PRODUCTS
NSIC (NATIONAL SMALL INDUSTRIES CORPORATION)
National Small Industries Corporation (NSIC), is an ISO 9001:2015 certified Government of India Enterprise under Ministry of Micro, Small and Medium Enterprises (MSME). NSIC has been working to promote, aid and foster the growth of micro, small and medium enterprises in the country. NSIC operates through countrywide network of offices and Technical Centres in the Country. In addition, NSIC has set up Training cum Incubation Centre managed by professional manpower.
Are you aware about NSIC and the various ways it helps Indian MSMEs? The government run organisation handholds MSMEs at various stages and supports incubation, credit facilities, technology adoption, marketing and much more. Read on to know more.. Realising the fact that MSMEs are the backbone of the Indian economy, the government of India offers support to them in multiple ways. NSIC or National Small Industries Corporation was established to handhold and support emerging business throughout their journeys. NSIC runs under the Ministry of Micro, Small and Medium Enterprises (MSMEs) and operates through offices and Technical Centres located countrywide. It supports MSMEs in marketing, technology, finance, and so on. The purpose of NSIC is to foster growth of MSMEs in the country.
Micro, Small and Medium Enterprises(MSME)
The Micro, Small and Medium Enterprises (MSMEs) need funding to establish and grow. The Government of India has taken many steps and launched many schemes to provide credit to MSMEs. MSMEs contribute significantly to our country for building a strong economy. One of the key aspects of MSMEs is access to credit. MSMEs require credit or funding to establish the business or the expansion of the business.
To provide credit facilities for the MSMEs, the Government of India has come up with many loan schemes, and even the banking sector and financial institutions grant loans to them. Some of the well recognised MSME loan schemes of 2020, popular due to the business getting disrupted due to COVID-19, are discussed below.
Financial institutions' MSME Loans can be used for the following business purposes:
- To establish a new business/company or to grow an existing one.
- Launch of a new product line or payment to suppliers via Bill Discounting.
- Paying workers, purchasing commodities and raw materials, stockpiling inventories, marketing, and promotional reasons, and so on all require operating cash.
- Plant and machinery purchases, such as testing or lab equipment/machines, electrical appliances, furnishings, replacement parts, and so on.
- Building spaces are being constructed, or land/factory or commercial properties are being purchased.
- Purchasing new or used machinery/equipment, as well as a fleet of cars.
- Any additional monetary help for commercial reasons.
MSME loans are credit facilities made available to MSMEs, startups, individuals, business owners, entrepreneurs, self-employed professionals, and other business entities for business expansion and day-to-day operations. Banks/NBFCs offer maximum loan amounts of up to Rs. 2 crores (collateral-free loans) with payback terms of up to five years, which may be extended as needed. MSME loan interest rates will differ from lender to lender and will be determined by the applicant's profile and business needs.The Government of India had changed the definition of MSME and announced it on May 13, 2020. The revised MSME Loan Details are as follows:
- The MSME classification criteria have been altered from investment to investment and annual turnover.
- The Government of India recently enhanced the investment ceiling for MSME unit classification. This means that more businesses and firms can now take advantage of MSME programs.
MACHINERY LOAN
Machinery/equipment loan is a type of business loan that helps business owners to secure the necessary funding to get the machinery/equipment required to streamline their business processes and scale up production. Increased productivity will lead to higher output, in turn, higher sales and revenue.Many lenders provide machinery/equipment loans at attractive interest rates based on the applicant’s business profile, profitability, and necessity. As per the regulations specified in India, businesses that obtain machinery loans to purchase machinery can enjoy tax benefits.
In this case, the ownership of the machinery you purchase with the loan amount will be held by the lender as long as you repay the loan entirely. No other collaterals are required to get the loan.
The main purpose of the loan is to offer funding for the upgradation or acquirement of machinery, which may include vehicles, office equipment, manufacturing equipment, and other essential assets. The amount of the loan may vary on the basis of the borrower's creditworthiness as well as the lender.
Loan amount: You can get a loan of up to Rs.5 crore to purchase machinery/equipment for your business with a machinery/equipment loan. The loan amount sanctioned may depend on many factors and may vary with lenders.
Online access: You don’t have to go down to visit the lending institution during these challenging times of COVID-19. You can sit at home or in the workplace and apply for machinery loans online. Many lending institutions have set up their online presence to add ease to the process.
