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  • Bandhan Bank Samriddhi Business Loan

    The Bandhan Bank Samriddhi Business Loan is meant for individuals who wish to set up their own enterprises, be it small or medium. With this loan they can start their business venture, which can be a manufacturing unit, trading company or even a service oriented business. The funds can be used towards capital investment as well as working capital.

    Bandhan Bank Samriddhi Business Loan details 

    Maximum Loan Amount  Rs.25 lakh 
    Tenure 
    • Term loan: 5 years 
    • Working capital: Repayable on demand 
    Interest Rate  12% (Linked to the base rate) 
    Processing Fee  1% of the loan amount plus the applicable taxes 
    Margin 
    • Term loan: 25% 
    • Working capital: 25% 

    Eligibility criteria

    1. Any individual, partnership firm, or even proprietorship is eligible for this loan.
    2. The minimum age requirement should be 23 years of age while applying for the loan, and the applicant should not be over 60 years of age at the time the maturity of the loan.
    3. The person applying for the loan should have a minimum of 2 years of experience in their line of work.
    4. Subject to the bank’s discretion, even new entrepreneurs will also be considered.
    5. For any applicant who is applying on behalf of a proprietorship or non-individual applicant, must have a minimum of 2 years of good track record in the same business.

    Features and benefits

    1. The Samriddhi Business Loan from the Bandhan Bank Limited, will have a maximum loan amount of Rs. 25 lakhs.
    2. The loan repayment term for all kinds of applicant be it an individual, partner, or even proprietorship will be a period of 60 months or 5 years. This will include a 3 months moratorium period. If the loan is taken as a working capital then the repayment is payable on a demand basis.
    3. The applicant’s age must be a minimum of 23 years while application, and should not be over the age of 60 years at the time of maturity of the loan.
    4. The applicants applying for the Samriddhi Business Loan should have a minimum of at least 2 years of experience in their current business enterprise.
    5. New entrepreneurs or enterprises will also be considered for this loan but, will be subject to the bank’s discretion.
    6. Any non-individual applicant such as proprietorships, must have 2 years of good business at least.
    7. A processing fee of 1% plus taxes that are applicable, will be charged by Bandhan Bank Limited.
    8. The margin will be a 25% on both the term loan and on working capital requirement.
    9. The loan will processed and disbursed after verification of all documents within a span of 7 days.
    10. All assets purchased with the finance from this loan will have an insurance coverage as per the bank’s clause.
    11. The bank will charges an interest rate on this loan which will be linked to its base rate of 12%. This rate is subject to change at the bank’s discretion.
    12. There is a prepayment option available for the Samriddhi Business Loan.

    Documents required

    1. The duly filled application form.
    2. The requirement of all the KYC or know your customer documents will need to be provided, these documents will be ID proof, address proof, etc.
    3. Balance sheets, profit and loss statements, and other related financial documents will need to be provided for the last 2 years.
    4. A copy of the Performa invoice should be provided.
    5. The Individual Borrower, Director or Partner applicant will need to provide 3 passport photographs.
    6. If there is a requirement of a then guarantor, then 2 passport photographs of the guarantor as well will need to be provided.
    7. All the documents related to the ownership of the enterprise will have to be given to the bank.
    8. Copy of the partnership deed, memorandum of association, and articles of association and other related documents must also be provided at the time of application.
    9. While the loan in under process, the bank can request the applicant for further information and documentation as well.
    10. You will need to submit stock statements on a monthly basis if you have availed the working capital option.

    How to apply for a Samriddhi Business Loan from Bandhan Bank? 

    Online 

    Given below are the steps you will have to follow if you wish to apply for a Samriddhi Business Loan from Bandhan Bank: 

    • Click on the link https://www.bandhanbank.com/SamriddhiBusinessLoan.aspx
    • Scroll down the page and click on ‘Apply Now’.  
    • You will be directed to a new page where on the menu section click on ‘Apply Now’. 
    • Click on ‘Select a category you wish to apply for’ and from the drop-down menu select ‘Samriddhi Business Loan’. 
    • Enter details such as your name, mobile number, email ID, city, and pin code. 
    • Click on ‘Submit’. 
    • You will be required to upload the necessary documents. Once that is done, the bank will verify the documents and the application form and if all the details are found to be correct, the loan amount will be disbursed to your bank account. 

    Offline 

    You can also visit the nearest Bandhan Bank branch will all the necessary documents to apply for Samriddhi Business Loan. A representative from the bank will help you with the application form. Submit the application form along with the documents which will then be verified by the lender. If all the details provided by you are correct, then the bank will disburse the loan amount to your bank account. 

    Bandhan Bank Samriddhi Business Loan FAQs 

    1. What’s the maximum tenure for Samriddhi Business Loan?

      The repayment tenure is up to 5 years, including three months moratorium period.

    2. What’s the maximum amount offered under Samriddhi Business loan?

      You can get up to Rs.25 lakh under this scheme. However, the final amount sanctioned depends on various parameters, including your eligibility and is solely at the bank’s discretion. 

    3. What’s the purpose of Samriddhi Business Loan?

      This loan scheme is specifically designed for those looking to set up their own enterprise and need access to funds to invest in their venture.

    4. What’s the margin of finance and the interest rate charged?

      The margin of finance is 25%. The interest rate for Samriddhi Business Loan is linked to the base rate. The processing fee charged is 1% of the loan amount plus applicable taxes.

    5. What is the process of getting Samridhhi Business Loan from Bandhan Bank?

      You need to submit all the required documents at your nearest Bandhan Bank branch. After complying all terms and conditions and meeting the required criteria as set by the bank, your loan will be disbursed. 

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