Looking for a MSME loan for your business from State Bank of India?
You have landed at the right place. This page contains all the information you will need on State Bank of India’s SME Smart Score to buy office equipment, expand business, purchase machinery and so on.
State Bank of India SME Smart Score
This loan helps small businesses meet their capital expenditure and working capital requirements. Proprietorships, partnerships and limited companies that fit the MSME definition are eligible for this loan.
Features of SBI SME Smart Score
Why this Loan?
- This SBI SME Smart Score is meant for all types of businesses in the MSME sector that need financial assistance to meet their needs for purchasing equipment and machinery, spend money on research and development activities and so on
- This loan is only sanctioned to MSME businesses in the manufacturing, trade and services sectors
Loan Amount
- The maximum loan amount sanctioned under this loan is Rs. 50 lakh for manufacturing business, and Rs. 25 lakh for trades and services sectors
Interest
- According to the SBI website, the interest rate applicable to this loan is directly linked to bank’s MCLR. For more information, we suggest talking to a bank representative
Repayment
- Term Loan: This loan needs to be repaid within 5 years with a moratorium period of 6 months
- Working Capital: This loan must be repaid within 12 months and can be renewed on an annual basis
Security Needed
- The bank asks for equitable mortgage of land and/or building as collateral
Borrower’s Contribution to Total Cost (Margin Money)
- Term Loan: The bank charges up to 33% of the loan amount as margin
- Overdraft: The bank charges up to 25% of the loan amount as margin
Processing Charges
- The processing charges levied by the bank on this loan are not mentioned on the bank’s website. Please check with a bank representative to get 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
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
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
Reference Facts
- State Bank of India Website: www.sbi.co.in and www.onlinesbi.com (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 425 3800, 1800 11 2211