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Business Loan in VKIA Jaipur through State bank of india (SBI) explained by Munafawala

By: Nisha Gupta0 comments

Business Loan through State bank of india (SBI) in VKIA Jaipur

The State Bank of India (SBI) is one of the largest banks in India and offers various types of business loans to meet the financial needs of different businesses. Here’s a general overview of the process of applying for a business loan in VKIA jaipur

  1. Determine your loan requirements: Before you apply for a business loan with SBI, you should first determine your loan requirements. Consider factors like the amount of loan you need, the purpose of the loan, the repayment tenure, and the interest rate.
  2. Check eligibility: SBI has different eligibility criteria for different types of business loans. Check the eligibility criteria for the type of loan you want to apply for.
  3. Gather documents: You will need to provide certain documents to SBI when you apply for a business loan. These may include identity proof, address proof, income tax returns, bank statements, and business documents like registration certificate, business plan, and financial statements.
  4. Fill out the application form: You can download the loan application form from the SBI website or get it from any SBI branch. Fill out the form carefully and accurately with all the required details.
  5. Submit the application: After filling out the application form, submit it along with the required documents to the nearest SBI branch or through online banking.
  6. Processing and verification: SBI will then verify the details provided by you and the documents submitted. The bank may also conduct a personal interview and a site visit to verify the business and assess its creditworthiness.
  7. Loan approval and disbursement: If your application is approved, SBI will inform you and disburse the loan amount to your bank account. The time taken for loan approval and disbursement may vary depending on the type of loan and the amount.

It is important to note that the above process may vary depending on the specific type of business loan you are applying for with SBI. It is recommended to contact SBI directly for detailed information on the application process for the specific loan product. You can also contact Munafawala for business Loans in VKIA Jaipur

Key Feature of Simplified Small Business Loan (SSBL)
  • Target Group : All Business units engaged in manufacturing, services activities along with self-employed and professional individuals, wholesale / retail trade.
  • Quantum of loan (Min/Max) :
    • Minimum: Above Rs. 10 lakhs
    • Maximum: Rs. 25 lakhs
  • Margin (%): 10% which should be ensured through stocks and receivable statement
  • Pricing: Competitive pricing linked to EBLR
  • Collateral Security :
    • Minimum collateral of 40% in the form of exclusive mortgage charge on Land & Building/cash equivalent like lien/charge on Fixed Deposit, Mutual Fund etc. Realizable value of immovable property to be taken for this purpose and property should be SARFAESI compliant.
    • Personal guarantee of all the directors / partners. However, personal guarantee of Professional director / Independent directors / Nominee directors will not be obtained.
    • Personal Guarantee of the owner of the Collateral Security offered as Mortgage/Pledge.
  • Repayment Period:
    • Cash Credit: Repayable on demand or To be renewed annually.
    • Dropline OD:
      • Limits can be sanctioned for a period ranging from 12 months to 60 months (reducing DP) including a moratorium of a maximum three months. To be reviewed annually.
      • The drawing power shall be reduced monthly so as to have the outstanding liquidated at the end of the repayment period.
      • Regular transactions are permitted upto drawing power available.
      • No over-drawings will be permitted.
      • DP Reduction date or instalment due date will be last working day of every month.
      • After liquidation, in case further loan is required, fresh request to be made
  • Unified Charges : Rs. 7500/- plus applicable taxes. Unified annual charges comprising of processing fee, EM charges, documentation charges, Inspection, commitment charges and remittance charges (1 remittance per day free)

Link for SBI Loans.

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