Eligibility

In addition to existing criteria:-

Applicant should have a KYC compliant saving / Current Account with our Bank based on Aadhaar/Pan available in CBS.

Application should be available on PM SVANidhi portal with status of Letter of Recommendation (LoR) as Approved / NA.

No business loan from banking / Financial Institution should exist (will be checked through CIC).

System will match the communication address of applicant as per CBS and address of the ULB (Who have issued the Letter of Recommendation) and will ensure that both are in the same city.

Further, under the digital process a customer must satisfiy the following conditions to be eligible under 2nd and 3rd Tranche:-

For 2nd Tranche Loan eligibility, the customer should have availed the loan under 1st Tranche from our Bank (where disbursement has been made) and repaid after having at least 3 months satisfactory repayment track record.

For 3rd Tranche Loan eligibility : - The customer should have availed the loan under 2 nd Tranche from our Bank (where disbursement has been made) and repaid early or timely.(Under 2nd tranche loan, minimum 6 months repayment trackrecord should be available.)

Type of Facility

WCTL

Loan Amount & Tenure

1st Tranche – up to Rs.10,000/- with tenure of 12 months.

2nd Tranche – Minimum:- Rs.15,000/- to maximum Rs.20,000/- with tenure of 18 Months.

3rd Tranche – Minimum:- Rs.30,000/- to maximum ?50,000/- with tenure of 36 Months.

Covered under CGTMSE

All loans disbursed and marked on the PM SVANidhi portal, are covered under CGTMSE without payment of any guarantee fee.

Prepayment penalty & Penal Interest

No prepayment penalty & interest will be charged from the vendors for repayment before the scheduled date.

Penal Interest will applicable as per the bank’s extant guidelines.

CIR

CIR of the street vendor will be auto generated and analyzed at the time of sanction. Rejection of loan applications should be based on:-

Presence of any negative accounts, viz. written-off, settled, restructured, devolved, sold to ARC, invoked, settled post write-off cases, NPA accounts.

Any Business loan from banking / Financial Institution exist.

Disbursement

Loan amount will be directly credited into the CA/SA which is maintained at our bank. (Bank will monitor the account specified by applicant for disbursement during the currency of the loan).

QR CODE

QR code will be generated through system and will be delivered on email ID of branch as well as borrower (If available in system).

Documentation

Document will be digitally signed through Aadhar based OTP.

Recovery

Collection of the recovery will be done through base branch and other methodologies adopted by the Bank from time to time will be resorted to.

Rate of Interest

Interest rate linked to RLLR (Linked to Repo Rate and currently RLLR is 9.25%.