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with IDFC FIRST Bank Vyapaar Vriddhi Loan

Loans for all business requirements

with IDFC FIRST Bank Vyapaar Vriddhi Loan

Borrow with zero collaterals
Wide coverage of multiple services and businesses
No income proof required for a loan up to ₹3 lakhs
Doorstep collection - No cheques required

Borrow with zero collaterals
Wide coverage of multiple services and businesses
No income proof required for a loan up to ₹3 lakhs
Doorstep collection - No cheques required

Overview
Eligibility
Fees & Charges
FAQS

Vyapaar Vriddhi Loan

Small and micro enterprises generate substantial income and employment for rural households. However, they have limited access to resources from the banking and financial sectors, which could help them in upgrading their business. IDFC FIRST Bank micro-enterprise loan is offered to small and micro-enterprises. It can be applied for, from our nearest branch. This small business loan comes with one of the best MSME loan interest rates compared to informal financing sources. It offers some amazing benefits like borrowing with zero collaterals and doorstep collection.Read More

One of the best features is that it requires no income proof for a loan up to ₹3 lakhs. This loan is now available in 100% paperless mode with the Instant Disbursal Option. Hence, IDFC FIRST Bank offers just the right micro-enterprise loan if you’re looking to expand your small/ micro-enterprise. Read Less

Key Features

Loan Amount up to 10 lakhs

Loan Tenure up to 60 months

No income proof for a loan up to 3 lakhs

Instant Disbursal

ELIGIBILITY

Documentation

For loans up to 3 lakhs

Valid KYC documents
Owned House Proof (OHP)
MSME Borrowers - Valid Udyam Registration Certificate

For loan above 3 lakhs

Valid KYC documents
Owned House Proofs (OHP)
6 months Bank Statement or ITR
MSME Borrowers - Valid Udyam Registration Certificate

Schedule of Charges

Loan Processing Fees	Up to 2% of the Sanctioned Amount + GST
EMI Bounce Charges per presentation	7.5% of the EMI outstanding + GST (minimum - Rs 400+GST; maximum - Rs. 1000+ GST)
Penal Charges	2% per month of Unpaid EMI or ₹300/- (Whichever is Highest) + GST
Cheque Swap Charges (per swap)	₹500/- + GST
Foreclosure Charges	4% of the principal outstanding amount + GST & for MSME tagged applications – Nil charges
Stamping Charges	As Per Actuals
Life & General Insurance Premium	As Per Actuals
Rate of interest	12%-28.5%
Average Credit TAT	14 working days for MSME tagged applications subject to submission of all documents as required by the Bank.
EMI Pick-up/collection charges	500 /- + GST
Foreclosure lock in period	180 days
Prepayment charges	4% of the principal outstanding amount + GST & for MSME tagged applications – Nil charges

The above schedule of charges is also applicable for all loans under PM Svanidhi

FREQUENTLY ASKED QUESTIONS

What is the advantage of MSME loans?

Vyapaar Vriddhi Loans are the best options to meet all type of needs of your growing business with zero collaterals.

What are the documents required for getting a quick MSME loan for new business?

Loan application with OVD for loan amount up to INR 3L, income proofs for a higher loan amount.

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