DMNL BUSSINESS LOAN - DHANMANGALYA MULTIPURPOSE NIDHI LTD

DMNL
BUSSINESS
LOAN

DMNL Business Loan – Interest Rates & Features

Interest Rate	Depends on applicant’s profile & business requirements
Processing Fee	From 1% – 5% of the sanctioned loan amount .
Loan Amount	Min. Rs. 10,000 – Max. up to Rs. 5,00,000/-*
Collateral	2 Guarantor required for secured business loans above 1lakh rupees or else 1 Guarantor is sufficient.
Repayment Tenure	From 12 months – 3 years, may exceed as per business requirements.
Loan Disbursal Duration	Depends on case to case

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the dmnl nidhi ltd., RBI. GST and service tax shall be levied extra on the mentioned charge.
*Loans up to Rs. 5, 00,000/- are offered to Mid-Corporate Group (MCG) for individual share members of nidhi only.
Nidhi also assists businesses in availing loans for small businesses to middle range business persons.

DMNL Business Loan Eligibility Criteria

Age	Min. 18 years & Max. 65 years
Business Existence	Min. 5 years with increasing profit consistently.
Annual Turnover	Depends on business volume and requirements
Business experience	Min. 5 years
ITR	Last 3 year
Profitability	Last 2 years in profit
Citizenship	Indian citizen with no previous defaults with any financial institution. With good track financial records.
Cibil score	CIBIL score must be 700 or more
	Candidate should own a business at least profitable for three successive financial years
	The business turnover must display an upward trend Your balance sheet be audited by a registered Chartered Accountant (CA)
DMNL SHARE HOLDER AND ACCOUNT HOLDER :	LOAN seeking individual should have saving account in dhanamangalya multipurpose nidhi ltd. With good track record last 3 to 6 months and he / she should be share holder of the nidhi compulsory.

When Should You Choose a Business Loan?

Expansion

Continuous business growth is marked with proliferating sales and multiplying profits. When expansion is your next step, opting for business loans can easily cover the short-term expenditure and various intermittent expenses. That way, your operational funds will remain intact as you bring in more sales with expansion.

Inventory

Finished goods, raw materials, merchandise, and the rest of the inventory keeps the business operations going. An operational enterprise needs substantial capital to grow and loaded stock to cater to continuous consumer demand. Availing a business loan can assist your inventory management strategies and ensure offsetting of inventory cost without afflicting your income.

Cash Flow

Cultivating a steady stream of cash is critical for growing, budding, or struggling businesses. Inconsistent cash flow can affect your everyday costs of utilities, rent, staff, and inventory. Taking a business loan can help manage costs and sustain the business during tough times. Maintaining a certain working capital level helps you in crunch times or during the off-season in operating your business

Equipment

Workforces are nothing without the latest equipment backing their efforts. Purchases to repair, replace, and upgrade various kinds of machinery arise pretty often and acquiring the best-quality equipment is necessary. In such scenarios, business loans are ideal in offering a quick influx of money so that your business doesn’t suffer due to broken or outdated equipment.

DMNL Business Loans Documents required: (applicant & co-applicant)

The documentation requirements for DMNL business Loan differ on the basis of the type of loan. Here we have compiled a list of some common business documents which may be needed at the time of application.

Self-drafted Business Plan/project report.
Duly Filled Application form along with Passport-sized Photographs 4 nos.
KYC Documents of the applicant, including PAN card, Passport, Aadhar Card, Driving License, Voter ID card, Utility Bills
Last 1 years’ bank statement of saving and current account.
Any additional document required by the lenders.
1 or 2 guarantor documents.
Last 2 years of all the loan statements with noc of all.
Last six months’ company bank statements.(current account )
KYC documents of the company such as company pan card, lightbill,sale- deed documents etc.
A report with detailed information about how the candidate will utilize the business loan.
3 years ITR filing with balance sheet of loss and profit.
Cancel cheque with signature.
Pdc cheques dully signed by lenders with no dates and name, 4 to 5 nos.
Business proof: Company registration documents or shop act license with recent receipt paid or any business proof for since 3 years.
Recent light bills of applicant

Guarantor’s documents

1) Passport size photo 4 nos.

