Apply for SMFG Business Loan @ 13.00% Interest Rates
SMFG Business Loan Details
The following are some important Protium Business Loan details:
| Loan Amount | Up to Rs. 50 Lakhs |
| Tenure | 12 – 60 months |
| Rate of Interest | 13.00% – 33% p.a. |
| Processing Fee | Up to 6.5% of the loan amount |
| Types | Shop Loan, Working Capital Loan, MSME/SME Loan, GECL, Machinery Loan, and Startup Business Loan |
| TAT | Within 24 hours of approval |
| Minimum Turnover | Rs. 10 Lakhs |
| Age | 22 years & above |
SMFG Business Loan Features
SMFG India business loans come with various attractive features and benefits, such as:
- A wide range of business loan products is available.
- Business entities do not have to hypothecate any of their assets or offer additional collateral.
- SMFG provides business enterprises with the facility to apply for a loan online.
- Check your eligibility online using the business Loan eligibility/EMI calculator.
- Get up to a maximum of Rs. 50 Lakhs to meet your business requirements, like working capital and procuring fixed assets necessary for the business.
- SMFG India Credit Business Loans are renowned for their flexibility in tenure. You can repay the loan in up to 20 years.
- Attractive SME loan solutions are available for businesses with a turnover of more than 30 Crores.
- Finance is available for medium-term working capital requirements.
SMFG Business Loan Eligibility
The eligibility norms are different for each loan depending on the product and nature of the facility. However, some of the common factors concerning eligibility are as follows:
- Proprietors, self-employed individuals, partnership firms, and private limited companies that are working in the trading, manufacturing, and service sectors are eligible.
- The minimum age of a borrower is 22 years, whereas the borrower should not be more than 65 years old at the time of the maturity of the loan.
- Individuals should be engaged in business for at least 3 years in the current business and must have a total of 5 years of experience.
- The annual turnover for a running business should be at least Rs. 10 Lakhs
- Enterprises should be making a profit for at least the last 2 years.
- Enterprises must have a minimum annual income (as per ITR) of at least Rs. 2 Lakhs.
SMFG Business Loan Charges
| Fees Type | Applicable charges |
|---|---|
| Processing fees | Up to 6.5% of the loan amount |
| Additional interest for payment default | 24% p.a. on outstanding balance |
| Foreclosure charges (allowed after 6 EMIs) | 0% to 7%, depending on the date of the foreclosure. |
| Dishonour of cheque or ECS | Rs. 300 per presentation |
| Swapping charge from PDC to ECS | Rs. 500 per instance |
| Swapping charge from ECS to ECS | Rs. 500 per instance |
| Cancellation of the loan | Rs. 1,000 |
Documents Required for SMFG Business Loan
The documents necessary when applying for an SMFG India Credit Business Loan are as follows:
- The loan application form was completed in all respects, along with a recent photograph
- Identity proof documents can be any one ofthe Passport, Voter ID Card, PAN Card, or Driving Licence.
- Proof of address (any one of them): Ration Card, Electricity Bill, Telephone Bill, Rental Agreement, copy of Passport, Driving Licence, or bank passbook/statement.
- Proof of age (one of the listed documents): PAN Card, Passport, or certificate issued by a statutory authority.
- Bank account statements for the previous two quarters or the last three months’ salary slips
- Form 16
- IT Returns for the last three years
- One signed a cheque for payment of the processing fee
- Additional documents required for Business Loans
- Profit and Loss Statements and Balance Sheet for the previous three years
- Proof of the existence of a business
- Digital copies of the documents are necessary for uploading online after completing the loan application formalities.