State Bank of India Business Loan
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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.
|State Bank of India Personal Loan Details Updated on 23rd May 2019
||Rs.50,0000 to Rs.10,000,00000
||11.20% to 16.30%
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.
Our website, Loanbaba.com provides all the information about SBI business loans:
Why Apply for SBI Business Loan?
The advantage of this loan is its same interest throughout the duration.
Simple documentation is needed and the business loan in State Bank then gets processed faster.
The customers can pay off the loan in easy instalments every month and can repay it via auto debit or PDC or ECS.
- Business Loan EMI calculator at Loanbaba.com.
You can check out SBI business loan eligibility and SBI
Features of Business Loans at State Bank of India
The following key points will help you understand the features and benefits of the business loans:
The minimum loan amount is Rs. 500,000 and the maximum loan amount is Rs. 1,000,000,000.
Loan tenure is 1 year to 4 years. Interest rate currently is up to 16.30% as per records in April 2018.
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 after paying off first 6 EMIs.
The rates of interest offered by the bank are both fixed and flexible.
Why Apply for Business Loan on Loanbaba?
At Loanbaba, you can compare and apply for business loans online. You can check out several loans for business and go through their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, on a single platform. The loan application process is simple and easy, as you can upload all the required documents online. Disbursal is done at the soonest, and you can keep a track of your loan application on the website.
SBI Business Loan Interest Rates
Business Loan SBI interest rate is between 11.20% and 16.30%, but varies as per individual profile. Keep a check on this page to note the updated SBI business loan interest rate for the current year.
SBI Business Loan Eligibility Calculator
Business loan eligibility may differ from one candidate to another. You can also use free-of-cost State Bank of India business loan eligibility calculator at Loanbaba.com. The eligibility criteria for SBI loan for business are discussed below:
The applicant for business loan State Bank needs to meet the age requirement and possess all necessary identity and profit/revenue proof etc required applying for the loan.
He/she meet the requirement for company credit score and should not be under too many debts.
Types of State Bank of India Business Loans
SBI has business loan schemes for all kinds of professionals. The amount taken as loan can be used for either multiple or specific purposes.
State Bank Business Loan FAQs
Below provided are important questions about business loan State Bank of India.
- What are the details and eligibility criteria 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 rupees 1.5 lakh annually.
- Which SBI Business Loan Products are most popular?
Working Capital Finance
- What are the Documents needed to avail SBI Business Loan?
The bank has a straightforward documentation procedure since they go about it with internationally tested methods. All you need is a photo ID, verified signature, address proof and a document that declares your age. The same is submitted with the application, and you are ready to get the loans from the best banks in the world.
- - Aadhar Card, registry copy, utility bills, rental agreement, bank statement etc.
Proof of Address
- - PAN Card, Voter ID, Passport, Aadhar Card, Driving License etc.
Proof of Identity
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 and PAN card Copy of two years.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of State Bank of India.
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