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SIDBI’s SWIFT Scheme

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Status: Active

Classification: Central Government Schemes

Release Date(s):
6th March 2024

Offering: Loan/Credit

Entity Type: Development Financial Institution

Reading Time: 4 Mins

Ticket Size: Upto ₹3 Crore

Entity Name: Small Industries Development Bank of India

#Views: 34

Disclaimer….before you read ahead!

The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updating, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.

Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this article.

 

About this scheme…

SWIFT Scheme was launched by Small Industries Developmental Bank of India (SIDBI) in collaboration with IDBI Bank, City Union Bank (CUB) and Yes Bank with the aim to provide working capital assistance to MSMEs.

 

How is it being implemented?

Under SWIFT Scheme, direct financial assistance in the form of Overdraft facility is given to,

 

What’s on offer?

I. Product

  • Overdraft (OD) facility
  • Ticket size: upto ₹3 Crores
  • Option to choose banking platform from multiple banks (IDBI Bank/CUB/Yes Bank)

 

II. Purpose:

  • Working capital requirement

 

III. Borrower Type:

  • Individuals, Sole Proprietorship, Partnership, Limited Liability Partnership, Limited Liability Company, Private Limited Company, or Public Limited Company
  • For more information around this, please contact SIDBI via means mentioned below

 

IV. Security or Collateral or Guarantee or Insurance

  • For more information around requirement of Security, Collateral, Guarantee, Insurance; please contact SIDBI via means mentioned below
  • There is no requirement for submission of monthly/quarterly statements pertaining to tock/ Book Debt/ QIS etc.

 

V. Interest Rate

 

VI. Processing Fee

  • 0.25% at the time of sanction
  • 0.10% per annum at time of review/renewal

 

VII. Margin Money Requirement

  • For more information around this, please contact SIDBI via the means mentioned below

 

VIII. Tenure, Repayments & Pre-Closures

  • Tenure: OD facility is renewed at regular intervals
  • For more information around this, please contact SIDBI via the means mentioned below

 

IX. Turnaround Time

  • Borrower receives a paperless in-principal offer note soon after completion of digital journey i.e. filing the loan application online
  • Post this, the borrower may need to approach their chosen Bank as suggested in point I above for availing the OD facility
  • For more information around this, please contact SIDBI via the means mentioned below

 

Interested? Read ahead to check your eligibility….

I. Are you are a Micro-enterprise, Small-enterprise, or a Medium-enterprise as per MSMED act of 2006, operating consecutively for 3 years?

 

II. Your business is not availing working capital or overdraft facility from any other Bank or Financial Institution?

 

III. Your business has never defaulted with any Bank or Financial Institutions?

 

If your answers to the questions above are an emphatic YES, you are all set to avail loan under SIDBI’s SWIFT Scheme!

 

So…how big is this scheme and what has been done so far?

I. Details of progress under the SWIFT Scheme do not seem to be available in the public domain

 

So, now, how should you go about it?

I. For submitting application, register and apply online on the SIDBI website here

 

II. For information on loan application, application process and documentation requirements, please contact SIDBI via means mentioned below

 

III. For any queries, please contact SIDBI:

 

OR

  • Call on Toll Free Number: 180 022 6753, Timing: 10.30AM – 6.00PM

 

OR

  • WhatsApp on +91 86930 33333

 

OR

 

OR

 

OR

 

OR

 

Go on then…and do spread the word!

 

Sources:

1. About the Scheme

2. SIDBI Annual Report 2022-23

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