There are many small businesses that shutdowns due to insufficient funds. They are unable to manage their current resources and the business begins to collapse. The only way out is to take a business loan. You can easily take the Suryoday Small Finance Bank Business Loan that is available at a cheaper rates. There are three types of business loans given by Suryoday Small Finance Bank and you can apply for them according to your convenience.
Business Loan
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Types of Business Loan Offered by Suryoday Small Finance Bank
MSME Unsecured Loan
This loan is given by the bank without any collateral. You can take the loan starting from ₹1 Lac to ₹10 Lacs if you fulfil all the eligibility. This loan is granted to Manufactures, Service Providers and Trading Businesses. The business vintage period must be at least 24 months.
Documents Needed
- Application form with all the details and photographs of the applicant and co-applicant.
- Voter-ID Card, Aadhaar Card, Passport, Pan Card. Any two documents of the applicant and co-applicant.
- Last Six months Bank Statement of the business.
- Electricity Bill, Telephone Bill or Rent Agreement for Business and Residential Address Verification.
- Business Establishment Proof- Udyog Aadhaar for 2 years.
- Partnership Deed, Partnership Authority Letter and 2 years financial statement audited by CA for a Partnership firm.
- For Private Limited Company – 2 years Financial Documents Audited by CA, Memorandum of Association and Article of Association of the company.
- Self-Attested Income Tax Statement and 2 years IT Returns for a Proprietorship firm.
MSME Loan Against Property
If you want to increase the loan amount then Suryoday Small Finance Bank provides secures business loans. You can take the loan starting from ₹5,00,000 to ₹50,00,000. This loan requires a vintage period of at least 3 years. The Manufactures, Traders and Service Providers are only eligible to take this loan.
Documents Needed
- Complete Application form with Applicant and Co-applicant’s photographs.
- Any two documents among Voter I.D Card, Pan card, Passport and Aadhaar Card.
- Updated 6 months bank Statement of the company firm or proprietor.
- Electricity Bill, Telephone Bill, Rent Agreement as Business Address Proof.
- Udyog Aadhaar for 2 years as business Establishment Proof.
- Partnership Deed, 3 Years Audited Financial Records and Partnership Authority Letter for Partnership business.
- IT Returns of the last 3 years and Self-Attested Income Statement for Proprietorship business.
- MOA, AOA and 3 Years Audited financial for a public limited company.
- Cost of property documents for collateral. (Original will be taken after the loan is sanctioned)
- Tax Receipts of the property and ownership proof of the applicant or co-applicants.
Secured Overdraft Facility
In the Suryoday Small Finance Bank Business Loan, you can also get an overdraft facility. This facility is offered to manufactures, service providers and traders. The range of taking the facility starts from ₹5 Lacs to ₹50 Lacs. But your business vintage period must be not less than 3 years.
Documents Needed
- Duly filled application form of the bank with the photographs of applicant and co-applicants.
- Applicant and Co-Applicant’s Voter I.D Card, Pan Card, Passport, Aadhar Card (Any Two)
- Updated bank statement of partnership firm, Company or proprietorship firm for 6 months.
- Business or Residential Address Proof- Landline bill, Electricity Bill or Rent Agreement.
- Udyog Aadhaar Card for 2 years to proof business establishment.
- Needs Partnership Deed, Partnership Authority Letter and 3 Years Audited Financial documents in case of a partnership firm.
- Memorandum of Association, Article of Association and last 3 years audited financial records of the company.
- Last 3 Years IT Returns and Self Attested Income Statement of the Proprietorship firm.
- Property Documents for Collateral Verification.
- Ownership papers of the property.
- Latest Stock Statements with the information of creditors, debtors and inventory.
- Statuary Compliance proof as may be applicable.
Need for Business Loan
- Improving Business Performance and Expanding Resources.
- Meeting the Fluctuations in the demand for goods.
- Paying out other existing loans.
- Managing Working Capital of the company.
