BUSINESS LOANS FROM SIB - COLLATERAL FREE LOANS           

Purpose
Providing loans to meet your business needs
Target
Customers
  • Self-employed professionals
  • Self-employed non-professionals
  • Manufacturers, traders, wholesalers etc
Age
Minimum
21Years
Maximum
65 Years
Amount
Minimum
Rs 5.00 lacs
Maximum
Rs 100.00 lacs
Tenure
Minimum
12 Months
Maximum
48 Months
Interest rate
Attractive interest rate from MCLR (1 Year)+ 4.2.00%
Eligibility
Minimum Bureau Score of 650 for applicant
Features
  • ROI discount of for better CIBIL scores
  • Commercial CIBIL/ Bureau report to be Satisfactory
Processing fees
Processing Fees of up to 2%
Pre closure charges
  • 3% of the outstanding loan amount for Pre-Closure
  • 3% of the excess amount remitted other than EMI & any other charges

 
Documents required
  • Income Tax Returns along with computation of income for the last 3 Assessment Years.
  • Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules.
  • Latest 6 months' Current A/c Statements of the firm.
  • Partnership deed in case of the business entity being a partnership firm.
  • Memorandum and Articles of Association of the Company/Trust Deeds/Bye laws as applicable for the entity type.
  • Title Deeds, Possession Certificate, Tax Paid, Encumbrance Certificate of the property to be mortgaged.
  • For takeover of existing loan, produce the sanction order copies and the account statement.