SBI slashes interest rates for SME Customers

State Bank of India has taken several steps to support SMEs in the current recession. The Bank has been offering soft loans to its existing customers styled as ‘SME Care’ and ‘SME Help’ at 8% p.a. These schemes have now been extended and will be available till 30.09.2009. Additionally, term loans in the SME Help scheme will now be available for a period of 2 years at 8%.

The Bank has now gone even further in its attempt to support SMEs. State Bank of India has slashed the interest rate to 8% p.a. for all new SME customers with loan requirements upto Rs 5 lacs. The reduced rate will be applicable for working capital as well as term loans provided they are covered under CGTMSE guarantee.

Further, for new SMEs with fund based loan requirements above Rs 5 lacs but below Rs 25 lacs, the Bank has offered fixed rate of interest of 10% p.a.

Both these interest concessions will be available for the next two years and will be available to those who obtain CGTMSE cover.

No related posts.