To avail a bank loan for business purposes is in itself a big job. So, in a bid to provide Traders with hassle free loan, the State Bank of India launched a scheme called Traders Easy Loan Scheme. One can avail loan up to ₹5 Crore to meet business requirements and generally is sanctioned against some equitable collateral like mortgage of property.
- Existing customer of SBI having a satisfactory track record.
- Small business enterprises, entrepreneurs, self-employed, professionals, commission agents engaged in purchase and sale of food grains and other commodities are eligible.
- New connections can be considered for this scheme on a person to person basis.
However, Agriculture property or property outside urban limits is not accepted.
Quantum of financial assistance:
- Minimum loan one can avail is of ₹25,000/- and the maximum loan up to ₹5 crore is provided.
- Interest rate– interest or margin rate is 35% means that one can avail loan up to 65% either of the value of the collateral (mortgaged property) or the requirement of the business*-whichever is less.
(*Business requirement is evaluated on the basis of the business turnover that is shown/projected by the applicant.)
- For loans up to ₹2 lakh the processing fee is- ₹250/-
- For loans above ₹2 lakh, ₹250/- is charged per lakh.
(Note: Processing fee is subjected to change depending on the bank’s policy)
One can repay the loan within 5 years in monthly/quarterly/half-yearly/yearly basis depending on the borrower.
How to avail?
Contact your nearest SBI branch to apply.
For demonstration, however, a form has been attached HERE.