Suryoday Small Finance Bank is a financial institution that offers banking solutions to un-banked, under-banked and banked sections of the society. The small finance bank offers its range of credit products, such as Micro Finance Institutions (MFI) loans, Vikas Loans, Shopkeeper Loans etc. to new and existing customers. Suryoday Small Finance Bank’s primary focus is on unserved and underserved people of society. In 2016, the bank got license from RBI to operate as a Small Finance Bank.
Types of Business/MSME loans
| Suryoday Small Finance Bank – Business Loan |
|
| Interest Rate | As per applicant’s profile |
| Min. Loan Amount | Rs. 1 lakh |
| Max. Loan Amount | Rs. 10 lakh |
| Business Existence | Min. 2 years |
| Loan Disbursement Tenure | Within 7 working days |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
The bank offers credit products to traders, manufacturers, service providers, micro and small enterprises that form to be a part of MSME sector.
| Secured Overdraft for MSMEs | |
| Offered to | MSMEs, Traders, Manufacturers, Shopkeepers, Service providers, etc. |
| Min. Overdraft Amount | Rs. 5 lakh |
| Max. Overdraft Amount | Rs. 50 lakh |
| Business Existence | At least 3 years |
| Collateral/Security required | Yes |
| Current Account | Mandatory and of Suryoday Small Finance Bank’s (SSFB) only |
Shopkeeper Loan from Suryoday Small Finance Bank
Shopkeeper loan is offered to small businesses, including grocery stores, garment shops, kirana shops, medical stores, etc. Loans for shopkeepers are offered to meet the business requirements that include stock purchase, business expansion, debt consolidation, paying-off salaries, working capital, hiring staff, buying machinery and raw materials, etc.
| Shopkeeper Loan from Suryoday Small Finance Bank | |
| Interest Rate | As per applicant’s profile and bank’s guidelines |
| Loan Amount | Up to Rs. 1 lakh |
| Monthly Turnover | Min. Rs. 5 lakh |
| Insurance | Provided on loan amount |
| Income Documents | Not required from proprietary/single owner enterprises |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
MSME loans offers by Suryoday Small Finance Bank can be used for various purposes mentioned below:
- Business expansion, renovation or improvement
- Meeting working capital requirements
- Replacement for high amount business loans
- Other business requirements such as maintaining cash flow, debt consolidation, etc.
Documents required
- Duly filled application form
- Passport sized photographs of applicant & co-applicants
- Passport, Voter’s ID card, Aadhaar Card, PAN Card (for applicant & co-applicant), Any 2
- Latest bank statement or Last 6 months’ Passbook copy of the Proprietor, Firm, Company
- Address Proof of Business & Residence
- Business Establishment Proof – (Shop and Establishment Act proof and Udyog Aadhaar for 2 years
- For partnership firms – last 2 years audited Financials, partnership deed and partnership authority letter
- For Private Ltd. Companies – MOA, AOA Board resolution and last 2 years’ audited financials
- For proprietorship firms – Last 2 years’ IT returns and self-attested income statement
Corporate & Registered office
Suryoday Small Finance Bank Limited
1101, Sharda Terraces,
Plot 65, Sector 11, CBD Belapur,
Navi Mumbai- 400 614
Email: info@suryodaybank.com
Toll Free No: 1800 266 7711
FAQs
What is the maximum loan amount offered by Suryoday Small Finance Bank?
The maximum loan amount offered by Suryoday Small Finance Bank is Rs. 10 lakh, whereas the overdraft amount can exceed up to Rs. 50 lakh.
What are the types of business loans offered by Suryoday Small Finance Bank?
Business loans from Suryoday Small Finance Bank are provided to MSMEs, Overdraft Account and loans for shopkeepers.
How much time does the bank take in loan disbursement?
The bank takes up to 7 working days in loan disbursement.
Do I need to submit collateral or security to get business loan from Suryoday Small Finance Bank?
Yes, you are required to submit a collateral or security to avail business loan, being it a secured loan.
How much time does my business must have run in order to get business loan?
Your business existence should be at least 3 years to fulfil the eligibility of getting a business loan.
If I take a shopkeeper loan, will I get the insurance coverage on the loan amount under that loan?
Yes, you will get the insurance on the loan amount under loans offered to shopkeepers.