2) aadhar card ,pan card ,voting card ,light bills, driving license ,residence tax receipt with tax noc .etc.

3) For salaried persons:

a) 16 nos. form for last 2 continuous years.
b) Company /working firm ID Xerox.
c) One year bank statements of working
d) Loan account statements if any with all noc,s .
e) Cancel cheque with signature and no name and date.
f) Last six months payment slips.

4) For self –employed/business persons:

a) ITR FILING for last 3 continuous years with balance sheet of profit and loss with dully registered chartered accountants.
b) Company pan card, certificate of incorporation, shop act license, Tan nos. GST nos. , office address proof, etc.
c) One year bank statements of working
d) Loan account statements if any with all noc,s .
e) Cancel cheque with signature and no name and date

Here are the DMNL business loan rates in 2021

Loan Type	Interest Rate
Business Loan	19% to 25%*

What are the Business Loan Interest Rates for Self Employed?

Customer Profile	ROI %	Processing Fees %
Self Employed Non-Professional	16.50% Onwards	2.00% Onwards
Self Employed Doctor & Professional	13.50% Onwards	1.50% Onwards

*Final ROI and Processing Fees may vary based on assessment program and Loan amount.

What are Business Loan Processing Fees?

The processing fee is the amount charged on your business loan application as a one-time charge for the entire loan process. The processing fees usually comprise the charges required to review your CIBIL score, check for business loan approval, and other administrative costs.

What are Business Loans Charges?

Business Loan charges include costs for cheque bounce, mandate rejection service, CCOD annual maintenance, document processing, outstation collection, foreclosure, and more.

DHANMANGALYA MULTIPURPOSE NIDHI LTD. Business Loan Processing Fees:

Processing Fee:

Up to 2.50% of the loan amount + GST

Penal interest/Additional Interest 3% on Overdue Amount per month + GST

Miscellaneous Charges

Bounce Charges: = 2000/- for every Cheque/ Payment Instrument . Dishonor + GST.

Mandate Rejection Service Charge = 450/- + GST.

Charges will be applicable on your Business Loan EMI. Due date in case the account does not have an Active mandate after the exhaustion of the given post-dated cheques. This charge would be applied every month until there is an Active Mandate linked to the account.

CCOD (Cash Credit & Over Draft) Annual Maintenance Charges:

First Year: 0.75% or 1000 whichever is higher per year will be deducted from the limit and shall be payable at the end of the 13th month.

Subsequent Years: 0.50% or 1000 whichever is higher per year will be deducted from the limit and shall be payable at the end of the 13th month.

Document Processing Charges= 3,500/- + GST.

Outstation Collection Charges= 300/- + GST per repayment instrument

Statement of Accounts= Soft Copy – Nil. Branch walk in -= 500/- + GST

Foreclosure Charges=4.5% on the future principal outstanding on existing loan+ Applicable taxes

No Foreclosure is allowed in first 9 months. = 6.5% charges if foreclosed within 9 months

Foreclosure Charges for Top Up =2.25% on the future principal outstanding on existing loan + GST

Foreclosure charges shall be levied only if new rate is lower than existing rate

Foreclosure Charges in CCOD Cases= 4.5% on the Dropped down limit amount + Applicable taxes

Loan Cancellation Charges=2% of loan amount or 5750/- whichever is higher + GST.

Instrument Swap Charges= 550/- + GST

Duplicate Repayment Schedule=Soft copy – Nil.

Branch walk in – = 550/- + GST

Duplicate NOC= 550/- + GST

Foreclosure Letter Charge= Soft copy – Nil

Branch walk in = 199/- + GST

Post Dated Cheque Charges= 850/- + GST.

Disclaimer:

The fees/charges indicated above are subject to revision at Dhanmangalya Multipurpose Nidhi Ltd. discretion from time to time.
Customers who have taken a loan before 15th April 2019 need to refer to the loan agreement and schedule of charges for applicable rates.
Soft copies of documents mentioned in the table above will be provided free of cost. For hard copies, please refer to the above table for the applicable fees & charges.