The Simplified Small Business Loan from SBI falls under the SME Loans category. These loans are offered against current account balances. The loan amount varies from Rs.10 lakh to Rs.25 lakh. The repayment tenure can go up to 60 months.
|Loan Amount||10 times the average monthly balance (in the preceding 12 months) in the current account, subject to: Minimum – Rs.10 lakh Maximum – Rs.25 lakh|
|Collateral||Minimum of 40%|
|Repayment Tenure||Up to 60 months|
|Fees and Charges||Rs.7,500**|
*This is ensured through receivable statement and stocks
**This consists of processing fee, documentation charges, remittance charges, commitment charges, inspection fees, etc.
The bank will perform need-based assessment and credit limit checks. The financial statements of the business are not required for this. 10 times the average monthly balance in the current account (in the previous 12 months) should be between Rs.10 lakh and Rs.25 lakh.
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