Scribd Logo
Upload

Welcome to Scribd!

  • 9 views

    Non Exclusive - Gross Settlement - Product T

    Uploaded by

    7483497008shravani

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Non Exclusive - Gross Settlement - Product T

    Uploaded by

    7483497008shravani
    9 views4 pages

    Original Title

    Non Exclusive - Gross Settlement - Product T (1) (1)

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    9 views4 pages

    Non Exclusive - Gross Settlement - Product T

    Uploaded by

    7483497008shravani

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 4

    105720B/ 2023-24 Date: 26-10-2024

    M/S.AB'S FOOD ADDA


    NO 88/4,RAMAKRISHNA BUILDING, MURGESHPALYA
    CHURCH STREET, Bengaluru-560017

    Ref: Application Num:1347363

    MSME Empowerment Business Loan – Sanction Letter


    Dear Sir,

    With reference to your application dated 21-10-2024 for a business loan and subsequent discussion
    with our sales executive, we have pleasure in sanctioning you the loan subject to the following terms
    and conditions.

    1. Loan Amount : Rs. 21,00,000 /-(Twenty One Lakhs only/- )


    2. MSME Interest Subsidy : Rs. 60% (Sixty Percent Of paid interest will be
    credit back to account Num: )
    3. Subsidy Credit Days : 180, 360, 540 and721 t Day ( 94879/- for 120 Days)
    4. Repayment schedule : Rs. 3994/- on daily basis. For transactions done on
    a holiday, cumulative amount would be recovered on the next working day. The
    repayment would start from the very next working day of loan disbursed date
    5. Borrower : M/S.AB'S FOOD ADDA
    6. Tenure : 720 days
    7. Purpose of the loan : Working Capital
    8. Processing Fees(Excl. service tax): Rs. 42,000/- (To be deducted upfront from the
    loan amount) Goods and Service Tax as applicable@ 18%
    9. Guarantor: No Guarantor Required Only Applicant is taken into loan Consideration
    10. Insurance Refundable If zero Claim in loan Tenure : 18,000/-
    11. Insurance Charges: 21,000+ GST@18%
    12. Insurance Covered Hospitalization of more than 24 Hours with cashless Benefit in
    Care tied up Hospitals and Refundable in Non-Tied Up Hospitals for Applicant and
    Nominee Upto 21 Lakhs.
    13. Restaurant Is covered From Fire Accidents and Bulgary Upto 21 lakhs when
    Submitted with Clear FIR attested Copy
    14.

    15. Other conditions

    a) Your monthly expected repayment is Rs. 7,06,260/-


    b) You need to settle your card transactions with the acquiring bank on daily basis.
    c) You will not divert or attempt to divert any amount of your daily card sales to cash
    sales.
    d) You will continue to carry on your present business and shall not make any material
    change in or close down your existing business without our prior written consent.
    e) In case you fail to do settlement on any working day, non-settlement charges of
    Rs. /- per day will be charged.
    f) If in future for any reason whatsoever, the expected daily sales and consequently
    the daily repayment amount is not in line with the credit/debit card sales submitted
    by yourself at the time of loan application, it will constitute an event of default and
    the shortfall shall be made good in the form of Cash/DD on a weekly basis.
    g) After disbursement of this loan if you wish to avail any credit facility or loan from
    any other bank/financial institution, our prior written permission is required.
    h) You shall allow access to your business or office premises to our employees or
    associates during business hours.
    i) If you wish to shift your place of business/residence later-on, you will be required to
    give us prior written intimation which will be required to be acknowledged by us.
    j) In case of any default by you, we can share the default information with Credit
    bureau and other financial institutions.
    k) Loan proceeds financed by us shall be utilized solely for the purpose it is being
    sanctioned and not for other purpose.
    l) We at our option can add, or amend the Terms and Conditions with prospective
    effect after giving prior notice to you.
    m) We reserve the rights to recall the advance facility at any time.
    n) Schedule of charges (as attached to this letter) have been explained and accepted
    by you.
    o) 4% additional interest rate will be charged on the loan balance, if the loan is not
    closed on or before _____ days from disbursal date.
    Please note that your loan disbursal is subject to below mentioned conditions:
    1. E –Filling of Form 8 With ROC and Board Resolution to avail the loan and
    ExecutebThe necessary Documents
    2. On submission of
    a. Latest address proof of the residence and office.

    This sanction letter (being part of the Facility documents as defined in the Loan Agreement)
    is valid for acceptance till 30 days from issuance date. If the above conditions are acceptable,
    kindly arrange to return a copy of this letter duly signed by you. After getting the accepted
    copy of this letter, we shall proceed with the other formalities such as preparation of
    documents etc. concerning the facility.

    Yours faithfully,
    For NeoGrowth Credit Private Limited

    Yateen Kudale Abhimanyu Bhasker


    Asst. Manager - Credit Cluster Manager

    I accept the above terms and conditions for business loan and authorize you to deduct the
    processing fees along with service tax from the loan amount.

    For M/S.Black Rain Hospitality Pvt Ltd

    Mr.Anthony Kunnel George(Director) Mr.Martin Santosh(Director)

    Mr.Bhasker Raju N (Director) Mr.Umesh Shyama Raju(Director)

    Please note : NeoGrowth and its associated partners does not accept any additional amount to fast
    track or approve your application.
    Particulars
    One Time mandatory Charges
    Processing fee Rs.1,50,000 /- Exclusive of service Tax (Service Tax as applicable)

    Documentation charges Stamp Duty and other statutory charges for Loan documents at actual.
    Collateral valuation charges at actuals (If applicable).
    Recurring charges – Occasional
    Prepayment Charges NIL
    Non-settlement charges Rs. ___/- for every non-settlement day.
    Bank charges Per Cheque/ACH return charges Rs.500 per returned cheque.

    PDC –ECS Bank account change and new PDC/ECS processing fee Rs.2000.
    Recovery & Collection Fees
    Charges levied by recovery agents plus 3% of outstanding amount as Collection
    Fees.
    All other related recovery costs, Court fees, Attorney’s Fees etc. at actual.
    Taxes
    Service tax and other statutory taxes as applicable.

    Schedule of Charges for M/s Black Rain Hospitality Pvt Ltd

    You might also like