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
|
- 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.
|