The scheme proposes to grant National/State level Business Correspondents (BCs) of SBI, overdraft facility for meeting their working capital requirements which will enhance their ability to service more customers in an uninterrupted manner and thereby further the cause of Financial Inclusion.
All National/State level Business Correspondents having valid agreement with SBI
All National/State level Business Correspondents having valid agreement with SBI and having satisfactory business relationship with SBI for at least two years
Quantum of loan (Min/Max)
Min: Above Rs. 25 lacs
Max: Less than Rs. 5 Crores.
(Loan limit upto maximum 70% of 2 times the average monthly commission )
With collateral security 20% and above: Repo Linked Lending Rate (RLLR) + 2.45%
Without collateral security: Repo Linked Lending Rate (RLLR) + 2.95%
Assignment of commission to be received by the BC
20% cash collateral, wherever collateral security is offered
Personal guarantee of the promoter directors.
Running account facility, to be renewed every year, subject to satisfactory conduct of account.