SBI offers Business Loan for new business & existing business at competitive rates, longest tenure, low processing fee altogether makes it unique among others & mostly preferred by borrowers.
Business Loan benefits are wide in range for example if you arrange fund by adding equity investors in your business, they will be the commander who instruct you to do this or that & decide the limitation of spending wherein Business Loan availed by bank & financial institutions give the freedom to utilize amount according to your perspective plan.
One of the other benefits of business loan is easy to get fund in short time. Due to the huge demand of business loan many initiatives have been taken to ease the process which ultimately aids to access fund in lesser time period.
SBI Business Loan Advantages and Disadvantages
There are certain advantages and disadvantages of business loan as listed below: -
Business Loan Advantages:-
Minimal Paperwork: -Business Loan don’t ask for much documentation, as many lenders are ready to offer business loan at good rates. Hence, minimal paperwork makes it extremely stressless.
Affordable Interest Rates:-SBI Business Loan interest rates are much affordable due to the presence of collateral risk seems lower to lenders SBI business interest rates leverage affordable rates.
Speedy Disbursal: - Borrowers can opt for business loan online either offline as per their convenience, however both the methods work closely together & aids to do speedy disbursal.
Business Loan Disadvantages:-
Hard Bank Loans:- Getting a business loan from bank is slightly complicated because of standard terms & conditions. Therefore, opting for business loan from Bank becomes harder.
Complex Criteria:- Not every business is eligible for Loan, due to certain eligibility criteria imposed by lenders to evaluate the risk level, most borrower get failed due to lack of good credit history.
Nil Collateral affects Loan:- Several lenders offer business loan against collateral even some don’t ask for collateral if your past financial track record seems good. If you don’t own any security to pledge & not have good credit history, then most probably you won’t qualify the loan requirements.
SBI Business Loan Government Scheme -
Do you know MSME micro small medium enterprises is the backbone of economic growth, eventually it creates multiple job opportunities & ultimately helps to demolish poverty, income equality in India.
It's our responsibility to motive upcoming & existing entrepreneurs by doing financial support. Therefore, Government of India launched various schemes to encourage MSME Sector. business loan government scheme are below listed:-
- (PMMY) Pradhan Mantri Mudra Yojana:-
This scheme divided into 3 categories named Shishu, Kishor & Tarun-according to specific requirements loan amount & interest differentiated.
Several banks & financial institutions offer Pradhan Mantri Mudra Yojana scheme to micro level business to fulfill financial requirement upto 10 lakhs.
- (CLSS) Credit Linked Capital Subsidy Scheme: -
The major objective of credit linked capital subsidy scheme to technology upgradation, under this scheme micro small enterprises get 15% front capital subsidy to develop plant & machinery.
- (NSIC) National Small Industries Corporation:-
Under Micro small medium enterprises NSIC is an ISO certified Indian government enterprises with the main aim to promote digitally & develop financial growth of business.
- (CGFSME)Credit Guarantee Fund Scheme for Micro and Small Enterprises:-
Ministry of MSME & Small Industrial Development Bank of India together launched special trust scheme named Credit Guarantee Fund Scheme for Micro and Small Enterprises to new & existing businesses. Under CGFSME scheme, loan upto Rs.200 lakh are funded even not required to pledge security as it’s a collateral-free loan (business engaged in certain activities are funded like manufacturing, educational & institutional, training institute & other retail trade.
- MSME Loan in 59 Minutes:-
Small industrial development bank of India has launched an fintech platform named PSB MSME Loan in 59 Minutes. Borrowers under micro small medium enterprises (MSME) Sector able to get loan amount up to 10 Crore & that too in 59 minutes by filling up online application.
SBI Business Loan Eligibility Calculator-
Business Loan eligibility calculator used to check whether applicant profile is matching the eligibility criteria-imposed state bank of India prior to the loan application. If applicant does not qualify criteria, at early-stage things can be initiated to improve eligibility so that the application won’t be rejected by lenders. Even by using SBI business loan eligibility calculator applicant gets the accurate eligible loan estimation.
How to Get Business Loan in SBI Online?
SBI Business Loan online process works faster than traditional way of visiting SBI bank branches to get an application form.
Step 1 – Visit online official website of SBI Bank SBI.co.in - click business – simplified small business loan.
Step 2 – Once you reached the business loan page click on apply now then fill the required blank columns with correct value.
Step 3 – After completing click on submit & wait for the response.
Step 4- Bank representative will review your loan application, if it good qualifying soon they will get in touch with you.