Collateral Free Loan @11.00% Onwards
The specialty of collateral free loan :- Collateral-free loans do not require you to pledge any asset as security. It brings peace of mind and opens up unlimited opportunities. One can avail collateral-free loans for various purposes. Such loans can help you meet business goals as well as personal needs like higher education, medical emergencies, marriage expenses, etc.
Enquiry Form
Collateral Free Loan
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Tenure (Month) Insurance Cover Fees Forclosure Charge
10.00% - 11.00%
1%
12
1% -2%
2
9.00% -10.00%
1%
12
1%-2%
2
9.00% - 10.00%
1%
12
1%- 2%
2
Bank Name Key Features
Interest rate

10.00% - 11.00%

Fore closure charge

2

Interest rate

9.00% -10.00%

Fore closure charge

2

Interest rate

9.00% - 10.00%

Fore closure charge

2

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Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. Photographs 2
  2. PAN Card Copy
  3. AADHAR CARD + PASSPORT
  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  6. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  10. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  11. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  1. PHOTOGRAPH BOTH
  2. PAN CARD CLEAR COPY PROPRIETOR.
  3. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  4. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL
  5. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  6. LAST 1 YEAR GST RETURN COPY
  7. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  8. PROVISIONAL FINANCIAL AY 2019-20
  9. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  10. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  11. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  12. AGREEMENT TO SELL COPY
  13. PROPERTY PAPERS WITH CHAIN SANCTION MAP
  1. PHOTOGRAPH PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL.
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 years
  8. . 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED.
  9. PROVISIONAL FINANCIAL AY 2019-20
  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
  12. ALL PARTNER SAVING A/C STATEMENT 6 MONTH.
  13. . IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED.
  14. Agreement To Sell copy
  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP
  16. ALL DIRECTORS PHOTOGRAPH
  17. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS.
  18. ADDRESS PROOF – COMPANY AND DIRECTORS.
  19. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  20. MEMORANDOM
  21. ORDER IN HAND AND COMPLETE COPY (if applicable)
  22. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  23. 1 YEAR GST RETURNS
  24. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  25. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  26. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  27. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  28. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  29. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  30. AGREEMENT TO SELL COPY
  31. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently Asked Questions

What would be the guarantee / service fee that would be payable by the member-lending institution on credit facility sanctioned in excess of Rs. 100 lakh?

Presently, guarantee fee is payable @1.5% (0.75% in case of North Eastern Region including state of Sikkim) on the credit facility agreed to be covered by the Trust. In this case, maximum of Rs. 100 lakh would be extended guarantee cover even though the sanctioned amount exceeds Rs. 100 lakh. Similarly, the Annual service fee would be payable @0.75% on the guaranteed amount subject to a ceiling of Rs. 100 lakh.

Can term loan or working capital facility alone be extended by an eligible lender and still be covered under the guarantee scheme?

Yes, a lender can extend either term loan or working capital facility alone and still be eligible for a guarantee cover if it meets the other eligibility parameters. Needless to say, the credit facility extended to a borrower should be without any collateral security and/or third party guarantee.

Up to what extant CGTMSE provides guarantee cover for the credit facility extended by MLIs to eligible borrower?

CGTMSE provides  a guarantee cover up to 75% of the amount in default subject to a maximum of Rs.62.50 lakh. However the extent of guarantee cover is 85%,under following case: (a) Credit facilities up to Rs. 5 lakh extended to Micro Enterprises. Also the extent of guarantee cover is 80%, subject to a maximum of Rs.65 lakh under following cases. (a) For micro and small enterprises operated and/ or owned by women irrespective of amount (b) Credit facilities to units in the North Eastern Region (including State of Sikkim). 

How is the service fee payable for the first year?

In the first year of coverage of each guaranteed unit, the Annual Service Fee is worked out on pro-rata basis i.e. at the applicable rate of fee charged for the period (no. of days) of outstanding, starting from the date of commencement of the guarantee cover till March 31. For calculation of Annual Service Fee, number of days in a year is taken as 365. For subsequent years, service fee is charged for the whole year, on the credit facility guaranteed except for terminal year or closed cases where it is on pro rata basis.

What is the difference between primary security and collateral security?

Primary security is the asset created out of the credit facility extended to the borrower and / or which are directly associated with the business / project of the borrower for which the credit facility has been extended. Collateral security is any other security offered for the said credit facility. For example, hypothecation of jewellery, mortgage of house, etc.

Can the Micro and small entrepreneurs / borrowers approach the Trust directly to seek guarantee for the credits sanctioned by the Banks?

CGTMSE gives guarantee to its MLIs. Therefore, entrepreneurs in the Micro and small enterprises sector have to approach the Banks or financial institutions (who have already registered with the Trust as MLIs) with their viable proposals for their credit requirements. 

What are the eligible lending institutions under the Scheme?

All Scheduled Commercial Banks (either PSU, Private or Foreign Banks), select Regional Rural Banks, or such of those institutions as may be directed by GOI can avail of guarantee cover in respect of their eligible credit facilities under the Scheme. Small Industries Development Bank of India (SIDBI), National Small Industries Corporation Ltd (NSIC) and North Eastern Development Finance Corporation Ltd (NEDFI) have been included as eligible institutions.

Can the Micro and small entrepreneurs / borrowers approach the Trust directly to seek guarantee for the credits sanctioned by the Banks?

CGTMSE gives guarantee to its MLIs. Therefore, entrepreneurs in the Micro and small enterprises sector have to approach the Banks or financial institutions (who have already registered with the Trust as MLIs) with their viable proposals for their credit requirements. 

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