Unsecured loan: You can get a machinery loan without having to pledge any asset or property as surety for repaying the loan.
WORKING CAPITAL LOAN
A working capital loan is a loan that is taken to finance a company's everyday operations. These loans are not used to buy long-term assets or investments and are, instead, used to provide the working capital that covers a company's short-term operational needs.
Those needs can include costs such as payroll, rent, and debt payments. In this way, working capital loans are simply corporate debt borrowings that are used by a company to finance its daily operations.
A Working Capital Loan is one that is availed of to fund the day-to-day operations of a business, ranging from payment of employees' wages to covering accounts payable. Not all businesses see regular sales or revenue throughout the year, and sometimes the need for capital to keep the operations going may arise.
- A working capital loan is a loan taken to finance a company's everyday operations.
- Working capital loans are not used to buy long-term assets or investments; they are used to provide working capital to covers a company's short-term operational needs.
- Companies with high seasonality or cyclical sales may rely on working capital loans to help with periods of reduced business activity.
- Working capital loans are often tied to a business owner's personal credit, so missed payments or defaults may hurt their credit score.
LOAN AGAINST PROPERTY (LAP)
A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
Under this method, you are given a sanction of a particular amount, based on the property value and you only pay interest on the amount you take as a loan, out of the total sanction amount. By following this, you can achieve better alignment between your financial goals and the loan amount you avail.
- Higher Loan Amounts: With LAP, you can access substantial funds based on the value of your property. At IIFL Home Loans, you get loans up to 65% of the property's current market value, enabling you to meet significant financial requirements.
- Flexible Tenure: Loan Against Property offers extended repayment tenures of around 10 years. The higher the property’s value, the longer the repayment term. This flexibility allows you to choose a tenure that suits your repayment capacity and helps in managing monthly instalments more comfortably.
- Multipurpose Use: Unlike some other loans, LAP gives you the freedom to utilise the funds for various purposes. Whether it is funding your child's education, expanding your business, investing in a new business venture, or covering medical expenses, LAP provides the necessary flexibility. You can avail of instant financial assistance for your small businesses/SMEs/MSMEs with IIFL Home Loans.
- Consolidation of Debts: If you have multiple loans or credit card debts, LAP can be an effective tool for consolidating them into a single loan at a lower interest rate. This simplifies your finances and helps you save money on interest payments. Now that the benefits are apparent, here’s how you can apply for a loan against your property.
COMMERCIAL VEHICLES LOAN
Commercial vehicles play a vital role in enhancing business transportation efficiency, offering logistical flexibility and long-term cost benefits. If you’re in need of financing for a pre-owned commercial vehicle, our Used Commercial Vehicle Loan provides a hassle-free solution through a simplified process.
With our Used Commercial Vehicle Loans, you can even transfer your current loans and take advantage of reduced interest rates. Maximise the benefits of our service by refinancing your pre-owned commercial vehicles. Apply for our Used Commercial Vehicle Loan and simplify your work life.
The loan is typically used to buy trucks, vans, or other vehicles that are used to transport goods or services. The terms of the loan, such as the interest rate and repayment period, will depend on the lender and the borrower's creditworthiness.
- Finance for all types of used commercial vehicles- Small/light/Intermediate/ medium/ Heavy
- Third party settlement support
- Loan take-over facility
- Pre-owned vehicle finance
TRACTOR LOAN
As a country whose economy is heavily dependent on agriculture, a tractor's role is invaluable to not only farmers but also the industry as a whole. Whether you are an individual or a company involved in agri-business, tractor loan can provide you with the necessary funds.
AU Small Finance Bank’s tractor financing offers customized solutions, attractive tractor finance interest rates, and flexible repayment tenures based on your cropping patterns. We provide half yearly, quarterly, and monthly repayment options, based on your needs. We also go one step further and help you identify the models best suited to your region's soil conditions. You can buy both new and pre-owned tractors with minimal paperwork and quick approvals. So, fill in the online application form to apply for a tractor loan, and we will get in touch with you!
Tractor loans are primarily taken for acquiring different types of tractors, which can be used for various purposes. One of the best things, do you know tractor loans can be easily repaid in small instalments? It also allows you to try out the machinery where you don't need to buy it in the first place.
