MSME Sellers Invoice Financing MSME Sahaj - Business

Features

• Target Group: MSME Units (only Sole Proprietorships) with GST turnover up to Rs. 5 Crores
  The unit shall be our Bank’s existing current account customer (customer should not have working capital limit from banking system)
• Purpose : To provide Unsecured Loan against Invoice to unlock the cash flow stuck in receivables through seller financing.
  Only domestic B2B (Business 2 Business) invoices will be part of this program
• Nature of Facility : >Demand Loan (Clean)
  Each invoice, against which the loan is extended, shall be treated as a separate loan.
• Eligibility :
  • Unit should have valid Udyam Registration Certificate.
  • Unit shall be registered on GSTN Portal, and the invoice shall be GST enabled invoice.
  • Invoice should not be older than 10 days.
  • Turnover through SBI account should be minimum 25% of total GST based sales.
  • Only domestic B2B (Business 2 Business) invoices will be part of this program.
  • Invoice value should fall between Rs. 50,000/- to Rs. 1,00,000/-
  • Units holding multiple GSTN will not be eligible, since the data for multiple GSTN (which are not linked to Account Aggregator AA) will not be available for assessment.
  • If unit is having working capital limits with us or with other Banks, then unit will not be eligible for financing.
• Loan Amount: Rs 42,500/- per Invoice (85% of Minimum Invoice value)
  Max. Rs. 10 lakhs per unit.
  Sellers can avail finance against any no. of invoices within the max. limit of Rs. 10 lakhs.
• Margin: 15% on each invoice
• Pricing : Rate of Interest shall be charged as per CIC/CMR score.
• Repayment : Repayable on due date of each Invoice as a bullet repayment along with interest amount.
  Cover period: 90 days
• Processing Fee: Nil
• Pre-payment: Pre-payment before due date will not be allowed through portal, once the Cooling off/ look-up period of 3 days from the date of disbursement is over. During the Cooling off/ look-up period, Customer will be allowed to close the account by paying the principal and the proportionate APR without any penalty during this period. This is to comply with RBI’s Digital Lending Guidelines. Pre-payment. However, Pre-payment can be done through Branch any time.
• Penal Charge :
  • The Penal charge will be applicable in terms of Bank’s instruction on Penal Charge
• Documentation: Through Digital Document Execution process.
• CIC Reports: CMR-1 TO 6 or Consumer CIC with min. 650 score, no credit history or -1 is also allowed.