NeoGrowth Business Loan

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NeoGrowth
Business Loan

Neogrowth offers collateral-free business loans up to Rs. 75 Lakhs to online as well as offline retailers, vendors, distributors, traders, manufacturers, dealers, etc. The various types of Neogrowth business loan schemes are NeoCash, NeoCash Express, NeoCash Emerger Plus, NeoCash Insta, Accelerator, Vendor Finance, Purchase Finance and Supply Chain Emerger Plus.

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On Neo Growth Official Website.

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Updated: 20-05-2024 03:12:19 PM

NeoGrowth Credit SME Business Loans Details

Following are the key details of Neogrowth loans for businesses:

Minimum Loan Amount Rs. 1 Lakh
Maximum Loan Amount Up to Rs. 75 Lakhs
Repayment Tenure 6 months to 100 months
Rate of Interest 24% p.a. onwards
Processing Fee Up to 3% of the loan amount
Types of Business Loans NeoCash, NeoCash Express, NeoCash Emerger Plus, NeoCash Insta, Accelerator, Vendor Finance, Purchase Finance and Supply Chain Emerger Plus
Turnover Eligibility Above Rs. 250 Crores

NeoGrowth Business Loan Interest Rates

Following are the current applicable interest rates for different NeoGrowth credit SME business loans:

Scheme Type Rate of Interest
NeoCash Retail 24% p.a. onwards
Vendor Finance 21% p.a. onwards
NeoCash Insta 10% p.a.
NeoCash and Vendor Plus Loans 15% – 25% p.a.
Accelerator 23.99% – 26.99% p.a.

Types of Business Loans Offered by NeoGrowth

Following are the different types of business loans offered by NeoGrowth along with their key features:

A. Neogrowth Retail Finance

1. NeoCash

  • Purpose: Short-term loans for customer-facing SMEs (online and offline retailers) with point-of-sale machines or online sales.
  • Collateral: Not required.
  • Top-up facility: Existing customers with satisfactory repayment records are offered a top-up facility with minimum documentation.
  • Repayment options: Daily, weekly or fortnightly.
  • Loan amount: Rs. 1 Lakh to Rs. 75 Lakhs.
  • Tenure: 18 to 36 months.

2. NeoCash Express

  • Purpose: Quick loan for retailers with a standard simplified application and standard loan feature.
  • Repayment: Fixed tenure loan with low daily repayments.
  • Loan amount: Rs. 16 Lakhs to Rs. 25 Lakhs.
  • Tenure: Up to 24 months.

3. NeoCash Insta

  • Purpose: Neogrowth Insta loan or NeoCash Insta is a loan for customer-facing SMEs (retailers) with instant online approval and disbursal.
  • Repayment: Fixed tenure loan with low daily repayment.
  • Loan amount: Rs. 1 Lakh to Rs. 15 Lakhs.
  • Tenure: 500 days to 720 days.

4. Neocash Plus

  • Purpose: Loan against property for retailers who own a property.
  • Tenure: 72 to 100 months.
  • Collateral: Loan against residential, commercial, industrial, warehouse or vacant land properties.
  • Balance transfer option: Balance transfer & top-up of existing loans with other financiers.
  • Loan amount: Rs. 10 Lakhs to Rs. 75 Lakhs.

B. Supply Chain Finance

1. Vendor Finance

  • Purpose: Easy sanctioning of loans for manufacturers and service providers, specifically suppliers to large corporates.
  • Loan amount: Rs. 25 Lakhs to Rs. 75 Lakhs.
  • Tenure: 18 to 36 months

2. Accelerator

  • Purpose: Collateral-free term loan for manufacturers, distributors, traders, dealers and service providers catering to other businesses with GST registration basis KYC and banking.
  • Financial: No financial required.
  • Loan amount: Rs. 15 Lakhs to Rs. 25 Lakhs.
  • Tenure: 24 months to 30 months.

3. Purchase Finance

  • Purpose: Easily sanctioned term loan and limit-based product for traders, manufacturers and service providers who purchase their raw materials/ trading goods from large corporates/ channel partners of large corporates.
  • PayLater facility: PayLater Open option for purchase finance customers, which breaks down their loan amount for maximum convenience.
  • Facility type: 50% of the amount is a term loan and the other 50% is a limit.
  • Loan amount: Rs. 15 Lakhs to Rs. 75 Lakhs.
  • Tenure: 24 months to 36 months.

4. Supply Chain Plus

  • Purpose: Secured loan against residential, commercial, industrial, warehouse or vacant land property for traders, manufacturers or service providers
  • Eligibility: Basis Liquid Income.
  • Loan amount: Rs. 10 Lakhs to Rs. 75 Lakhs.
  • Tenure: 72 months to 100 months.
  • Balance transfer: Availability of balance transfer and top-up of existing loans with other financiers

Charges and Fees for NeoGrowth Business Loans

Following are the charges applicable for NeoGrowth business loans:

