MICRO ENTERPRISE LOAN (MEL)
A micro-enterprise under this loan category is usually a small business engaged into manufacturing, trading or services. MEL is working capital loan to the micro enterprises up to Rs 5,00,000/- with a tenure up to 120 Months and the interest rate for the product depend upon interest rate policy of the company. MEL loan extended to over 200 categories of micro enterprises (more are added from time to time). MEL is usually utilized for stocks, extending more credit or replacing trade credit and for replenishing working capital used for consumption. This type of Loan is hassle free loans which has quick turnaround time.