Simplified-Small Business Loan - MSME Loan / SME Loan Scheme | SBI - Business

Eligibility Criteria

• Existing business for at least 5 years in the same locality/area.
• Should be owner of the premises OR should have valid tenant agreement with the owner of the shop (In case of rented premises, residual period of minimum 3 year)
• Current account holder at any bank for at least 2 years (proprietorship, partnership & corporate concerns).
• Min Avg. Monthly balance of more than Rs 1 lac in last 12 months, with monthly threshold balance of Rs 10,00
• The borrower should also fulfil the eligibility criteria as per Go/No Go Criteria. If any of the parameters get response as ‘No’, the unit will not be considered eligible under this scheme and no deviation to be permitted.

Assessment

The need based assessment for the requirement of credit limits has to be done.

• Financial statement not required.
• The guarantee cover is available for five years and hence for advances granted under Mudra Scheme the maximum period is 60 months.
• 10 times of average monthly balance in current account in last 12 months subject to minimum above Rs. 10 lacs and maximum less than Rs. 25 lacs.