Features with terms
- Loan Scale: Rs. 30,000 – Rs.1,50,000
- Loan Tenure- 1.5 - 3 Years
- Repayment Mode: Monthly
- Interest rate: 28-29 % per annum (diminishing)
- Processing fee: 1% of loan amount plus 18% GST
- Insurance Fee: 2.40 Rupees / Thousand / Insured Life + GST 18% of the Insurance Fee
- Late Payment Fee: No charges
Purpose
The MEL can be utilized by the borrower for the following purposes
- Expansion of existing business.
- Purchase of additional stock / raw material
- Purchase of machinery/equipment for dairy
- Renovation of business premises.
- To retire high-cost debt