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