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.
On Neo Growth Official Website.
Updated: 20-05-2024 03:12:19 PM
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 |
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. |
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 |
Before you opt for NeoGrowth loan apply process, make sure you meet the below-mentioned NeoGrowth loan eligibility criteria:
Scheme Type | Eligibility |
---|---|
NeoCash |
|
NeoCash Express |
|
NeoCash Insta |
|
Neocash Plus |
|
Vendor Finance |
|
Accelerator |
|
Purchase Finance |
|
Supply Chain Plus |
|
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.
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.