CAR LOAN
Owning a car can give you the flexibility to plan your life, free of obvious limitations. For instance, you can shorten your commute to work or spend a little more time with your kids as you drive them to school. Planning spur-of-the-moment road-trips without pre-booking rail or airplane tickets becomes a possibility. You can even shop till you drop, knowing that you don’t have to lug around heavy bags in crowded public transport.
AU Small Finance Bank makes it easy for you to enjoy the freedom of purchasing your very own personal or commercial car, whether you have immediate funds for it or not. You can apply for a car loan from AU Small Finance Bank and get attractive interest rates to bring home the car of your choice. We offer financing for new and pre-owned cars at pocket-friendly, monthly installments with low processing fees and zero hidden charges. So, apply for a car loan online today, and enjoy hassle-free financial assistance with minimal paperwork.
When it comes to car loans in India, in general, the following features and benefits are offered. Note that the following is a generalised look at the advantages offered by car loans. Individually, car loan lenders may have highly customized and specialized offerings for their customer base.
- It helps you purchase a car even if you don't have all the money for it right now.
- Most car loans will finance the on-road price of the car.
- Some car loans will even finance 100% of the on-road price. This means no down payments.
- With some banks offering financing in the crores, you are not limited in your choice of cars
- Most car loan offerings in India are secured loans. This implies that the car serves as the security/collateral for the loan.
- Procuring a car loan is usually simple when compared to other loan products. Individuals with slightly unsavoury credit scores can also hope to procure one. However, this option differs from bank to bank.
- Car loans in India often offer fixed interest rate options. This means you are always assured of a fixed amount that needs to be repaid monthly.
- Many lenders will offer interest rates based on your credit score so a high score to get you a cheaper loan.
- Car loans are not meant for just new cars. A used car loan can help you buy a pre-owned car.
TWO WHEELER LOAN
We, at AU Small Finance Bank offer the Two-Wheeler Loan, a type of vehicle loan which helps you bring your new two-wheeler home. Simply select the two-wheeler that meets your needs and we will fund it. Even if you are a student, our Two-Wheeler Loan for students will help you.
- We offer a special student two-wheeler loan to make a student’s life easier
- Complete your loan with minimal documentation and over-the-counter disbursement
- Our facility comes with instant and paperless approvals with rapid turnaround time
- Dedicated relationship manager with expert assistance at every stage to help your banking experience be seamless
- Up to 100% on-road funding
PARTNERSHIP WITH BFC MFI HFCS & NBFCS
Grow Money brings you the best from both the worlds – NBFC and MFI. We at Grow Money have always trusted that MFI provides micro-level financial inclusion which NBFC can complement and propel the growth of the nation with an increase in jobs and wealth creation.
Our unique experience of more than 23 years guides us to be a company working on two different spectrums of markets namely NBFC and MFI.
As RBI commented, NBFC played a significant role in the development of Transport and other sectors, NBFCs give infrastructural strength to MFI.
Grow Money is one of the select players who has partnered with both of these institutions.
HOUSING LOAN
A home loan Is a secured loan that is obtained to purchase a property by offering it as collateral. Home loans offer high-value funding at economical interest rates and for long tenures. They are repaid through EMIs. After repayment, the property’s title is transferred back to the borrower.
A home loan is a type of loan provided by banks, financial institutions, and Non-Banking Financial Companies (NBFCs) to help individuals purchase a residential property. In India, home loans have become increasingly popular in recent years, given the significant rise in property prices and the increasing demand for affordable housing.
Home loans are a long-term financial commitment and therefore require careful consideration before making a decision. In India, there are various types of home loans available, such as fixed-rate home loans, floating-rate home loans, and hybrid home loans.
A Home Loan can be opted for any of the following purposes: To buy a house/flat - under construction or constructed. To buy a plot of land where you can construct the house. Construction of the house on a land you already own.
INDUSTRIAL SHED LOAN
Loans for purchase/construction of new/old industrial sheds Loan tenure up to 120 months. Interest Rate for the product Ranges from 12% to 24%. Special GST & Banking based assessment policy with limited documents for loan amount up to Rs 75 lakhs available.
A Loans for purchase/construction of new/old industrial sheds Loan can be opted for any of the following purposes: To buy a house/flat - under construction or constructed. To buy a plot of land where you can construct the house. Construction of the house on a land you already own.
call us
+91 93016 66612