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SBI SME eBiz Loan

SBI SME eBiz Loan

SBI SME eBiz Loan

SBI is one of the most leading banks in financing SME in India. It has been performing a prominent role in the overall growth and development of the SME sector. The bank promotes various types of products designed to meet the needs of SME customers across the sectors like manufacturing, services, trading etc. State Bank of India also assists businesses in availing loans under government schemes such as PMEGP, PM Mudra Yojna, CGTMSE and Stand-up India. In this article, we look at the SBI SME eBiz Loan in detail.

Purpose of SME eBiz Loan

SBI SME eBiz Loan is a cash credit facility introduced by SBI to provide financial assistance to people who sell products online through e-commerce portals. It is a small business loan given to authorised sellers of products on e-commerce websites such as Amazon or Flipkart.

Eligibility Criteria

The sellers registered on e-Commerce portal for selling products online with at least six months track report on any of the major e-Commerce player are eligible to avail the SME eBiz Loan benefits.

Amount of Loan

The minimum and maximum amount of loan can be acquired specified below:

Minimum: The minimum loan amount of above Rs.50 Lakhs can be obtained.

Maximum: The maximum loan amount of up to Rs. 500Lakhs can be obtained.

Security

The following are the securities required by the bank for lending the loan amount.

Primary Security: Hypothecation of stocks and assignment of receivables.

Collateral Security: Minimum 35% collateral (in the form of SARFAESI compliant land/building, and liquid securities in the way of Bank Deposits, LIC, NSC, KVP pledged or specified to the Bank).

Guarantee:  Personal guarantee of all the Directors or Partners or Promoters of the unit.

Processing Fee

To process your loan amount the following are the fee charged for the loan approval.

First Year: 1.00% of limit sanctioned and additionally with the applicable taxes.

Second year onwards: 0.35% and additionally with the applicable taxes.

Limit Assessment

Based on the turnover done in the next previous twelve months through all accounts maintained by the unit.

Documents Required

The following are the documents which are necessary for processing your loan.

  • Documents regarding registration of firm/shop/manufacturing unit.
  • Registration certificate of the firm under MSME.
  • Copies of sales-tax return filing documents.
  • Copies of income tax-return filing documents.
  • Drug license (if running a pharmaceutical manufacturing/selling enterprise).

Application Procedure for SME eBiz Loan

To apply for the SBI SME eBiz loan, follow the procedure mentioned below:

Visit Official Portal of SBI

Step 1: The applicant has to visit the official portal of the State Bank of India.

Small and Medium Enterprise

Step 2: Click on “SME” tab which is present on the homepage of the portal.

Step 3: After clicking on “SME” tab a pop-up screen appears where you have to select the “SME” link from the list of options.

Apply for SME

Step 4: On the next page, click on “Click here to Apply” button to apply for SBI SME eBiz Loan online.

Complete the Details

Step 5: Now, the form will appear on the next page fill the form with the required details such as

  • Name of Company
  • Date of firm creation
  • Address of the firm
  • Operating address of the firm
  • E-mail address of the firm
  • Contact Details
  • Sector/Industry code
  • Permanent Account Number
  • GST Number.

Submit your Application

Step 6: After entering the details, click on the “Submit” button to submit your details successfully.

Upload the Documents

Step 7: Finally upload the documents required along with the application form to complete the process.

Also, read about SBI SME Open Term Loan

SBI Loan for Restaurants

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Post by Karthiga

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.

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