MSME – GST LOAN SCHEME
We have devised a new Term Loan product to facilitate small & medium traders who come under MSME category inorder to mitigate the financial need for their financial needs in the form of Term Loan. The scheme will come into operation from 07.02.2022.
Salient Feature of the Loan Product
- MSME Units engaged in trading/service/manufacturing activities irrespective of constitution.
- The MSME unit/borrower should have requisite registration under GST Act
- The MSME unit/borrower should have GST returns for at least two years
- The facility under the scheme is available only under Sole Banking/multiple banking but within the overall exposure of the Bank
QUANTUM OF FINANCE
- KYC documents
- Trading / Professional License
- GST statements for last 2 years
- Property documents for Legal Opinion / Scrutiny
- Balance sheet, P&L and ITRs for the last 3 years.
To fund the working capital requirement for trading / services / manufacturing activities.
RATE OF INTEREST
LOAN REPAYMENT PERIOD
OTHER TERMS & CONDITIONS
- If the customer is already enjoying the credit facilities with other Banks “NOC” shall be obtained from the financier.
- Customer Rating (CIBIL score)–
Customer rating shall be collected from 1 or 2 Credit Information Companies depending upon the loan limit as under.
- For loans less than Rs. 25 lakh – 1 Company
- For loans above Rs. 25 lakh – 2 Companies