Scheme For Financing Input Tax Credit Claims Under GST
Facility : Working Capital Demand Loan (WCDL) for a period of 9 months
Loan Amount : 80% of Input tax claim due on purchases
or
Maximum 20% of the existing fund based working capital limit whichever is lower.
The above limit is over and above the Assessed Bank Finance.
Eligibility : All existing satisfactorily conducted Standard accounts
Interest Rate : Concessionary interest rates linked to MCLR
Security :
Primary: Hypothecation of stocks and receivables.
Collateral: Nil
Repayment : The ad-hoc limit to be repaid in next 6 months after initial moratorium of 3 months:
Initial 3 months moratorium period.
The ad-hoc amount shall be repaid either in one bullet payment or in 6 equated monthly instalments in next 6 months after moratorium period is over.
Drawing power to reduce in line with equated monthly instalments every month after moratorium period is over
Interest to be serviced every month.
Input claims of exporters have to be escrowed to our Bank account.
Miscellaneous : Available in all SME Intensive Branches of SBI
Validity of Product : The product is valid till 31.03.2018
Documents required to be submitted for availing loan under “SME Assist”
GST Registration Certificate
Request Letter from the customer for availing loan for pending input tax credit under GST along with copies of invoices raised under GST.
Chartered Accountant’s Certificate certifying the amount of pending input tax credit under GST for the last 3 months.