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SME Business Loans |
Small and Medium Enterprise loans are the products which banks offer to the
business sectors mainly which are into manufacturing, trading and service
providers who have turnover approximately 1 Cr and above consecutively for 3
years. Banks have tailored different products for different needs of companies
for their expansion of entity and for purchase of raw materials and production
purposes. The products are Working Capitals, Unsecured Business loans, Secured
Term Loans, Over Drafts, Cash Credit, Bank Guarantee and Letter of credit.
Banks
will take collateral security for Term loans, Over Drafts, Cash Credit, bank
Gurantee and Letter of Credit. The collateral can be a residential, Commercial
or Industrial Property which the company or the directors own. Banks do fund
credit to the companies against stocks, work orders and Plant and Machinery.
Unsecured loans are funded on the basis of company financials for which no
collateral is needed. The funding is purely unsecured and the company will be
the primary applicant in repaying the credit raised from the Banks/NBFC’s.
Unsecured Business loans are also available for DOCTORS and CA's. |
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Interest Rates |
Unsecured Loans : 12% - 14%
Secured Loans : 9.25% - 12.5%
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Eligibility |
· Business must be 3 years old
· Business must have min 1 year IT Returns
· Min turnover must be 50 Laks per year
· Healthy Banking habits with out any cheque returns in Current A/c, Savings A/c
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Documents |
Proprietorship Firm
· ID Proof (PAN Card / Voter Id / Passport / Driving License)
· Residential Proof (Later Electricity Bill / Telephone Bill)
· PAN Card
· Office Address Proof
· 3 Years IT Returns duly attested by CA (Including Form 3CB and 3CD)
· 6 months Bank Statement
· One Photograph
Partnership Firm
· ID Proof (PAN Card / Voter Id / Passport / Driving License)
· Address Proof (Later Electricity Bill / Telephone Bill)
· Company Address Proof (Telephone Bill / C.A/c Bank Statement)
· 3 years ID Returns with 3CB and 3CD duly attested by CA.
· Firm Registration
· Firm Pan Card
· Latest 6 months bank statement
· Partnership Deed
· One Photograph of each applicant ID and Residential proofs are mandatory for
both partners.
Banks reserves the right to ask for Partners ITR’s.
Pvt Ltd Company
· ID Proofs of all Directors (PAN Card / Voter ID / Passport / Driving License)
· Residential Proofs of All Directors (Later Electricity Bill / Telephone Bill /
Passport)
· Company Registration
· Company Address Proof
· Company Pan Card
· MOA, COA and ROC Return Copies
· Form 20B
· Current A/C statement for latest 6 months
· 3 years Directors IT returns / Company Returns duly attested by CA
· One photograph of each applicant
If any loans are there then loan welcome letters are also required and banks
reserves the right to ask for loan repayment tracks. |
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