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
MSME, having at least 3 years existence in business and with last 12 month GSTR statements.
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
12 Month MCLR + Spread
Spread varies from 0.50% to 2.50% based on the internal rating of the borrower.
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.