SBI Business Loan
A multinational public sector bank, State Bank of India is a statutory organization with its headquarters in Mumbai, Maharashtra. SBI is rated 221st in the 2020 Fortune Global 500 list of the largest firms across the world.
One of the largest banks in India, SBI has a total of 23% of the market share by assets and 25% of the market share of the deposit market and overall loans. SBI offers loans to large corporations, medium-sized businesses, and small-scale businesses. They provide various loans, including secured and unsecured business loans, with an interest rate beginning at 11.20% and a maximum duration of 15 years.
SBI Loan Features
- Diverse availability of loans: SBI provides various types of loans to meet the customer’s requirements. They offer loans in amounts ranging from Rs.10,000 to Rs. 500 crores, depending on the business needs and profile.
- Low-Interest rate: Now, enjoy a business loan at a low-interest rate. Its interest rate is determined by the MCLR (Marginal Cost of Funds Based Lending Rate).
- No Collateral Loan: MSMEs don’t have to worry about anything with SBI’s collateral-free loans. Avail business loans with EMIs up to Rs. 1 Crore.
- Quick and Easy Application Process: SBI’s application procedure is easy and quick to follow.
- Flexible Loan Repayment: Lendors can enjoy a flexible repayment tenure ranging from one to 15 years.
- Business Loans for Women: Women-owned businesses can avail of a special scheme called the ‘Stree Shakti Package’.
SBI Business Loan Eligibility:
- Any Indian citizen who has a business, has residual income and has the ability to repay the loan can avail of SBI’s business loan.
- Businesses that fall under the SME category can apply for this loan. These companies are typically involved in self-employment, trade, or manufacturing.
- People who have experience of at least three years in the current business and have five years of overall business experience.
- The minimum age of a person should be 21 years, and the maximum should be 65 years.
- At least 40 lacs should be the company’s annual revenue.
- A candidate should have a good credit score.
SBI Business Loan Interest Rate
| Processing Fee | The amount generally varies from 1% to 5% of the sanctioned loan amount |
| Securities | A credit check is not necessary for unsecured business loans
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| Loan Amount | The loan amount can be from Rs. 10,000 to Rs. 500 Crores. |
| Interest Rate | It depends on the type of loan, business requirements, and the individual’s profile. |
| Loan Repayment Duration | From 12 months to 5 years |
Types of Business Loans Offered by SBI
- Credit for Export Packing
- Commercial Real Estate Asset
- Loan secured by Assets
- Finance for Fleets
- E-Dealer Finance schemes
- SBI Overdraft Products
- E-vendor financing scheme
- Credit Card for Small Businesses
- SBI overdraft Product
- Simplified Small Business Loan
Documents required for SBI’s Business Loan
- Passport-size photo along with the filled application form
- KYC documents include the Aadhar Card, passport, PAN Card, voter ID card, driving license, and utility bills.
- ITR business address proof along with a recent year’s bank statement
- Besides these, SBI may ask for some additional documents.
How to apply for a Loan:
- One can go to their website and apply for a business loan.
- One can request a callback on the loan application process by contacting SBI customer service.
- One can visit the nearest brand and apply for a business loan offline.