1 Crore of loan facility for SME.

Surat Sutex Bank
Surat Sutex Bank

Surat is back with fighter spirit.

Yes ! Surat has seen a lot in the past, floods, plague and now corona. The City has never stepped back from the worry of what will happen next day? A very enthusiastic culture of the city never sleeps due to worry but sleeps with peace that tomorrow is the best day of my life and thanks today.

Sutex Bank has agreed upon to come up with Rupee One crore of SME loan for next two year. Yes ! you read it well. 1 CRORE !!
Mr Kamalvijay Tulsian, chairman of Sutex Co Op Bank and industrialist in many business verticals has always been supportive to industry. He has mentioned that the industry has gone through rough phase and thus it is equal duty of a Bank to see to it that the businesses roll back with required support given to them in timely manner. He also added that “this short term loan will be for 24 months and will be issued in two slots. First 50% of loan slot will be before 15th May 2020 which will be followed up by the remaining 50% loan before 15th June 2020.
There will be interest rate of 9.5% for the loan up to Rs 25 lacks and 10% for loan from Rs. 25 lack till Rs. 1 crore.

If due to lockdown, mortgage procedure becomes difficult than in such case the loan will be issued on Rs.300/- bond and the procedures of mortgage will be carried out later on.
Having such a supportive and thoughtful individuals who not only thinks about their growth but also the growth of an entire business community is a boon to the City.