A loan to grow your micro, small and medium enterprises. RAR Fincare has designed its MSME loans in a customised and flexible manner to modernise your infrastructure, upgrade your technology, expand production, launch new products or services, or meet your working capital requirements. We provide your entrepreneurial ventures with the boost they need to succeed in a simple and secure manner.
If your business is classified as a micro, small or medium enterprise on the basis of the criteria defined by the Ministry of MSMEs, Government of India, then you are eligible to apply for an MSME loan from RAR Fincare.
As per the latest guidelines published by the GoI,
Our MSME loan EMI calculator helps you plan your monthly budget and expenditure, as it gives you a realistic picture of your monthly obligations. This is a powerful tool that helps you make sound decisions regarding your MSME loan amount and tenure.
The mandatory set of documents includes identity proof, address proof, signature verification, and photographs.
Past 3 years’ ITR / GST returns are to be submitted.
Audited business financial statements for the past 3 years and projected statements for the next 3 years. If financial statements are not available, then CA certified net-worth statements are to be submitted.
A brief description of your business and certificate of practice; SSI registration certificate, if available
Past 12 months’ bank statements (CC/OD/CA) as well as Repayment Track Record (RTR) details of existing loans.
Our MSME loan interest rates are competitive amongst the other players in the industry. Depending on loan eligibility, income, your business and other criteria, we determine the best interest rate for your MSME loan requirement.
When applying for an MSME Loan with RAR Fincare, you do not have to worry about any hidden charges. Whether it is related to processing fees, foreclosure charges or delayed EMI payments, all information is transparently provided for smooth processing of your MSME loan application.
|Fee & Charges*||Amount|
|Loan processing fee||1% to 3% + Applicable tax|
|Due diligence charges||INR 1000 to INR 2000|
|Initial Money Deposit||INR 3000/- (Non-refundable)|
|Cancellation Charges||INR 5000 or 0.50% of the loan amount, whichever is higher|
|Prepayment Charges Term Loan||Term Loan - 4% of the principal outstanding|
|Foreclosure Charges||4% of the principal outstanding at the time of foreclosure|
|Cheque Bounce Charges||INR 400|
|ECS Failure Charges||INR 400 (To be charged for every instance)|
|Repayment Mode Swap Charges / Swapping Charges (PDC to ECS)||INR 400 (Based on customer request only)|
|Legal verification||At actuals|
|Valuation charges||At actuals|
|Stamp Duty/Stamping Charges||At actuals (To be charged as per state stamping law)|
|Mortgage fees||At actuals|
|Franking Charges||At actuals (To be charged on the day of disbursement)|
|Credit Shield||At actuals|
|Fire Insurance premium charges||At actuals (Will vary from application to application. Needs to be user defined.)|
|Loan Reschedulement charges||INR 2500|
|Loan Restructuring charges||INR 3500|
|Duplicate NOC or No Due Certificate||INR 250 per request (Original NOC to be provided to the customer free of cost at the time of loan closure subject to all conditions being met)|
|Charges towards legal expenses in case of overdue/ default/ recovery / Legal action under Section 138 of Negotiable Instruments Act, 1881, and/or Section 25 of Payments and Settlements Systems Act, 2007||At actuals|
|Cash collection charges||1% of the collection amount for Rs. 50000 and above in cash (Free below the amount of INR 50,000)|
|Duplicate Repayment Schedule||INR 300|
|Loan Statement / Statement of Account charges||INR 200|
|Prepayment Statement charge||INR 200|
|Duplicate foreclosure statement charges||INR 200 (Original foreclosure statement to be provided at the time of case closure - free of cost)|
|Copy of property documents||INR 500|
|Copy of loan agreement||INR 500|
|Commitment charges||To be decided|
|CERSAI Charges Only in case of secured - property||INR 250 to 500 /-|
|Other Charges - Miscellaneous||At actuals|
*Charges may be updated from time to time. Please refer to the loan agreement for applicable charges.
RAR Fincare has established high-quality relationships with customers and provides excellent services in its focus market areas. Our priorities are customer satisfaction & prudent growth, and we have designed tailor-made products to meet the requirements of our customers.
Get ample amount sanctioned meeting your requirements
Streamlined loan journey, and we’re available to help you throughout
Flexible repayment options (EMI and bullet) and longer tenure
An interest rate of 14% onwards for eligible borrowers
Enter your personal, business & bank details to get a fair loan offer
Our team assists you throughout to complete the application
Accept loan offer and execute loan documents
Choose from flexible repayment options and start receiving funds
You can visit the nearby RAR Fincare branch office to apply for the loan. Or else, you may simply fill out and submit the online form provided on this website, and our representative will get in touch with you to help you with the loan application.
We do not enforce stringent security requirements for eligible customers and offer loans without any collateral. For others, we accept a wide range of securities – be it your property, machinery, or stocks and receivables.
We understand small business owners may not meet all the criteria to avail a loan. Hence, we allow co-applicants to take part in the loan application by which both the applicant and the co-applicant are put together to meet the criteria to become eligible for a loan.
We put special attention on MSME customers and provide full assistance throughout the loan application process and during the entire repayment period till loan closure. We are also on the process of providing services at customers’ door step if they are residing within the close catchment area of our branches.
These customers are mostly retail in nature, meeting the requirements of the respective town/village.
The formula which is used to calculate the equated monthly instalments that you are required to pay RAR Fincare for availing the loan is
P x R x (1+R)^N/[(1+R) ^ (N-1)]
where P stands for the principal amount, R is the rate of interest, and N is the loan tenure.
RAR Fincare will charge a penalty fee if a borrower misses an EMI payment. A missed or delayed instalment payment will reflect on your credit report. Not making loan due amount payments on time can have a negative effect on your credit score.
Once the application is duly submitted, it’ll take approximately 4 business days to disburse funds to your bank account.
We allow up to 7 years for secured MSME loans and up to 3 years for unsecured MSME loans.
If your CIBIL score is above 650, then you will be eligible to obtain a loan from us. Customers with CIBIL scores below 650 would undergo additional checks from our side before sanctioning the loan.
We accept the following list of collaterals as part of the MSME loan application: -
If repayment has not defaulted at any point, then your EMI amount will remain the same throughout the tenure of the loan.