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Q. Who is eligible for BIL?
- Sole Proprietors / Proprietorship firms
- Partnership Firms
- Pvt. Ltd. Companies (including closely held limited companies)
- Professionals – Doctors, Architects, Chartered Accountants, Business Consultants
Q. What is the minimum and maximum annual turnover eligibility?
- Minimum turnover – Rs. 40 lakhs
- Maximum turnover – Rs. 30 crores
Q. What is the minimum and maximum loan amount offered?
You can get an unsecured Business Instalment loan ranging from Rs. 5 lakhs to Rs. 30 lakhs depending on the financial eligibility conditions being met.
Q. What is the minimum and maximum tenure of the loan?
The loan tenure ranges from 15 months to 48 months.
Q. What is the security/ collateral that I need to provide?
BIL is an unsecured loan product. Hence, no security is required.
Q. What is the interest rate charged on BIL?
We offer attractive interest rates on the facility depending on loan amount, credit assessment and other parameters. Specific details would be provided by the sales officer.
Q. What are the basic documents required for applying for the facility?
- Bank statements for last 6 months
- 2 year financials including Profit & Loss (P&L) Statement , Balance sheet and Income Tax returns.
- Documents related to establishment of entity, identity and address proof documents.
- Specific details would be provided by the sales person.
Q. What are the pre-closure charges on BIL?
Pre-closure charges – 5% of the outstanding at the time of closure (service charges extra)
Q. What is the turnaround time for the disbursal of the loan?
Disbursal of the loan may take a minimum of 7 working days from the time of submission of loan related documents as requested by the Bank.
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Note: The FAQs have been prepared for general information only and are subject to change. The ultimate aim of the FAQs is to extend the availability of the information about the product in simple and readable manner and should not be construed as a comprehensive feature of the product.
