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Name of the scheme
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Unsecured Business Loan-SIB Easy Biz
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| Key features |
- Collateral-free funding up to Rs.50 lakhs for meeting business requirements.
- Assessment based on Sales turnover/ITR filed/Account operations.
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Target Customers
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(i) Self Employed Non-Professionals (SENP): MSMEs-Manufacturers, Traders, Wholesalers, Retailers, Service Providers
(ii) Self Employed Professionals (SEP): Doctors, CA, CS, ICWA, Architect, Engineer, etc.
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Nature of finance
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Term Loan
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Quantum of Finance
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Rs.10 Lakhs to Rs.50 lakhs
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Period of Loan
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36 months
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Minimum eligibility requirements for SENP
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GST registration mandatory for SENP
Minimum business vintage of 3 years
Minimum turnover of Rs.100 lakhs
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Minimum eligibility requirements for SEP
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Minimum work experience/business vintage of 3 years
Minimum ITR of Rs.3 lakhs in last 2 years
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Age
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Minimum age: 21 Years and allowed up to maximum 65 years
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Personal Guarantee
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In the case of proprietorship and SEP, spouse or any close relative of the proprietor/professional should join as guarantor.
In the case of Partnership/LLP, all partners to join the documents in dual capacity.
In case of Company, all directors to join as guarantor.
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Office / Residence Stability
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Either office/business unit/factory or residence should be owned by the borrower/proprietor/any of the partner/director/guarantor in the account.
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Processing fees
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Up to 2.00%
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Rate of Interest / Charges/
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As per pricing norms of the Bank.
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Documents required for assessment
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- KYC documents of the borrower/guarantors- Photo identity and Address proof as per RBI defined KYC guidelines
- 2 years Audited/Unaudited financials
- Last 12 months GST returns
- 2 years ITR with computation sheets
- Last 12 months Current account statement
- Proof of residence/Proof of Office, business
- Latest licenses and approvals for running the business
- Any other relevant documents called for by the Bank
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