- Most State Bank of India branches offer this scheme.
- Available for women entrepreneurs who have 50% ownership in a business.
- Following concessions are offered under the package:
- The margin will be lowered by 5% as applicable to separate categories.
- The interest rate will be lowered by 0.5% in case the loan exceeds Rs 2 lakh.
- No security is required for loans up to Rs 5 lakh in case of tiny sector units.
- Proof of Identity (eg: Voter’s ID/ Passport/ Driving License/ Passport)
- Proof of residential (eg: Recent electricity/ telephone bill) and business address.
- Proof of minority status
- Last 3 years balance sheet of the units along with income/sales tax returns
- Memorandum and articles of association (MOA) of the Company/ Partnership Deed of partners etc.
- Assets and liabilities statement of promoters and guarantors along with latest income tax returns.
- Projected balance sheet for the next 2 years in case of working capital limits, and for the period of the loan in case of term loan.
- In case of takeover of advances, sanction letters of facilities being availed from existing bankers/ Financial Institutions along with detailed terms and conditions.
- Profile of the unit (includes names of promoters and directors, activities being undertaken, addresses of all offices/plants, shareholding pattern etc.)
- Project Report containing details about machinery, labour, staff, projected profit and loss and balance sheets for the next 7-8 years till the proposed loan is to be paid etc.
- Review of account containing month-wise sales, production, raw material, finished goods, debtors, creditors, bills discounted etc.
- Photocopies of lease deeds/ title deeds of all the properties being offered as primary and collateral securities.
If applicable, the following must also be provided:
- Rent agreement and clearance from pollution control board
- SSI registration
- Last 3 years balance sheets of the Associate/ Group Companies
- Manufacturing process
- Position of accounts from the existing bankers and confirmation about the asset being Standard with them (In case of takeover)
- In order to benefit women entrepreneurs, there are in-built concessions along with low-floating rate of interest.
- For MSME enterprises owned by women entrepreneurs, no collateral is required for loan of upto 10 lakhs. Similarly no collateral is required for loans upto 100 lakhs that can be covered under CGTMSE scheme.