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SCB Business Loan in Chennai

Standard Chartered Bank offers business loans for small enterprises of unsecured type. The business loan offered can be used for any purposes such as expansion of the business, working capital, promotional activities, invest on equipments, renovation and more.

Features of Business loan from SCV

  • Minimum loan offered is Rs.40 lacs and maximum Rs.30 crores
  • The maximum loan offered for small scale business is Rs.20 lacs
  • The tenure period is up to 48 months
  • Interest rate is attractive
  • Speedy processing and approval within 5 days of applying
  • Pre-payment only after 12 months of EMIs is paid
  • Pre-closure charges would involve about 5% of outstanding loan amount
  • No need for providing any collaterals for security

Eligibility for Business loan from SCB

  • Partnership firms, private limited companies and sole proprietors can apply for this SCB loans
  • Professionals such as architects, doctors, chartered accountants and business consultants can also apply for business loan
  • The applicant must be running the business for minimum 3 years
  • Minimum age limit is 25 years and maximum 65 years
  • Applicant must provide profit balance of the business for last 2 years with IT returns
  • Applicant must provide proper tract of repayment if he/she already has taken auto loan, home loan, equipment loan and personal loan from SCB and still becomes eligible for business loan easily

Documents Required for Applying

  • Last 6 months bank statement transaction
  • 2 years of financial statements including profit and loss of the company
  • Accounts balance sheet with income tax returns must be provided
  • All documents related to the establishment of the firm must be provided
  • Address proof of any one of the following: Passport, license provided for running the business, lease agreement, sales tax certificate, trade license, electricity bill, telephone bill
  • Proof of continuation of the business such as IT returns, sales tax certificate and establishment certificate
  • Sole proprietor declaration, partnership deed certificate, memorandum copy can be provided
  • Any of age proof and identity proof needs to be provided such as PAN card, passport, driving license or voters' id