Flexible financing for your business needs.
Explore the SMBL loan information, eligibility criteria, interest rates, property requirements, fees and documents in one clear, easy-to-read place.
Loan terms and eligibility are subject to the lender's applicable policies and approval.
At a glance
SMBL loan highlights
Key loan details from the SMBL column of your supplied comparison table.
Loan Amount
₹3–20 Lakhs
Loan against property
Loan Tenure
2–8 Years
Depends on loan amount
Minimum Income
₹20,000
Monthly household income
Loan options
Explore SMBL loan purposes
The following loan purposes and amounts are taken from the SMBL column in your supplied table.
Loan Against Property
₹3–20 Lakhs
Funding against eligible property.
Open Vacant Plot
₹3 Lakhs
As listed in the supplied SMBL table.
Before you apply
SMBL eligibility requirements
Review the main eligibility conditions before proceeding with a loan application.
CIBIL / Equifax Score
600 and above
Minimum Work Experience
2 years
Geographical Eligibility
Property, office or business within 30 km of a Vega Finsol Bank branch / IFBO
FOIR
40% cash salaried / 50% business / 60% bank credit
Complete information
SMBL loan details
All the SMBL terms supplied in your comparison table, organized into separate sections for easier reading on desktop and mobile.
Loan Information
Loan type
SMBL
Target customer segment
Salaried and self-employed individuals
Loan amount
Loan against property: ₹3–20 Lakhs; open vacant plot: ₹3 Lakhs
Loan tenure
Minimum 2 years; maximum 7 years for loans up to ₹6 Lakhs and 8 years for loans from ₹6–15 Lakhs
Rate of interest
Minimum 20% and maximum 26%
Loan to Value (LTV)
Self-occupied residential: 70%; self-occupied commercial: 60%; open plot: 50%
Eligibility
Geographical eligibility
Property, office or business must be within 30 km of a Vega Finsol Bank branch / IFBO
Minimum monthly household income
₹20,000
CIBIL / Equifax score
600 and above
FOIR (Fixed Obligation to Income Ratio)
40% cash salaried / 50% business / 60% bank credit
Minimum work experience
2 years
PMAY
Not applicable
Fees and Charges
Processing fee
3% + 18% GST on processing fee amount
Legal fees
₹2,000 (inclusive of GST)
Technical fees
₹2,000 (inclusive of GST)
Age Criteria
Salaried applicants
Minimum 21 years; maximum 60 years (65 years for pensioners)
Self-employed applicants
Minimum 21 years; maximum 70 years
Age limit if income is not considered
Up to 75 years
Documents Required
KYC documents
PAN / Aadhaar / Voter ID / Driving Licence / address proof
Bank statement
6 months for loans up to ₹8 Lakhs; 1 year for loans above ₹8 Lakhs
Income documents
ITR / salary slip / salary certificate / handwritten bills / ledger books / bank statements or NIP
Legal documents
Parental deed / registered sale agreement / land revenue records / sale deed / NA certificate / property tax receipts
Technical documents
Building approval permission / approved layout plan
Disbursement and Repayment
Disbursement mode
In Bank Account, SI in Bank Account
Collection mode
Standing instruction from SSFB account
EMI due date
10th of Every Month
Insurance
Property insurance and life insurance are mandatory
Vintage Requirements
SEP / SEND
3 years total experience and 2 years current; 5 years total and 3 years current for ₹8–15 Lakhs
Salaried
2 years total experience and 1 year current; 3 years total and 1 year current for ₹8–15 Lakhs
Cash salaried
3 years total experience and 2 years current; 4 years total and 3 years current for ₹8–15 Lakhs