State Bank of India Business Loan
State Bank of India offers business loan to people who are in need of financial help for their business growth. Both secured and unsecured loans can be availed through the bank by the people of India. One can use the loan amount to purchase new machinery, give salary to people who are working, for any new technology and various other purposes.
The bank offers loans for starting any business, small and medium-sized enterprises loans and to the people who are self employed running IT companies and traders etc. The bank offers special schemes for business loans for supping agricultural activities and for women as well.
Loanbaba.com provides all the information about SBI business loans:
Some advantages are there of these SBI business loans:
One can make prepayment of a part of the loan amount anytime post the payment of one percent prepayment charges.
One can foreclose his/her whole loan amount anytime after the payment of six instalments at foreclosure fee.
No charges for Prepayment.
The rates of interest offered by the bank are both fixed and flexible.
Eligibility criteria and details of SBI Business Loans-
One can avail minimum fifty thousand rupees and a maximum of thirty lakh rupees through the bank.
Minimum annual income should be 1, 50,000 rupees
Least age should be twenty one years and highest age can be sixty five years at the time of loan maturity
Least annual turnover of business should be twenty lakh rupees
At least three years experience in present business and a total of five years experience in doing business.
The business should be experiencing profits continuously from last two years.
The business must be filling ITR worth rupess 1.5 lakh annually.
Products that are Popular:
Working Capital Finance
Documents needed to avail SBI Business Loan:
- Proof of Address - Aadhar Card, registry copy, utility bills, rental agreement, bank statement etc.
- Proof of Identity - PAN Card, Voter ID, Passport, Aadhar Card, Driving License etc.
- Proof of Business Existence -PAN, excise / VAT/ service tax/ sales tax registration, partnership deed copy, certificate of practice, RBI, SEBI issued registration certificate, trade license etc.
Income Tax PAN copy of two years.