Hello everyone! Today,I’m trying to explain in detail the costs involved in 1 crore loan at State Bank of india. This would primarily include CGTMSE fees and other fees that are mandatorily involved along with loan disbursement.
What is Working capital loan?
This is provided for running day to day operation activities of the unit. This will be based on the sales achieved by the unit in last one year, if it is a new unit, then they might go for projected sales.
What is CGTMSE fees for 1 crore loan?
This is not in particular for sbi, since this is covered by trust managed by central government,ot will be same. CGTMSE fee is 0.6% plus GST for a loan of one crore rupees. It comes to be exactly around 70800/- as on date. This needs to be paid each year.
What are the other fees involved in the loan?
Sbi charges a processing fee of around 0.75 % plus GST for one crore loan. It comes to be around 88500/- This will be debited seperately during the loan account opening procedure. Apart from these, you will be to pay the stamp charges accordingly based on the state they live in.
They also charge insurance charges for the stock. If there is any burglary, for incident or any destruction to the unit, then there would be claim lodgement, this will be mandatory on bank part too and might come around 30k per year.
Feel free to check the cgtmse fees based on the calculator we have devised, https://cgtmse.info/
Feel free to comment or reach out to us in any doubts, and we will respond back to assist you in any CGTMSE related doubts.