BUSINESS LOAN
Business loans are lending agreements made between business owners and banks or private lenders. Businesses need capital, either to fund operations or simply to start themselves up and begin turning a profit. Banks and lenders are willing to give them the money in advance, so long as they pay it back on an agreed-upon schedule, with interest.
There are several factors that determine whether businesses and start up entrepreneurs will be able to use loans as debt capital. The company's credit quality is the most important, but other characteristics like the amount of time a business has been around, any collateral it can offer, and current financial health can all make a difference.
PRODUCT:-
Loan Amount:- Upto Rs 1,00,000/-
ROI:- Upto 36% PA
Tenure :- Upto 12 Months
SCHEDULE OF CHARGES:-
| Schedule of Charges (SOC) | Unsecured Loans (Micro Enterprise Loan) | ||||
| Processing Fees | 3% of the loan amount sanctioned. This is a non-refundable fee | ||||
| Other Charges | |||||
| Foreclosure Charges |
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| Pre/Part loan payment |
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| Stamp Duty and Documentation charges | Actuals to be borne by customer | ||||
| PDC / ECS / NACH Bounce Charges / per transaction | Rs. 500 | ||||
| Repayment instrument change/ swap charges | Rs. 500 | ||||
| EMI repayment cycle date change (In addition to these, Gap interest will also apply) | Rs. 500 | ||||
| Loan Cancellation Charges (and reversal of accounting charges) | INR 5000/- + (Sanction Limit * rate of interest * No of days from date of disbursement to date of request of cancellation) | ||||
| Penal Charges | 3% per month on instalment overdue | ||||
| CERSAI Charges | Rs. 500 | ||||
| Field Collection Charges per EMI | Rs. 450 | ||||
| LITIGATION CHARGES | Debit basis actual | ||||
| *Please note that above fee and charges are exclusive of GST, education cess and other government taxes, levies etc. The above schedule of charges is subject to change and will be at the sole discretion of AJIVIKA FINANCE LIMITED, The change will be available on Ajivika Finance Limited website.* Schedule of Charges are w.e.f. 1st Jan. 2024 | |||||
Illustration on due dates and NPA classification
If due date of a loan account is March 31, 2021, and full dues are not received before the lending institution runs the day-end process for this date, the date of overdue stall be March 31, 2021. If it continues to remain overdue, then this account stall get tagged as SMA-1 upon running day-end process on April 30, 2021 i.e. upon completion of 30 days of being continuously overdue. Accordingly, the date of SMA-1 classification for that account stall be April 30, 2021.
Similarly, if the account continues to remain overdue, it stall get tagged as SMA-2 upon running day-end process on May 30, 2021 and if continues to remain overdue further, it stall get classified as NPA upon running day-end process on June 29, 2021.
| Status | DPD | Illustration 2 | Illustration 1 | Illustration 3 | Illustration 4 (Leap year) |
| *Due date/ Overdue (if not paid) | 1 day | 05-02-22 | I03-06-22 | 15-01-22 | 15-01-24 |
| SMA-1 | 31 days | 07-03-22 | 03-07-22 | 14-02-22 | 14-02-24 |
| SMA-2 | 61 days | 06-04-22 | 06-04-22 | 16-03-22 | 15-03-24 |
| #Non-Performing Asset | 91 days | 06-05-22 | 01-09-22 | 15-04-22 | 14-04-24 |
* Any amount due to the lender under any credit facility is ‘overdue’ if it is not paid on the due date fixed by the Lender. If there is any overdue in an account, the default/ non-repayment is reported with the credit bureau companies like CIBIL etc. and the CIBIL report of the customer will reflect defaults and its classification status.
# Once an account is classified as NPAs then it stall be upgraded as ‘standard’ asset only if entire arrears of interest and principal are paid by the borrower.
Call us at – 0120-4317430
Mail- Info@ajivikafinance.in
Write us at- A-96, Sector 65, Noida, Uttar Pradesh- 201301
URL- www.ajivikafinance.in