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Please Note: North East Small Finance Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
North East Small Finance Bank (NESFB) is a wholly-owned subsidiary of RGVN (North East) Microfinance Ltd. that received ‘In-principle approval’ from RBI to initiate Small Finance Bank (SFB) operations from September 2015. NESFB offers lending support to various entities, such as small farmers, micro business units, Micro, Small and Medium Enterprises (MSMEs) and several other unorganized sector units. Further let’s discuss regarding types and features of variety of business loans offered by NESFB.
NESFB Business Loan Interest Rate
| Loan Type | Micro Credit Loan | Income Generation Loan | Micro Business Loan | Enterprise Development Loan |
| Interest Rate | 19.95% p.a. onwards | 19.95% p.a. onwards | 17.95% p.a. onwards | 18.60% p.a. onwards |
Note: The mentioned interest rates are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
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Related Post: What is the interest rate for Mudra loan in SBI?
Types of Business Loans
1. Joint Liability Group (JLG) Loan
JLG is a set of group loan of separate 5 individual borrowers availing business loan and offering mutual guarantee of each other. The loan amount shall vary from members to member of any group.
Features:
- Maximum loan up to Rs. 1 lakh
- No collateral, security or guarantor required
- Fortnightly doorstep collection
2. Micro Business Loan
Micro business loans are offered by NESFB to vendors and small vendors to meet their day-to-day financial requirements and for business related purposes.
Features
- Interest rate: 17.95% p.a. onwards
- Loan Amount: Up to Rs. 1 lakh
- Collateral: Not required
- Income Proof: Not required
3. Entrepreneurship Development Loan (EDL)
Features
- Interest Rate: 18.60% p.a. onwards
- Loan Amount: Maximum up to Rs. 5 lakh
- Repayment Tenure: From 12 months to 36 months
- Loan can be availed by small traders and service providers
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Fees & Charges
| Type/Category | Micro Credit Loan | Income Generation Loan | Micro Business Loan | Enterprise Development Loan |
| Processing Fee | Nil up to Rs. 25,000, 1% above Rs. 25,000 + GST | 2% of loan amount + GST | 2% of loan amount + GST | 1% of loan amount + GST |
| Foreclosure/Prepayment Charges | NA | 2% on outstanding amount + GST | 2% on outstanding amount + GST | 4% on total outstanding amount in case of takeover |
| Documents Retrieval Charges | NA | Rs. 500 + GST | Rs. 500 + GST | Rs. 500 + GST |
| Loan Cancellation Charges | Nil, processing fee if any shall be retained | Nil, processing fee if any shall be retained | Nil, processing fee if any shall be retained | Nil, processing fee if any shall be retained |
| Bounce Charges | NA | NA | NA | Rs. 500 + GST |
| Swapping Charges | NA | Nil | Nil | Nil |
| Late Repayment Charges | NA | 2% per month on irregular amount for the period of irregularity | 2% per month on irregular amount for the period of irregularity | 2% per month on irregular amount for the period of irregularity |
| Documentation Charges | NA | NA | NA | NA |
| Amortization Schedule charges | NA | NA | NA | NA |
| Stamp Duty | As per Actuals | As per Actuals | As per Actuals | As per Actuals |
| Duplicate Statement Issuance Charges | NA | Rs. 100 + GST | Rs. 100 + GST | Rs. 100 + GST |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Download Form & Contact Address
Applicants can download the application form to apply for any banking product by clicking on this link
NESFB operates from various branches located in the following states:
- Assam
- Arunachal Pradesh
- Manipur
- Meghalaya
- Mizoram
- Nagaland
- Sikkim
- Tripura
- West Bengal
If in case, customers want to visit the registered head office of NESFB, they can reach to the following address:
North East Small Finance Bank Ltd.
1st & 3rd Floor, Fortune Central,
Basisthapur, Bye lane 3,
Beltola Guwahati, Assam 781028
or,
Call on Toll Free Number-1800-121-1905, write email at: customercare@nesfb.com.