BOP e-Business Qarza
BOP has brought in an end to end digital product BOP e-Business Qarza up to Rs. 3.5 M @ 1 year KIBOR + 9.99% for its SME customers between 21 – 60 years of age. Online application where no physical documentation is required with Instant approval and disbursement . No hassle to visit branch. Customers can apply through any device mobile, laptop etc.
| PARAMETER |
CRITERIA |
| Product Name |
BOP e-Business Qarza |
| Loan Type |
Running Finance Facility |
| Target Market |
BOP’s Business Individual and Proprietorship accounts. |
| How to Apply |
Apply online |
| Relationship History |
One year or more with BOP |
| Age |
21 to 60 years at maturity of facility. |
| Loan Tenure |
1 year (annually renewable facility) |
| Purpose of loan |
Day to Day Requirement. |
| Renewal |
This shall be annually renewable facility reviewed annually on portfolio level. |
| Equity Contribution |
NIL |
| Loan Amount |
Rs 100,000/- to Rs 3,500,000/- |
| Pricing- Customer |
1 YEAR KIBOR + 9.99 % SPREAD |
| Repayment |
Through Monthly mark-up payments. |
| Due Date |
The Monthly Markup Payment shall be due on every month end. The Mark-up shall be charged only on utilized amount. |
| Security |
Not required |
| DBR Requirement |
Maximum 40%. |
| Insurance |
The banks shall arrange Life Assurance of borrowers on Portfolio Level at “Banks Cost”. |
| Processing Fee |
Rs. 8,000/- including FED.
This Processing Fee shall be deducted after approval from the limit assigned. |
| Processing Time |
Its end to end digital product with instant approval and disbursement. |
| Late Payment Charges including FED |
Late payment charges of Rs. 2000 (which includes FED) shall be charged every month in case of any overdue amount. |
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