State Bank of India SBI Bank offers wide range of products & services, one of the most well-known product is SBI Business loan for (SME) Small Medium Enterprises Sectors. Under SME category both secured loan & unsecured loans are offered for enterprises. SBI business loan interest rate starts from 11.10% p.a but ensure applicant eligibility is involved in determining applicable rates.
There are certain factors considered to evaluate the eligibility of borrowers such as nature & scope of business, years of existence, estimated revenue growth, repayment capacity, CIBIL Score etc. SBI business loan online for new business allows the borrowers to avail customized business loan.
- SBI business loan offered to expand business scale
- All Business units engaged in manufacturing, trading & services- including self-employed professional & non-professional
- Borrowers age group should fall between 21 – 65 years
- SBI Business loan ranging from 5 Lacs to 500 Cr
- Lowest processing fee on loan
- Special schemes offered by SBI Bank
- Flexible tenure facility up to 60 months
- Under SBI Business loan both secured & unsecured are available
- SBI offers Business loan for women at affordable interest rates
SBI Business Loan Interest Rate & Details 2021
|Interest Rate||11.10% onwards|
|Loan Amount||Loan up to 100 Crores|
|Repayment Period||12 months – 48 months|
Compare Business Loan SBI Interest Rate with Top Banks
|Bank Name||Interest Rate|
|HDFC Bank Business Loan||16.00% Onwards|
|SBI Bank||11.10% Onwards|
|RBL Bank||19.00% Onwards|
|Lending Kart||18.00% Onwards|
|ICICI Bank||18.00% Onwards|
|Yes Bank||17.00% Onwards|
|Axis Bank Business Loan||18.00% Onwards|
|Kotak Business Loan||16.00% Onwards|
|Tata Capital Finance||16.00% Onwards|
|Bank of Baroda||Based on Applicant’s Profile|
Other charges on SBI Business Loan
Apart from Interest rates, there are few other charges levied by SBI it includes followings: -
- Processing Fee: - 2% - 3% applicable
- Foreclosure Charges: - 3% on loan amount
Also Read:-SBI Home Loan
SBI offers SME Loans
|Type of SME Loans||Nature of Loan||Maximum Loan Amount|
|Simplified Small Business Loan||Term Loan (TL)||Loan Up to 25 lacs|
|Asset-Backed Loan||Dropline Overdraft||Loan Up to 20 Crores|
|SME Credit Card||Cash Credit (CC)||Loan Up to 50 lacs|
|Asset-Backed Loan –Commercial Real Estate||Dropline Overdraft||Loan Up to 20 Crores|
|Fleet Finance||Term Loan (TL)||Loan Up to 10 Crores|
|Export Packing Credit||Pre-Shipment Credit||Based on Applicant Profile & Requirements|
|E-Vendor Finance Scheme||Cash Credit (CC)||Based on Applicant Profile & Requirements|
|E-Dealer Finance Scheme||Cash Credit (CC)||Based on Applicant Profile & Requirements|
Business loan EMI equated monthly installment is a monthly payable fixed amount that must be paid by a loan borrower to SBI Bank on a regular basis until unless pay off borrowed principal amount.
SBI business loan EMI calculator is used to calculate monthly payable EMI, get instant schedule chart plus table as it depicts remaining each principal, interest, EMI payment amount & balance.
To avail business loan, ensure your business profile meet following requirements as given below: -
- Applicant age group should fall between 21 – 65 years at the time of loan maturity
- Profit & loss balance sheet for last 3 years
- Any business is earning profit Last two year they are also eligible
- CIBIL score required to be above 750
- If you are a proprietor, self-employed individuals, private Ltd. And partnership firm and business manufacture are eligible for business loan.
SBI Business Loans Documents Checklist
Certain documents required to process borrowers application which are listed below: -
- Identity Proof (Any one of the following): -
- Aadhar Card
- Pan Card
- Voter ID
2.Residence Proof (Any one of the following): -
- Electricity Bill
- Water Bill
- Rent/Lease Agreement
- Bank Statement
How to Apply SBI Business Loan Online?
If you are planning to setup & expand your business, you can avail Kotak Business Loan Online.
- Financeseva offers you to compare Kotak business loan with other banks at single platform.
- Get a detailed comparison of business loan schemes, benefits, interest rates, EMI calculator offered by banks.
- Click on Get Quote & fill required details to submit the form, shortly concern representative will get in touch with you for further formalities.
SBI Business Loan FAQs
What is SBI business loan for women eligibility?
To be eligible, at least 50% of shareholding own by women business owner, Participation in EDP entrepreneurship development programme held by government is essential to avail this type of credit facility.
Does SBI provides business loan without collateral?
Yes, SBI offers secured loan as well as unsecured loans.
What is the maximum loan amount offered by SBI business loan?
State Bank of India offers business loan maximum loan amount up to 100 Crores that totally depend on applicant profile & requirements.
How to get State Bank of India business loan application form?
To get State Bank of India business loan application form, you can reach the nearest SBI bank branch & simply request a loan application form er you can visit official website & start filling an application online.
How to get MUDRA Loan in SBI?
To avail MUDRA Loan – visit SBI e-Mudra portal, start your application where you will be asked to enter your registered mobile number, SBI account number & loan amount - proceed further to upload required documents & submit the application.
What are the specials business loan offered by SBI?
SBI offers 2 types of business loan – Term Loan (TL) and Working Capital Loan (WC).
How many types of business loan available for SMEs?
State Bank of India offers varied types of customized loans for SME’s Small Medium Enterprises sectors which includes: -
- SBI OD Product
- SME Credit Card
- Asset Backed Loan
- Asset Backed Loan –Commercial Real Estate
- E-Vendor Finance Scheme
- E-Dealer Finance Scheme
- Lease Rental Discounting
- Cotton Ginning Plus
- Fleet Finance
- Export Packing Credit
What is SBI business loan interest rate 2021?
The State Bank of India business loan begins from 11.10% Onwards per annum.
What is the purpose of SBI business loan EMI calculator?
Generally, EMI calculator is used to calculate monthly payable amount, it forecast the entire months of payable EMI with respective balance amount to make pre-budget planning in advance.
How can I track SBI business loan application status online?
With 3 simple steps you can easily able to track your application status online as given below:-
- Visit SBI official website either download customized app for loan borrowers known as SBI Loan app.
- Select the business loan product - click on the check application status.
- Enter the reference number which has been generated on your application submission along with enter your registered mobile number to track application.
SBI Business Loan Customer Care Number
For any queries, complaints and feedback regarding the loan, the bank has offered 24/7 customer service. Customers can contact with SBI Bank Customer Care through following ways:
1.Toll-free Number: 1800 1234, 1800 11 2211, 1800 425 3800 or 080-26599990.
2.You can directly visit SBI Site & fill basic details to continue online chat ask your quires
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