Types of Charges Types of Schemes
Retail Finance Vendor Finance
Processing fees Up to 3% of the loan amount Up to 2.25% of the loan amount
Bounce charges Rs. 500 + taxes for cheque bounces & Rs. 50 + taxes for NACH bounces Rs. 500 + taxes for cheque bounces & Rs. 50 + taxes for NACH bounces
Default interest 2% p.m. on the outstanding amount 2% p.m. on the outstanding amount
Documentation charges Stamp Duty & other statutory charges at actuals NA
Prepayment charges 5% on outstanding principal 5% on outstanding principal
Loan statement charges Nil Nil
Recovery charges As levied by recovery agents + 3% of outstanding amount As levied by recovery agents + 3% of outstanding amount
Recovery charges At actuals At actuals
Non-settlement charges Rs. 43 to Rs. 103 for every non-settlement day NA
PDC – ECS Bank account change & new PDC/ECS processing fee Rs. 2,000 Rs. 2,000

Eligibility Criteria for NeoGrowth Business Loans

Before you opt for NeoGrowth loan apply process, make sure you meet the below-mentioned NeoGrowth loan eligibility criteria:

Scheme Type Eligibility 
NeoCash
  • Eligible entities: Customer-facing SMEs (online & offline retailers) with point-of-sale machines/ online sales
  • Business operations: Minimum 2 years
  • Average monthly online sale: Rs. 1 Lakh
NeoCash Express
  • Eligible entities: For retailers
  • Business operations: Minimum 2 years
NeoCash Insta
  • Eligible entities: Customer-facing SMEs (retailers)
  • Business operations: Minimum 2 years
Neocash Plus
  • Eligible entities: Retailer who wants to get the loan against their residential, commercial, industrial, warehouse or vacant land property
  • Business operations: Minimum 3 years
Vendor Finance
  • Eligible entities: Manufacturers & service providers, specifically suppliers to large corporates with turnover above Rs. 250 Crores
  • Business operations: Minimum 3 years
Accelerator
  • Eligible entities: Manufacturers, distributors, traders, dealers & service providers with GST registration catering to other businesses
  • Business operations: Minimum 3 years
Purchase Finance
  • Eligible entities: Traders, manufacturers & service providers who purchase their raw materials or trading goods from large corporates/ channel partners of large corporates with turnover above Rs. 250 Crores
  • Business operations: Minimum of 3 years
Supply Chain Plus
  • Eligible entities: Trader, manufacturer or service provider, who want to get the loan against their residential, commercial, industrial, warehouse or vacant land property
  • Business operations: Minimum of 3 years

NeoGrowth currently has presence in all major cities of India including Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Ludhiana, Madurai, Mumbai, Mysore, Nagpur, Pune, Surat, Vadodara, Vijayawada, and Vizag.

Documents Required for NeoGrowth Business Loan

You will be required to submit the following documents to apply for a NeoGrowth business loan:

  • VAT Certificate of the business
  • Business PAN Card
  • Proof of residence and business addresses in the form of a Passport/ Voter’s ID Card/ Rent Agreement/ Aadhar Card

How to Apply for a NeoGrowth Business Loan?

If you want a NeoGrowth loan apply online for an easy and fast application process. All you need to do is visit the official website of NeoGrowth, compare and select the desired product, click on the ‘Apply Now’ button and follow the instructions to fill out the online form. NeoGrowth executive will contact and visit you at your convenience to begin the loan application process. Once you submit all the required documents, NeoGrowth will verify and do a credit check of your business. After sanction, it will disburse your loan directly into your account within 24 to 48 hours. NeoGrowth uses two modes for loan disbursement i.e. NEFT or RTGS, as per your convenience and preference.

NeoGrowth Credit SME Business Loans Application Status

Tracking your NeoGrowth loan application status is easy. You can contact the customer care of NeoGrowth to check the status. The customer care team gives accurate information about your NeoGrowth loan status. You can call the lender’s helpdesk number or send them an email.

NeoGrowth Business Loan Customer Care

For NeoGrowth application status check or any query, feedback, or complaint against NeoGrowth business loan, you can reach out to NeoGrowth’s customer care team through any of the following 3 ways:

  • Call at 1800-4195565 or 9820655655 (between 10:00 AM to 6:00 PM from Monday to Saturday)
  • Email at [email protected]
  • Raise a service request through the Customer Portal i.e. http://my.neogrowth.in
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Business Loan Offers

Get NeoGrowth Business Loan up to Rs. 2 Crore online at interest rate starting from 16% p.a

FAQs

NeoGrowth business loan interest rates vary for different schemes.

Scheme Type Rate of Interest
NeoCash Retail 24% p.a. onwards
Vendor Finance 21% p.a. onwards
NeoCash Insta 10% p.a.
NeoCash and Vendor Plus Loans 15% – 25% p.a.
Accelerator 23.99% – 26.99% p.a.

The NeoGrowth loan process starts once you submit all the required documents and fill out the loan application form. It usually takes between 3 to 5 days for processing and the loan is disbursed in 24 to 48 hours after sanction.

NeoGrowth assesses your CIBIL Score for sanctioning your loan application. To get faster approval and sanction, you must try to maintain a CIBIL score of 750 or above.

NeoGrowth sends the loan statement weekly to your registered email ID. If you wish to download it, you can do so from the Customer Portal i.e. http://my.neogrowth.in.

Yes, NeoGrowth is an NBFC registered with the Reserve Bank of India (RBI) and started commercial operations in 2013.

Arun Kumar Nayyar is the CEO of Neogrowth Credit Pvt. Ltd.

The legal name of NeoGrowth is Neogrowth Credit Pvt. Ltd.