Please Note: Equitas Small Finance Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Equitas Small Finance Bank is a micro finance company that received license from RBI to perform banking operations in 2016. Equitas Small Finance Bank specialises in offering lending services that include business loan and MSME loan to the following entities:
- Doctors
- Partnership Firms
- Private Limited Companies
- Sole Proprietorship Firms
- Self-Employed and Professionals
The interest rate offered by Equitas Small Business Bank remains fixed at 18% p.a. onwardsfor all its business loans. However, the other charges that include processing fees, prepayment charges, penal charges, foreclosure charges, etc. shall change according to loan type and applicant’s profile.
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Equitas Small Finance Bank Business Loan – Features
| Category/Loan Type | Loan against Financials | Loan for Professionals | Loan against POS machine sale | Loan for Doctors |
| Interest Rate | 18% p.a. (Fixed) | |||
| Loan Amount | From Rs. 5 lakh – Rs. 75 lakh | From Rs. 5 lakh – Rs. 10 lakh | From Rs. 5 lakh – Rs. 25 lakh | From Rs. 5 lakh – Rs. 25 lakh |
| Processing Fee | 2% of the loan amount + GST | |||
| Offered to | Individuals/Enterprises | Architects/CAs/Engineers | Purchase of machinery | Doctors |
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.
Equitas Bank Business Loan can be availed by individuals/companies engaged in retail and wholesale trade, service and manufacturing sectors only. The bank also offers business loans to doctors to meet their working capital requirements that include setting up of clinic, purchase of equipment, investing in X-Ray lab, buying space for clinic, expansion, renovation, buying ambulance(s), etc.
Fees and Charges
Delayed payment: 2% of the EMI outstanding
Cheque Bounce Charges: Rs. 500
| Foreclosure charges | Loan Tenure | ||
| EMI Serviced | 12-23 months | 24-35 months | More than 35 months |
| Less than 6 months | 5% | 5% | 6% |
| 6-12 months | 3% | 4% | 5% |
| 12-18 months | – | 3% | 3% |
| More than 18 months | – | 3% | 3% |
Note: GST will be charged extra as per the applicable rates, on all the charges and fee.
Also Know: What is the minimum interest rate for an SME loan
Toll Free Number: 1800-103-1222
Micro Finance Loan from Equitas
Interest rate:
24% for loan amount less than or equal to Rs. 25000
23% for loan amount above Rs. 25000
Processing Fee: Nil for loan amount less than Rs. 25000
1% of loan amount + GST for loan amount above Rs. 25000
Equitas offers small loans to people falling in the Economically Weaker Section (EWS) and Low Income Group (LIG) categories that ranges between Rs. 2000 to Rs. 35000.
Equitas MSME Loan
Equitas Bank MSME loans are offered to self-employed applicants to meet their financial requirement that may include medical expenses, home renovation, children’s higher education, debt consolidation, business expansion, etc.
Interest Rate and Loan Amount: Depends on the applicant’s profile and bank’s guidelines
| Fees & Charges | |
| Processing Fee | 1% of the loan amount + GST |
| Login Fees | Rs. 5000 |
| Renewal Fees | Min. 0.75% of loan amount |
| ROC Filing Charges | Rs. 3000 + taxes per filing |
| Penal Interest for non-submission of Stock Statement | 2% additional rate on existing ROI |
| Non-Submission of property/stock insurance | 2% additional Rate of interest on the outstanding amount |
| Cheque Bounce Charges ( Term Loan) | Rs 500 per instance + taxes |
| Late payment penalty (Term Loan) | 24% p.a. (plus taxes) on the outstanding loan amount |
| Takeover Charges on customers in case the loan is taken-over by other Banks and NBFCs | 4% of loan Outstanding for Term loan and 4% of the sanctioned amount for Working Capital Facility + taxes |
Note: GST will be charged extra as per the applicable rates, on all the charges and fee.
FAQs
Q. What is the loan amount offered by Equitas Small Finance Bank?
Ans. The minimum loan amount offered is Rs. 2000 and Maximum is Rs. 75 lakh
Q. What is the interest rate offered by Equitas Small Finance Bank on its business loans?
Ans. The business loan interest rate offered by Equitas Small Finance Bank is fixed at 18% p.a. onwards.
Q. What is the processing fee charged by the bank?
Ans. The processing fee charge by the bank is up to 2% of the loan amount plus applicable taxes.
Q. What are the foreclosure charges levied by Equitas Small Finance Bank?
Ans. The minimum foreclosure charge levied by the bank is 3% on the remaining loan amount.
Q. How can I reach or contact the Equitas Small Finance Bank Ltd.?
Ans. You can contact the bank by visiting the below mentioned address:
Equitas Small Finance Bank Ltd.
Phase II, 4th Floor, Spencer Plaza,
No. 769, Anna Salai,
Chennai – 600 002