Suryoday Small Finance Bank Business Loan
Suryoday Small Finance Bank offers a wide range of banking products and services to its customers. One of the popular products offered by the bank is secured business loan.
The bank offers secured business loans to its customers at an affordable interest rate with flexible repayment tenure. Read on to more about the rate of interest, application process, and other details related to business loan.
Types of Business Loan offered by Suryoday Small Finance Bank
Suryoday Small Finance Bank offers business loan under three categories. They are as follows:
- Vyapaar Loan Against Property: The bank offers a loan of Rs.10 lakh up to Rs.40 lakh under this category, at an interest rate of 10% p.a. up to 16% p.a. The maximum loan tenure is 180 months.
Eligibility: Individuals, registered or unregistered partnership firms, proprietorship firms, limited liability partnerships, and closely held companies can apply for this loan.
- Loan Against Property: The bank offers a high value loan of up to Rs. 5 crores under this category, at an interest rate of 10% p.a. up to 16% p.a. The maximum loan tenure is 180 months.
Eligibility: Salaried individuals, self-employed professionals, and self-employed non-professionals can apply for this loan.
- SME Loan Against Property: The bank offers a loan of up to Rs.10 crores under this category, at an interest rate of 9.50% p.a. to 11.00% p.a. The repayment tenure is up to 15 years.
Eligibility: Self-Employed Professionals, self-employed non-professionals, and self-employed non-individuals, can apply for this loan.
Documents Required to Apply for a Business Loan
The documents required to apply for Suryoday Small Finance Bank Business loan are as follows
- Proof of Identity: Aadhaar card, PAN card, Voter ID, etc.
- Proof of Address: Electricity bill, Aadhaar card, PAN card, Ration card, etc.
- Proof of Income: Income Tax Return, Salary slips (last six months), bank passbook, etc.
- Multiple copies of passport-sized photographs.
Do note that the documents mentioned above are basic KYC documents. The bank may request that you submit additional documents based on your application and bank’s internal policies.
How to Apply for Suryoday Small Finance Bank Business Loan?
Follow the steps given below to apply for a Business loan at Suryoday Small Finance Bank
Step 1: To apply for a business loan at Suryoday Small Finance Bank, you need to verify your eligibility.
Step 2: Once you fulfill the eligibility criteria, you will have to submit the required documents.
Step 3: Once the loan application process is complete, the bank will verify your details and process the loan.
FAQs on Suryoday Small Finance Bank Business Loan
- What is the maximum amount of business loan offered by Suryoday Small Finance Bank?
The maximum amount of business loan offered by Suryoday Small Finance Bank is Rs.10 crores.
- Who can apply for an ‘SME Loan Against Property’?
Wholesalers, distributors, doctors, architects, manufacturers, etc. Can apply for an ‘SME Loan Against Property’.
- How much is the processing fees for Suryoday Bank Business loan?
You need to pay a processing fee of 1.5% to 2% of the loan amount for Suryoday Bank business loan.
- Who can apply for ‘Vypaar Loan Against Property’?
Small businessmen involved in trading, retailers, manufacturers, service providers like electricians, plumbers, etc. can apply for ‘Vypaar Loan Against Property’.
- How much is the repayment tenure for loan under ‘Vypaas Loan Against Property’?
The repayment tenure for ‘Vypaar Loan Against Property’ is 180 months.
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