance Scheme for Banks

Mahila Uddyami Scheme

MUDRA Card

Equipment Finance Scheme

Credit Guarantee Scheme

2) Credit Guarantee Funds Trust for Micro and Small Enterprises (CGTMSE) N/A

3) Prime Minister’s Employment Generation Programme (PMEGP) N/A

MSME registration

Given below are the steps you will have to follow to register for MSME as a new user

Click on the link given https://udyamregistration.gov.in/Government-India/Ministry-MSME-registration.htm.

If you have not registered before, click on ‘New Entrepreneurs who are not Registered yet as MSME or those with EM-II'.

You will have to provide your name and Aadhaar details and click on ‘Validate and Generate OTP’. A One-Time Password (OTP) will be sent to your mobile number. Enter the OTP to authenticate. You will then have to provide the details of your PAN, organisation you are a part of and validate it.

स्रोत : www.bankbazaar.com

Service Charges1

Service Charges (applicable wef April 1 2022)

Minimum monthly average balance of Rs.7500 per month to be maintained. where monthly average balance fallS below this level charges will be LEVIED as below

MONTHLY AVERAGE BALANCE (MAB) REQUIREMENT MAINTENANCE CHARGES PER MONTH

UptoRs 1000 Rs 45 pm

>Rs 1000 & upto Rs 2000 Rs. 45 PM

>Rs 2000 & upto Rs 3000 Rs. 45 PM

>Rs 3000 & upto Rs 4000 Rs. 35 PM

>Rs 4000 & upto Rs 5000 Rs. 30 PM

>Rs 5000 & upto Rs 7500 Rs. 20 PM

>Rs 7500 NO CHARGE

DEBIT CARD CHARGES PER QUARTER WHERE AVERAGE BALANCE MAINTAINED IS LESS THAN RS 15000 RS 40 PER QUARTER

Branch location Monthly minimum average balance requirement (Amount in Rs.)

With cheque book facility Without cheque book facility

Metro 3000 1000 Urban 2500 750 Semi urban 2000 500 Rural 1000 100

Monthly avg balance maintained Rural Semi Urban Urban Metro

>Rs 100 22 22 22 22

>Rs 100 & upto Rs 250 22 22 22 22

>Rs 250 & upto Rs 500 17 17 17 17

>Rs 500 & upto Rs 750 17 17 17 17

>Rs 750 & upto Rs 1000 17 17 17 17

>Rs 1000 & upto Rs 2000 No charge 17 17 17

>Rs 2000 & upto Rs 2500 No charge No charge 17 17

>Rs 2500 & upto Rs 3000 No charge No charge No charge 17

Monthly average balance maintained Rural Semi Urban Urban Metro

1 to Rs 100 Rs 22 pm 22 22 22

>Rs 100 & up to Rs 250 No charge 22 22 22

>Rs 250 & upto Rs 500 No charge 17 17 17

>Rs 500 & upto Rs 750 No charge No charge 17 17

>Rs 750 & upto Rs 1000 No charge No charge No charge 17

The month for reckoning is calendar month.

There are exemptions from maintenance charge to the following categories of SB accounts, and Transactions through Net Banking, Mobile Banking and CUB ATMs are free

Newly opened accounts for the respective quarter

Accounts in newly opened branches of less than one year old

Accounts in centres where we do not have ATM

Staff accounts

CUB Janatha savings accounts (No frills accounts) (now called basic savings account)

Accounts with CUB card holders

NRI accounts

The following accounts are exempted from maintenance charge and transactions through Net Banking and Mobile Banking and CUB ATMs are free. However, Financial or non-financial transactions DONE by below mentioned SB account holders from other bank ATMs will be free upto 5 transactions per month. Thereafter the charges will be Rs.25 (inclusive of GST)per transaction for financial and Rs.10 (inclusive of GST) per transaction for non-financial.

Salary Savings Accounts

Young India Accounts

Junior India accounts

The following facilities will be offered to our customers under the revised BSBD account:

The deposit of cash at bank branch as well as ATMs/CDMs

Receipt/ credit of money through any electronic channel or by means of deposit /collection of cheques drawn by Central/State Government agencies and departments

No limit on number and value of deposits that can be made in a month

Four withdrawals in a month, including ATM withdrawals

No Cheque book facility

ATM-cum-Debit card will be issued

Free passbook facility

Minimum Balance Maintained GENERAL CA

MAB Above Rs.1,00,000/- 0

Rs. 75,000/- to Rs.1,00,000/- 0

Rs.50,000/- to Rs.75,000/- 0

Rs.25,000/- to Rs.50,000/- 450

Rs.10,000/- to Rs.25,000/- 500

Rs.5,000/- to Rs.10,000/- 550

Rs.2,500/- to 5,000/- 600

Less than Rs.2,500/- 650

Minimum average balance requirement in classic plus account is Rs 1 lac, If average balance falls short of Rs.1,00,000/-, monthly charges will be levied at amounts shown below

Minimum Balance Maintained CUB CLASSIC PLUS

MAB Above Rs.1,00,000/- 0

Rs. 75,000/- to Rs.1,00,000/- 550

Rs.50,000/- to Rs.75,000/- 600.00

Rs.25,000/- to Rs.50,000/- 650

Rs.10,000/- to Rs.25,000/- 700

Rs.5,000/- to Rs.10,000/- 700

Rs.2,500/- to 5,000/- 700

Less than Rs.2,500/- 700

Account Type Start-Up REGULAR SILVER GOLD PLATINUM

Minimum Monthly Average Balance to be Maintained 0 Rs.10,000/- Rs.25,000/- Rs.50,000/- Rs.1,00,000/-

Minimum Balance Maintained Start-Up REGULAR SILVER GOLD PLATINUM

MAB Above Rs.1,00,000/- 0 0 0 0 0

Rs. 75,000/- to Rs.1,00,000/- 0 0 0 0 550

स्रोत : www.cityunionbank.com

Bajaj Finserv Fees and Charges

Bajaj Finserv Products Fees and Charges-Fees and charges of Loan against property, home loan, personal loan, fixed deposit & many more.

