SME-IT Loans
SIDBI for Business Enterprises
Introducing an easy-to-get, easy-to-pay finance bundle from SIDBI specially for SMEs to computerise their business.
SIDBI and Intel have come together with a first-of-its kind initiative to help SMEs set-up or step-up IT in their business. While Intel will deliver a range of world class IT products and solutions, SIDBI will provide the financial assistance for SMEs to buy them. Called SMEITLOANS, it provides an easy access for SMEs to get both the finance and the technology to adopt IT, especially since the loan is available for hardware, software, installations and services.
Objective
SIDBI finances the creation or up-gradation of IT infrastructure of your company. It provides finance for numerous applications viz. hardware installation, implementation of legal software and other related softwares, network setup etc.
Making the process of creation or up-gradation of an IT infrastructure for businesses now, a lot simpler.
Eligibility
Business enterprises and service sector entities recording profit in the previous 2 years are eligible for finance from SIDBI. They should not have defaulted to any financial institutions. Computers for business and commercial purposes are only eligible for this scheme.
Amount of Assistance
SIDBI assists in Term Loans. You can get an assistance of amount ranging between RS.5 lakhs to RS.25 lakhs.
Payment Details
You can repay the loan in EMIs at very low interest rate, spread over a maximum period of 36 months.
As the up-front fee, 1% of the amount sanctioned needs to be paid.
For Security
As security, hypothecation of assets, personal guarantee of Promoters / Directors, Postdated cheques and CGTSI cover must be provided.
Process Duration
The entire process of loan sanction from SIDBI could take a week to 10 days.
The Basic Steps
Application form to be filled in by the applicant and preferably forwarded through Intel® Channel member
- Visit by SIDBI official to the applicant to assess the promoters facilities
- Communicate decision : Sanction / rejection
- Documentation & Disbursement
Documents to be Submitted
- Duly completed application form
- Audited financial statements of the applicant unit for the last 2 years
- ITRs of the unit and promoter(s) for last 2 assessment years
- Bank statement of the unit for last 6 months
- 2 photographs of each of the promoter(s) duly attested by the banker
- Certified copy of Partnership Deed / Memorandum & Articles of Association
- Sanction letters in respect of the facilities being enjoyed by the unit (if any )
- Net worth statements of the promoters
- Identity Proof(s) of promoters
- Residence Proof(s) of Promoters Signature verification of promoters
- Quotations & forwarding note from Intel® Channel member
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