| SMFG India Credit Business Loan Highlights |
|
| Interest rates | 17% to 21% p.a. |
| Amount | Up to Rs 75 lakh |
| Tenure | Up to 4 years |
| Processing fee | Up to 6.5% of the loan amount |
Note: Interest Rates as of 15th April 2024
Table of Contents
SMFG India Credit Business Loan Interest Rate
SMFG India Credit Home Finance Company offers MSME loans at interest rates ranging between 17% to 21% p.a. The final business loan interest rates offered by the lender depend on several factors including business stability, income, number of years in business, existing debt obligations, value of collateral, etc.
Fees and Charges of SMFG India Credit Business Loan
Processing fee
SMFG India Credit charges a processing fee of up to 6.5% of the sanctioned loan amount.
Foreclosure charges
| Up till payment of 17 EMIs | 7% of the principal outstanding loan amount |
| After first 18 EMIs and till payment of 23 EMIs | 5% of the principal outstanding loan amount |
| After payment of 24 EMIs and till payment of 35 EMIs | 3% of the principal outstanding loan amount |
| Post payment of 36 or more EMIs | Nil |
Other fees and charges
| Late payment charges | 24% |
| Cheque/ECS dishonour charges | Rs 300 |
| Swap charges for replacing post-dated cheques to ECS | Rs 500 |
| Swap charges for replacing ECS to ECS | Rs 500 |
| Loan cancellation charges | Rs 1,000 |
Types of SMFG India Credit Business Loans
Business loan for Startups
- Purpose: It is a small business loan for new businesses for meeting their working capital requirement needs, purchase of new machinery, expansion, etc.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 4 years
Business loan for Chartered Accountants
- Purpose: It is a working capital loan for Chartered Accountants.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 4 years
Working Capital Loan
- Purpose: Borrowers can avail SMFG India Credit Working Capital Loan for meeting everyday business expenses.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 3 years
Business loan for Women
- Purpose: Borrowers can use the SMFG India Credit Business Loan for women for carrying out their business-related activities.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 4 years
Business loan for Manufacturers
- Purpose: It is a business loan for manufacturers for meeting their business-related expenses such as inventory purchase and overhead expenses.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 4 years
SME/MSME Loan
- Purpose: Borrowers can avail SME/MSME loan for business expansion needs such as purchasing machinery, raw material and equipment.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 4 years
Business loan for Doctors
- Purpose: It is a Business loan for Doctors for meeting their expenses related to business expansion such as purchasing medical equipment and hiring new staff.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 4 years
Shop Loan
- Purpose: It is a business loan for setting up a new shop. This business loan is for small business owners.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 4 years
Machinery Loan
- Purpose: Small business owners can avail SMFG India Credit Machinery loan for purchasing machinery for business expansion.
- Loan amount: Up to Rs 75 lakh
- Tenure: Up to 4 years
SMFG India Credit Business Loan Eligibility Criteria
The business loan eligibility criteria for SMFG India Credit Business Loans are as follows:
- Self employed with own business or proprietor, partner or director of an existing business
- Indian resident
- Minimum age should be 25 years (at the time of loan application)
- Maximum age should be less than 65 years (at the end of the loan tenure)
- Minimum turnover should be Rs 10 lakh p.a.
- Profit after taxes should be Rs 2 lakh p.a. (after taxes)
- Must have 3 years of business continuity with stable income and profits for the past 2 years
- CIBIL Score should be 750 or more
SMFG India Credit Business Loan Documents Required
The documents required for business loan from SMFG India Credit are as follows:
- Recent photograph
- Identity proof: PAN Card, Driving license, etc.
- Address proof: Electricity bill, Passport, etc.
- Income proof: Bank statements of last 6 months/ 2 years ITR with income computation, balance sheet, profit & loss statement (should be submitted with CA certification)
- Continuation proof: ITR, Trade license, Establishment or Sales Tax Certificate
- Other documents: Sole proprietorship declaration/certified copy of the partnership deed, certified true copy of the Memorandum and Articles of Association (certified by company director) and board resolution