Business Loans India : Loans for Small Scale Industries from ING Vysya Bank
If you are going to start a new business, your first and foremost requirement will be capital which you can obtain very easily from business financial and commercial loans. There are trained professionals who guide you about the loan, interest rate, repayment options etc when you apply for a business loan. These are generally meant for commercial utilization. You have to place some of your assets or property as collateral to the lender. In case of failure to repay the loan you may lose this property which you have placed as collateral. Interest rate depends upon many factors like loan amount, tenure of loan, flow of business, rate in the market, financial status etc. You must apply for a business loan on internet as it is relatively easier than searching for a lender in the market; it saves a lot of your time and effort.
You can avail a business loan either by placing collateral (secured business loan) or without placing collateral (unsecured business loan). You must keep in mind to repay the loan within its specified period as you can get in trouble if you exceed the time duration. You may have to lose your property which you have placed as collateral in case you have opted for secured business loan.. If you are placing some of your assets as collateral then you get the business loan at a cheaper rate compared to unsecured loans. Interest rate depends on the type of collateral placed as the value of property increases with time.
Information about CGTSI Business Loans from ING Vsya Bank
Business Loans (Small Scale Industries) – CGTSI
ING Vysya Bank offers loans to Small Scale Industries at competitive interest rates without any collateral security.
Credit Guarantee Fund Trust for Small Industries [CGTSI]
ING Vysya Bank is one of the member lending banks for CGTSI. ING Vysya Bank Ltd offers loans of up to Rs 25 lakhs to SSI units under CGTSI at competitive interest rates without any collateral security and / or third party guarantee. In addition the guarantee fee payable to CGTSI would be debited to the account.
Minimum Loan Amount: No Minimum Amount
Maximum Loan Amount: Rs 25 lakhsEligibility:
The SSI units engaged in activities like manufacturing, processing or SSSBEs, including Information Technology and / or Software industry are eligible.
Guarantee fee payable to CGTSI:
#One time Guarantee fee of 2.5% of the credit facility sanctioned.
#Annual Service fee of 1% of credit facility on the outstanding loan amount as on March 31 each year.Collateral: No additional collateral is required
Sources : http://www.ingvysyabank.com/