Business Instalment Loan By Standard Chartered Bank
Features For Standard Chartered Bank
Easy to apply
The application process for the Standard Chartered Business Instalment Loan is quick and simple
High loan amounts
Because we know you need capital, our loan allows you to borrow up to Rs. 75 lakh*
The Business Instalment Loan can be taken out for a period of up to 36 months*
We require no collateral or security to approve your Business Instalment Loan
- Quick turnaround time
- We guarantee to make a decision about your Business Instalment Loan application within 5 business days**. If we do not meet this guarantee, we will refund you Rs. 500 per business day of delay up to a maximum of Rs. 5,000*
**Conditions apply. Rs. 500 per business day refund is only for approved cases
Lending to MSEs
- Types of Facilities:
- Business Instalment loan
- Guaranteed Instalment Loan-Term Loan with CGTMSE Cover
- Loan against property
- Method of assessment
- Sales team meets the customers and collect the relevant documents –Application form, KYC, Income , Bank statement and property related (for loans with collaterals)
- Plant and Machinery investment for the entity is assessed for identifying MSE sector Lending
- Internal rating / assessment is applied on applicant entity which contains parameters based on customer demographics, credit record, financials and existing customer relationship where applicable
- Loan amount eligibility calculated using debt burden ratio (and Loan to Value in loans with collaterals). Debt assessment would contains all internal and external obligations while Income assessed basis financials submitted by customers.
- Verifications and Financials analysis as well as Personal Visit may be done basis internal guidelines
Pertaining to Rehab of MSEs
In case a customer is not able to repay loan obligation on time & faces long term payment challenges, Internal assessment is done for ability & intent to repayment by the customer. This process would involve assessment of current status of the financials and business status before arriving at decision to offer rehabilitation program.
FAQs Of Standard Chartered Bank
- How do I apply for a Business Loan?
You can apply for a Business Instalment Loan in the following ways:
- Online Application Form and our representative will get in touch with you.
- SMS BIL to 5757505
- Give a Missed Call to 022-39386825
- Call on one of our customer care number- 39401616 / 66011616, add city code before number
- Write to us at firstname.lastname@example.org
- Visit your nearest SCB Bank branch
- If you are a Liability customers you may also get in touch with your Relationship Managers to know more and apply for a BIL
- What are the different types of programs / products**?
- Attractive Bundled Offerings
- Term Loan with Current Account (BIL+)
- interest refund of up to 10%(up to 50,000*) in the first year itself
- Opportunity to avail a zero balance current account along with a dedicated RM
Term Loan with Pre-approved Credit Card Limits
- Attractive Credit Card limits to promoter applicants
- Guaranteed Instalment Loans (backed by CGTMSE) especially catering to the Micro enterprises
- Vanilla Term Loans
- When can I avail for a line increase on my existing loan?
- Incremental funding option post 10 months of clean repayment
- What are the features of Guarantee instalment loan?
- It is a maximum of 3 years loan upto 75 lacs ticket size
- It is guaranteed under the CGTMSE scheme by paying a nominal guarantee fee every year
- It has attractive pricing for the customer to avail of the scheme
- What are the features of BIL +?
- Bundled CA opened along with BIL
- Interest refunds of upto 50,000 in year 1 on meeting the throughput on current account and loan delinquency criterion
- How do I apply for a Business Loan?
- Rating parameters of the bank’s credit risk models:
Internal rating scorecard is used for selecting eligible customers. It is based on a combination of parameters:
- Loan Repayment track
- Credit Performance / Credit Bureau Update
- Debt servicing ability of the customer
- Business Vintage
- Financial Ratios
- Existing relationship
- What are the benefits of taking a BIL from SME banking Standard Chartered?
- Attractive interest rates
- Bundled current account /Credit card offering
- Opportunity to avail gamut of SME offerings i.e. Business Banking products, Trade & Working Capital solutions, Forex and Cash Management offerings
- Opportunity to qualify for SME Elite Privileges
- Who is eligible for the Business Instalment Loan?
- Sole proprietors / proprietorship firms
- Partnership firms
- Private limited companies
- Closely-held and public-limited companies
- Professionals – doctors, architects, chartered accountants, business consultants
- What is the minimum and maximum tenure of the loan?
The loan tenure ranges from 15 -36 months
- What is the interest rate charged on Business Instalment Loan?
