SBI OD Product for Business Correspondents (BCs)

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SBI OD Product
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Purpose

The scheme proposes to grant National/State level Business Correspondents (BCs) of SBI, overdraft facility for meeting their working capital requirements which will enhance their ability to service more customers in an uninterrupted manner and thereby further the cause of Financial Inclusion.

Features

  • Nature of Facility :Running Account OD facility

  • Target Group: All National/State level Business Correspondents having valid agreement with SBI

  • Quantum of loan (Min/Max)
    • Min: Above Rs. 25 lacs
    • Max: Less than Rs. 5 Crores. (Loan limit upto maximum 70% of 2 times the average monthly commission )
  • Pricing
    • With collateral security 20% and above: Repo Linked Lending Rate (RLLR) + 2.45%
    • Without collateral security: Repo Linked Lending Rate (RLLR) + 2.95%
  • Repayment Period : Running account facility, to be renewed every year, subject to satisfactory conduct of account.
  • Processing Fee : 1% of loan amount

Eligibility Criteria

  • All National/State level Business Correspondents having valid agreement with SBI and having satisfactory business relationship with SBI for at least two years

Collateral Security

  • Assignment of commission to be received by the BC
  • 20% cash collateral, wherever collateral security is offered
  • Personal guarantee of the promoter directors.

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Interest Rates

7.35% p.a.

w.e.f. 01.05.2020

*T&C Apply.

 

 

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