MSME - Small Business Loans
Purpose of Loans
- To meet credit needs of trade
- Repairs, Renovation & extension of Business Unit
- Machinery Purchase
- Consolidation of Business Debt
Eligibility & Loans Criteria
- Customer segment- Individual / Proprietor / Partnership
- Minimum age at application - 25 years and maximum age at loan maturity - 65 years
- Residential & Business stability- 3 years in the current residence & business place
- Minimum experience - 3 years in the current business
- Property in case of secured loan should be approved by appropriate authority
List of Documents Required
- PAN Card - For Individual / Partnership Firm
- Identity Proof - Any one (e.g. Voter ID / Driving License / Passport)
- Address Proof - Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Business Continuity Proof - Any one document dated 3 years old (Bank Statement / Sales Tax Challans / IT Returns / Shop & Est. Certificate / Partnership Deed)
- Income Proof
- ITR with financials for at least one year filed at least 4 months prior to date of application
- GST returns
- Bank credits for last 6 months validated through original statement
- Kachha Bills / Purchase Bills / Purchase or Sales registers
- Complete Collateral Documents for secured loans including EC wherever applicable
- Secured plus, Secured & Unsecured loans for self-employed businessmen/professionals
- Term loans up to Rs 50 lacs.
- Flexible loan tenure starting from 12 months.
- Attractive financial terms.
- No ITR / balance sheet required upto 25 lakh.
- Simple documentation and hassle-free processing.
- Faster processing of loan application
- Personalized relationship officer.