We offer attractive interest rates on the facility depending on loan amount, credit assessment and other parameters. Specific details will be provided by the sales officer
- What are the basic documents required for applying for the facility?
- Bank statements for the last 6 months
- 2-year financials including Profit & Loss (P&L) statement, balance sheet and income tax returns
- Documents related to establishment of entity, identity and address proof documents
- Specific details will be provided by the sales person
- What is the minimum and maximum loan amount offered?
An unsecured Business Instalment Loan ranges from Rs. 10-75 lakhs depending on the financial eligibility conditions being met
- What is the security/ collateral that I need to provide?
The Business Instalment Loan is an unsecured product. Hence, no collateral is required
- Can I prepay the loan?
Pre-payment is not permitted in the first 12 months of the loan. You can pre-pay your loan with pre-closure charges of 5% of the outstanding at the time of closure (service tax will apply additionally)
- Rating parameters of the bank’s credit risk models:
We've been in India for over 150 years
We're India's largest international bank with 99 branches in 42 cities, and we've been operating here since 1858.
Our Customers and Clients Come First
We use our global capabilities and deep local knowledge in India to provide a wide-range of products and services to meet the needs of our individual and business customers.
We build our products and services around you and have a number of commitments to help ensure that our customer have the best possible experience with us. View our service commitments.
We're proud sponsors of:
- The Standard Chartered Mumbai Marathon - title sponsor for the last ten years
- Asia Cup - official partner of the bi-annual cricket tournament
- The Economic Times Awards for Corporate Excellence - title sponsor from 2012 to 2016
- Liverpool Football Club - our four year sponsorship started in June 2012.
Our products and services are often recognised by industry leaders. Here are a few of our recent awards:
- Best Foreign Bank 2012 - Bloomberg Financial Leadership Awards
- Financial Advisor of the Year Award 2012 - UTI CNBC
- Best Private Bank in India by the Asian Private Banker at the Awards for Distinction 2012.
Our Listings and Subsidiaries
Standard Chartered PLC, our UK based parent, became the first foreign company to list in India through the issuance of Indian Depository Receipts in June 2010.
We also have a number of subsidiaries operating in India:
- Standard Chartered Securities (India) Ltd, the vehicle for the equities business
- Standard Chartered Private Equity Advisory (India) Private Limited
- Standard Chartered Investments and Loans (India) Limited
- Standard Chartered Finance limited and SCOPE International.
Get totally unsecured loan of 20 times of your net profit with the help of our team of Chartered Accountants.
Only requirement: 3 years ITR and turnover of 1 cr+. No collateral required.
Repayment Period: 1-5 years
Interested? Call us at +91-9911050333 or fill the form on the right
What is Business Loan?
Business loans, as the name suggests, are specifically intended for business purposes. Be it a startup or an established business, business loans offer a financial solution to problems faced by the firm and fills the cash flow gap. Be it for meeting day-to-day expenses, expansion of infrastructure or even product development, business loans play a huge role in setting the financial foundation strong for a business.
Characteristic of Business Loan
- Businesses with bad credit can also apply but will have to provide proof that repayments can be done without delay.
- Application fees are either non-applicable or minimal
- The payment schedules are extendable with a nominal extra interest rate being applied
- Extended lines of credit made available
Eligibility Criteria for Business Loan
- Minimum 25 years of age and maximum 65
- The business should have been in profit for atleast 3 years
- A minimum turnover of 40 Lakhs for proprietorship, partnership firm and Pvt Ltd companies.
- Income Tax return should be a minimum of 3 Lakhs
- Net worth should be positive.
Who all can avail business loans?
- Self Employed Individuals/Professionals
- Sole Proprietorship Firms
- Partnership Firms
- Private Limited Companies
What documents are needed when applying for a business loan?
- Identity Proof
- Address Proof
- Bank Statement for past 6 months
- 3 years Income Tax Return with Balance Sheet, P&L and Audit Report
What are the tenure options available?
A minimum of 1 year to a maximum of 5 years.
Can I make part-prepayment?
Yes. Part pre-payment can be done with a minimum amount of Rs.50,000/- after 6 months from the date of disbursement of the loan. This can be made only once in a financial year.
Can I pre-pay my whole loan?
Yes. That is also possible, but after repaying a minimum of 6 EMIs. Pre-payment of loans will be charged as per the bank’s discretion.
How can I repay the loan?
The loan can be repaid through post-dated cheques or Electronic Clearing System.