YES GST program is aimed at MSME enterprises to provide quick and simple access to finance facilities. The product is designed such that working capital finance up to INR 1 cr. can be made available to MSMEs purely basis the turnover as per their GST returns. Financial statements and bank statements are not mandatory for assessment thereby doing away with the hassles of paperwork to a major extent.
Assessment will only be basis turnover as per GST returns. Balance sheet & bank statements are not needed for assessment of limit.
Limit will be by way of Fund based Overdraft Facility or Drop Line Overdraft Facility up to INR 1 Cr.
Bank statements are not required for assessment
Charge on Current Assets i.e. Stock and Book Debts is not mandatory
Since limited documents are needed for processing the application, the approval process becomes very fast.
KYC of all entities and individuals involved in the loan application
Latest 6 months GST returns for proof of turnover
Sanction Letter of all existing loans.
Constitution Documents for vintage proof
ITR return of the borrower along-with computation of Income
Management/Promoter certified Positive adjusted Net Worth
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