MSME loans
MSME Loan (Saral)
- Target
- Shopkeeper
- Loan amount
- ₹1,00,000
- Loan period
- Up to 1 year
- Rate of interest
- 20% p.a.
Services
MSME loans (Saral) and business loans for shopkeepers, transporters, small businesses and salaried households.
Shopkeeper with their loan officerimages/services-hero.jpg, 1600 × 1200
Our loan products
Loans for small businesses and households
Through financial institutions such as credit unions and some non-governmental organizations, small business people can obtain small loans, receive remittances from relatives working abroad, and safeguard their savings. With access to small amounts of credit at reasonable interest rates, small business people can improve their businesses. Experience shows that small business people are a good risk, with higher repayment rates than conventional borrowers in countries as diverse as India.
Business loans
Business Loan
- Target
- Small business
- Loan amount
- ₹5,00,000
- Loan period
- Up to 3 years
Business loans
Bill Discounting Loan
- Target
- Transporter
- Loan amount
- ₹6,00,000
- Loan period
- Up to 90 days
Business loans
Car / Two Wheeler Loan
- Target
- Self / salaried employees
- Loan amount
- ₹5,00,000
- Loan period
- Up to 3 years
MSME loans
Salary Advance Loan
- Target
- Income household
- Loan amount
- ₹1,00,000
- Loan period
- Up to 1 year
Charges
Schedule of charges
Loans to MSMEs (unsecured), for the SARAL daily and monthly loans.
| Applicable charges | SARAL (Daily Loan) | SARAL (Monthly Loan) |
|---|---|---|
| Rate of interest | 20% p.a. | 20% p.a. |
| Processing fee (non-refundable) | 1% plus GST as per applicable rates | 4% plus GST as per applicable rates |
| Insurance charges | On actual basis | On actual basis |
| Penal charges for late payments (during the tenure of the loan) | 0.17% of the overdue installment per day during no. of days of delayed payment | 5% p.m. of the due installment for no. of days of delayed payment |
| Penal charges for late payments (post tenure overdue cases) | 0.33% per day on the outstanding amount up to 30 days after maturity period. 0.20% per day on the outstanding amount if DPD >30 days to 45 days after the loan maturity date. | 0.33% per day on the outstanding amount up to 30 days after maturity period. 0.20% per day on the outstanding amount if DPD >30 days to 45 days after the loan maturity date. |
| Pre-payment charges | NIL | NIL |
| Cheque / NACH bounce charges | NIL | Rs. 350 per event |
| Stamp duty | Up to Rs. 100 | Up to Rs. 100 |
Plan your loan
Estimate your Saral instalment
Move the sliders to see your daily or monthly instalment, total interest and processing fee.
Saral MSME loan calculator
₹10,000₹1,00,000
3 months1 year
Indicative figures at 20% p.a. on reducing balance, with a processing fee of 1% plus GST, as per our schedule of charges. Final terms are confirmed in your loan agreement.
Daily instalment
₹151
for 365 days
- Total interest
- ₹5,180
- Processing fee (incl. GST)
- ₹590
- Total you repay
- ₹55,180
How we lend
Loan approval process with eligibility
- Step 01
Market / area identification
Loan Officer (LO) selects the market nearby the branch / unit office and performs the introductory meeting with the shopkeeper.
- Step 02
Member admission
Once the introductory meeting is over, staff completes the paper formalities, checks the KYC of applicant and co-applicant, and also records KYC details of customer through digital platform.
- Step 03
Credit bureau check
After making entries on mobile app, credit status of the applicant is verified instantly through credit agency integration with CICs.
- Step 04
Visit by the supervisor
After Credit Pass, Supervisor conducts house and shop visit of the applicant.
- Step 05
Loan application
Member is called at the branch office. Details of member and family, assets owned, income and expenditure, bank detail are filled in the forms at the branch. Features of the loan product, selection criteria, interest rates, installment size and the members' awareness about Vinayana and its work are explained to the borrower.
- Step 06
Loan sanction / agreement execution
On sanction of the loan amount, necessary loan agreements are executed with the borrower.
- Step 07
Disbursement
The Company follows the centralized disbursement process. Loan amount is disbursed directly into the bank account of the borrower by the Head office at Lucknow.
- Step 08
Repayment
The loan officer collects the repayment from the borrower on daily basis from the next day of the disbursement and signs on the loan book of the borrower and deposits the collection amount in the Bank account of Vinayana Head office same or next day.
- Step 09
Loan utilisation verification (LUC)
Area Manager conducts LUC within 15 days of the disbursement. The findings of LUC are recorded in LUC Format which is updated in credit history record of the client.
- Step 10
Loan closure
There are no pre-closure charges on the loans. Pre-closure is allowed only after minimum retention period of 60 days from the date of disbursement.
Documents
Charges and codes of conduct
Vinayana Investment & Finance Limited practices the following codes of conduct.
Ready to grow your business with us?
Talk to our team about the loan that fits your shop or business. Call us toll free, or leave your number and we'll call you back within the same working day.