Loans to Merchants and Retailers
- These are loans given to meet working capital requirement of small retailers/business outlets primarily targeting rural, semi-urban & Urban customers.
Loans to Merchants
We offer loans to Bharat Money Store (BMS) merchants based on transactions and current account behaviour. Merchants are offered loans towards working capital requirements based on the balances maintained and transaction volumes along with other specific credit guidelines.
Loans to Retailers
We offer individual loans for working capital to small retailers (Bharat Super Shop-BSS) who generate daily cash flows. Current account, recurring deposit and loans are offered at their doorstep in addition to the convenience of mobile and WhatsApp banking facility.
Benefits
Customized product
Tenure Maximum 36 months.
Repayment frequencies as desired (weekly, fortnightly & Monthly)
Interest Rates – Q3 – 2023-24
| Product | Minimum | Mean | Maximum |
|---|---|---|---|
| Loans to Merchants and Retailers: | 27.00% | 27.70% | 28.00% |
Note:Â Interest rates offered may differ from product variant/scheme selected by the customers and may differ from BC to BC
Annualized Percentage Rate (APR) – Q3 – 2023-24
| Product | Minimum | Maximum |
|---|---|---|
| Loans to Merchants and Retailers: | 30.81% | 42.53% |
Fees & Charges
Processing Fee - Maximum of 2.50% of loan amount plus applicable taxes.
Documentation Charges - Maximum of 2% plus applicable taxes. If documentation charges are being charged, then there are no separate Stamp duty charges collected.
Physical Cash Collection Charges - Rs.50 Plus applicable taxes.
Credit Shield Insurance to be charged at actuals and to be paid by the customer if opted. Insurance is optional to the customer.
Fore-closure charges : 4 % (plus applicable taxes)
Note: Charges may differ from product variant/scheme offered to Merchants /Retailers and may differ from BC to BC.
Eligibility
- Individual (18-65 years).
- Have Officially Valid Documents as KYC.
- Should be small retailer’s/business outlets doing the activity for which loan is being applied.
- Residing within the operational area of Bank though BC.
*Customer final loan eligibility will be determined by the banks loan eligibility criteria set for the specific product.
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