Looking for Credit Card Loan for MSMEs from IDBI Bank?
You have landed at the right place. This page contains all the information you will need on IDBI Bank’s General Credit Card Loans for MSME units.
IDBI Bank General Credit Card Loan Scheme
This loan helps MSME businesses in the non-agricultural sector meet their working capital and capital expenditure needs. The maximum loan amount is Rs. 5 lakh.
Features of IDBI General Credit Card Loan Scheme
Why this Loan?
- This IDBI Bank General Credit Card Loan Scheme is meant for MSME businesses that need financial assistance in fulfilling their working capital and capital expenditure needs
- All MSME businesses engaged in the non-farm entrepreneurial activities are eligible for this loan
Loan Amount
- The maximum loan amount is Rs. 5 lakh
Interest
- The interest rate for IDBI Bank Loans is linked to Marginal Cost of Funds-based Lending Rate (MCLR). Unfortunately, more information is not available online as of now. Please check with IDBI Bank before applying for this loan
Repayment
- These loans need to be repaid within 5 years
Security Needed
- The bank asks for hypothecation of assets created under the loan as security
Borrower Contribution to Total Cost (Margin Money)
- The bank asks for up to 25% of the total loan amount as margin
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, you will have to contribute 20% which comes to Rs. 4 lakh. The bank will provide the balance i.e. Rs. 16 lakh.
Processing Charges
- The borrower has to pay up to 1% of the loan amount as processing fee
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- IDBI Bank Website: www.idbibank.in and www.inet.idbibank.co.in (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 209 4324, 1800 22 1070