Small and Medium Enterprise (SME) Account
This account isintended for small and medium enterprises, associations, unions with in which they
are entitled to credit facilities for working capital, purchase of equipment ormachineries, vehicle, and residential house
or commercial building depending on their saving amount.
Features and Benefits
The customer shall maintain both saving and current account simultaneously; the latter being used for check payment purposes. The account holder should initially deposit 20% of the value of the loan i.e. for working capital and purchase of asset. For working capital, additional 30% should be saved over a period of 6 months or more. Then, the Bank shall provide loan for the remaining 50% against collateral or NGOs guarantee.
For purchase of vehicles ,machineries or equipment, or business premises additional 20% should be saved over a period of one year or more and then, the Bank shall provide loan for the remaining 60% of the value. The interest rate for the loan is as per the Bank’s credit terms and tariffs. The loan repayment period is 1-3 years for Working Capital, 5-7 years for Vehicle or Machineries or equipment, and 5-10 years for business premises. The financed assets shall be held as a collateral
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