State Bank of In­dia to pro­vide work­ing cap­i­tal to MSME clients

Mint ST - - CORPORATE -

Mum­bai: State Bank of In­dia (SBI) on Thurs­day launched a prod­uct to pro­vide work­ing cap­i­tal loans to mi­cro, small and medium en­ter­prises (MSMES) based on their in­put credit claims re­lated to the goods and ser­vices tax (GST). The loan, to be given for nine months, will be given out­side the sanc­tioned bank fi­nance. The loan amount will be ei­ther 20% of ex­ist­ing fund-based work­ing cap­i­tal limit or 80% of in­put tax claim due, whichever is lower.

MSMES will have to sub­mit a cer­tifi­cate from their char­tered ac­coun­tant con­firm­ing the in­put credit claims to avail of th­ese loans. The fa­cil­ity is avail­able till end of March 2018. State Bank of In­dia will give mora­to­rium on re­pay­ment for the first three months. ALEKH ARCHANA

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