MSME Loans from Standard Chartered Bank
Being one of the popular foreign banks in India, Standard Chartered Bank offers a range of loans to different segments of its customer base. The bank offers different loan options to its MSME customers. These loan schemes are designed to help business owners in the MSME sector set up business units, purchase equipment, conduct business activities, etc.
The MSME loans offered by Standard Chartered Bank are:
- Business Instalment Loan
- Loan Against Property
We give you a brief introduction to each of these MSME loans below.
Standard Chartered Bank Business Instalment Loan
The loan helps MSMEs meet their working capital needs, get funds for acquiring land and building, purchase machinery and vehicles, etc. The maximum loan amount sanctioned under this loan scheme is Rs. 75 lakh.
Features of Standard Chartered Bank Business Instalment Loan
Why this Loan?
- Standard Chartered Bank Business Instalment Loan helps MSME enterprises get financial assistance to meet their working capital and business expansion needs
- This is a collateral-free loan
Standard Chartered Bank Loan Against Property
This loan helps businesses in the MSME sector raise funds for purchase of land to build an educational institute, purchase lab and other equipment, meet working capital needs, etc. The maximum loan amount sanctioned under this loan scheme is Rs. 20 crore
Features of Standard Chartered Bank Loan Against Property
Why this Loan?
- The Standard Chartered Bank Loan Against Property is meant for small businesses to get funds by mortgaging residential or commercial property to meet their working capital and business expansion needs
- This loan can also be availed for renovation or repair of the building
- The bank offers a term loan of up to 70% of the property value and a working capital loan of up to 90% of the property value
Important Note: Even though the bank’s website has information available for fewer MSME loan schemes at this time, there is a possibility that the bank may offer more loan options that are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, Strategic Premium, etc. may be decided on a case-to-case basis.
Interest Rate for Standard Chartered Bank MSME Loans
- According to the Standard Chartered website, the rate of interest on MSME Loans starts at 10% per annum. We suggest getting in touch with a bank representative to know more details
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Self-attested A4 size copies of the aforementioned documents
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- Self-attested A4 size copies of the aforementioned documents
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- Self-attested A4 size copies of the aforementioned documents
Reference Facts
- Standard Chartered Bank Website: www.sc.com/in
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: +91 22 6115 7000