Business Loan Rates 2020330 views
South Indian Bank Business Loan is a major private sector bank. It provides unsecured business loan. The loan are offered to the eligible candidates without any collateral security. This loan is an EMI based business loan.The processing fee is charged upto 2% of the sanctioned loan amount.
Table of Contents
South Indian Bank Business Loan Interest Rates
|Rate of Interest||MCLR (1Year) + 4.2%|
|Loan Amount||Rs. 5 Lacs to Rs. 100 Lacs|
|Processing Fee||upto 2%|
|Tenure||12 Month to 48 Months|
South Indian Bank Business Loan Eligibility
- The applicant minimum age is 21 years and maximum 65 at the time of loan maturity.
- The applicant minimum CIBIL Score is 650.
- Previous loan repayment track must be good.
- Self-Employed Professionals
- Self-Employed non-professional.
- Manufactures, Traders and wholesalers.
Business Loan Features
- You required minimal documents for loan process.
- This loan process is totally hassle free.
- Collateral Free loan.
- Flexible Tenure
- Simple Documentation.
- Attractive Interest Rates
- Customer Friendly Service
Purpose of Business Loan
Expansion Operation – You can use this loan for increase the daily business operation.
Purchase Equipment – You can buy new tools so that it helps to increase your output.
To Increase Working Capital – They will take short term loans as long as their own assets do not generate enough revenue to meet their operational need.
Improve Credit History – Ensure that individual or proprietors get short term loans and pay them on time to improve their credit history.
Purchase Inventory – Small business requires immediate capital to purchase inventory stock or raw materials.
Business Loan Documents Required
- Pan Card
- Passport Size Photo
- Identity Proof
- Address Proof
- Company Pan Card
- Last 3 years Audited/Provisional Financials, Balance Sheet & Profit and Loss Account.
- Annexures and Schedules
- Latest 6 month bank statement of firm.
- Memorandum of Association.
- Articles of Association.
- Trust Deed.
- Title Deed.
- Tax Paid.
- Professional qualification certificate and degree.
- For acquisition of existing loan, produce approval order copies and account statement.