Fees and charges of all products

Fees and charges of all products Fees and charges of personal loan

Bajaj Finserv offers attractive interest rates on personal loans up to Rs. 35 lakh to help you meet a range of financial requirements. Get collateral-free loans with minimum documentation, flexible tenor and disbursal within 24 hours* of approval.

With Bajaj Finserv Personal Loan, you do not have to worry about any hidden fees or charges.

Here are more details on the personal loan interest rates and charges:

Personal loan interest rates

11% onwards Processing fees

Processing fee up to 3.93% of the loan amount (Inclusive of applicable taxes)

Flexi Fee

Rs. 1,999 (Inclusive of applicable taxes) for loan amount upto Rs. 1,99,999/-

Rs. 3,999 (Inclusive of applicable t4axes) for loan amount from Rs. 2,00,000/- to Rs. 3,99,999/-

Rs. 5,999 (Inclusive of applicable taxes) foe the loan amount from Rs. 4,00,000/- to Rs. 5,99,999/-

Rs. 6,999 (Inclusive of applicable taxes) for the loan amount from Rs. 6,00,000/- to Rs. 9,99,999/-

Rs. 7,999 (Inclusive of applicable taxes) for the loan amount greater than or equal to Rs. 10,00,000/-

Bounce charges

Rs. 700 - Rs. 1,200 per bounce.

Broken period interest / Pre EMI-Interest

"Broken Period Interest/ Pre EMI-Interest" shall mean the amount of interest on Loan for the number of day(s) which is(are):

Scenario 1: Over and above the period of 30 (thirty) days from the date of disbursement of the Loan

Method of recovery of Broken Period Interest/ Pre-EMI Interest:

For Term Loan: Deduct from disbursement

For Flexi Term Loan: Added to first instalment amount

For Hybrid Flexi Loan: Added to first instalment amount

Scenario 2: Less than period of 30 (thirty) days from the date of disbursement of the Loan, Interest on first instalment will be charged for actual number of days

Mandate rejection charges Rs. 450/- per month from the first month of due date for mandate rejected by customer's bank until the new mandate is registered

Penal interest

Stamp duty

Payable as per state laws and deducted upfront from loan amount.

*Flexi fee is not applicable for PLCS & RPL

*Terms and conditions apply

Personal loan foreclosure charges

Term loan

4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment.

Flexi term loan (Flexi dropline)

4.72% (Inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Flexi Hybrid loan

4.72% (Inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

*Foreclosure can be done after the deduction of 1st EMI.

Personal loan part pre-payment charges

All borrowers

More than one month from the date of

•4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

•Not Applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi

*Part pre-payment made should be more than one EMI

*These charges not applicable for flexi loan facility.

Annual/ additional maintenance charges

Term loan Not applicable

Flexi term loan (Flexi dropline)

0.295% (Inclusive of applicable taxes) on the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.

Flexi Hybrid loan

0.295% (Inclusive of applicable taxes) of the total withdrawable amount during initial tenure. 0.295% (Inclusive of applicable taxes) of total withdrawable Amount during subsequent tenure.

*These charges will be levied annually.

Fees and charges of business loan

Fees and charges of gold loan

Fees and charges of loan against securities

Fees and charges of used car finance

Fees and charges of loan for doctors

Fees and charges of chartered accountant loan

Fees and charges of Platinum Choice SuperCard

Fees and charges of Platinum Choice SuperCard – First-Year-Free

Fees and charges of Platinum Plus SuperCard

Fees and charges of Platinum Plus SuperCard – First-Year-Free

Fees and charges of World Prime SuperCard

Fees and charges of World Plus SuperCard

Fees and charges of Doctor’s SuperCard

Bajaj Finserv RBL Bank Binge First Year Free Supercard

RBL Bank Binge SuperCard

RBL Bank Platinum ShopDaily Supercard

RBL Bank Platinum Edge SuperCard

RBL Bank Travel Easy SuperCard

RBL Bank Shop Smart SuperCard

Fees and charges of business loan against property

Fees and charges of professional loan against property

Fees and charges of Insta EMI Card

Fees and charges for Bajaj Pay Wallet

Fees and charges of business loan Fees and charges of gold loan Fees and charges of loan against securities Fees and charges of used car finance Fees and charges of loan for doctors Fees and charges of chartered accountant loan Fees and charges of Platinum Choice SuperCard Fees and charges of Platinum Choice SuperCard – First-Year-Free Fees and charges of Platinum Plus SuperCard Fees and charges of Platinum Plus SuperCard – First-Year-Free Fees and charges of World Prime SuperCard Fees and charges of World Plus SuperCard Fees and charges of Doctor’s SuperCard Bajaj Finserv RBL Bank Binge First Year Free Supercard RBL Bank Binge SuperCard RBL Bank Platinum ShopDaily Supercard RBL Bank Platinum Edge SuperCard RBL Bank Travel Easy SuperCard RBL Bank Shop Smart SuperCard Fees and charges of business loan against property Fees and charges of professional loan against property Fees and charges of Insta EMI Card Fees and charges for Bajaj Pay Wallet Value Plus SuperCard

स्रोत : www.bajajfinserv.in