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 Lakhs
Maximum
Maximum
– Rs. 50.00 Lakhs (Income Program)
– Rs. 25.00 Lakhs (Non Income Program)
Tenure
Minimum
12 Months
Maximum
- 48 months (Income Program)
- 36 months (Non Income Program)
Interest rate
To view interest rate click here
Eligibility
Minimum Bureau Score of 690 (with collateral) and 710 (without collateral)
Features
  • ROI discount for better CIBIL scores
  • Commercial CIBIL/ Bureau report to be Satisfactory
  • Submission of 12 month account statement for Non-income program
  • For New To Bank customers 100% collateral security is mandatory
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. For surrogate program latest 12 months, bank statement mandatory.
  • 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.