SIB GST Business loan is designed to ensure a hassle free flow of finance to the MSME sector based on the annual turnover as per GSTR statement.

Particulars
Scheme Details
Target Group
Sole Banking MSMEs and Agro Processing Units excluding Non GST units and OD contractor.
Office residency/Stability
Should have occupied 12 months at current office. Not applicable if shifted to own office.  
Quantum Of Finance
Minimum: Rs. 5.00 Lacs and Maximum: Rs. 100.00 Lacs
Purpose
Working Capital Need
Variants under Scheme
Cash Credit
Security
Primary Security: Hypothecation of Stock/Book debts.
Collateral security:
Should be at least equal to the loan amount
Rate Of Interest
Assessment
 25% of sales turnover as per GST Return statement as the working capital finance.
Bureau Check
Satisfactory Commercial Bureau report
Take Over Accounts
Allowed
Validity Of Sanction
12 months
Processing fee
0.40% of loan amount
Property Ownership
Third party properties are not acceptable under the scheme.
Essential Documents to be collected for processing
 
  1. Application in bank's format (Form No.151)
  2. Individual net-worth statements
  3. GSTR statement for last 12 months.
  4. Copies of original title deeds, EC, tax paid receipt etc.
  5. Copy of pass book/computer sheet for one year for take over accounts.
  6. All required license from local bodies to conduct business.
  7. Sole proprietorship declaration/ copy of partnership deed/ articles of association, incorporation, company's resolution to avail facilities from our bank etc.Any other relevant documents that may be needed to substantiate the credit needs of the borrower.