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State Bank of India Business Loan
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State Bank of India Business Loan
Interest Rate
11.2% - 16.3%
Loan Amount
Up to ₹50Cr
EMI Per Lakh
₹2,184 - ₹2,448
Processing Fees
Pre-Payment Charges
Features & Benefits of SBI Business loan
SBI Bank Business Loan offers several features that borrowers can employ to enjoy various benefits. These include the following:
- Loan Amount: The SBI offers a minimum business loan of up to ₹ 10 lakhs and a maximum loan amount of ₹ 25 lakhs.
- Target Group: All the business units involved in services and manufacturing, professional, self-employed individuals, retail and wholesale trade.
- Flexible Loan Tenure: State Bank of India offers a flexible loan term ranging from 12 months to 60 months (reducing drawing power). It also includes a moratorium of a maximum of three months.
- Guarantee Cover: The bank provides you with a guarantee cover for 5 years. Also, under Mudra Scheme, the advance cover has a maximum period of up to 60 months.
- Assessment Process: You don’t need to furnish any financial statements. Rather, the bank performs credit limit checks and need-based assessments. However, the applicant must have ten times the average monthly balance in the current account for the last year. The balance must be between ₹ 10 lakhs and ₹ 15 lakhs.
SBI Business Loan Overview
A simplified Small Business Loan (SSBL) is India’s most popular type of SBI Business Loan. The SSBL aims to offer hassle-free finance for meeting fund requirements pertaining to the business activities of the unit. The loan offers an attractive interest rate starting at 8.05% onwards. The bank provides you with a business loan ranging from ₹ 10 lakhs to ₹ 25 lakhs.
Every business units involved in service activities, manufacturing, and wholesale/retail trade, along with professional and self-employed individuals, are eligible to apply for this loan.
Simplified Small Business Loan falls under SBI’s SME Loans. Other business/SME loans offered by SBI are as follows:
- Surya Shakti Solar Finance
- Asset-Backed Loan
- Loans under Contactless Lending Platform
- Asset-Backed Loan – Commercial Real Estate
- Fleet Finance
- E Dealer Finance Scheme
- E Vendor Finance Scheme
- Export Packing Credit
- Stand Up India
- PM Mudra Yojana
- Lease Rental Discounting
- Finance to Food Processing Industry
- SME Smart Score
- Warehouse Receipt Finance, etc.
SBI offers a range of SME loans. You can visit the official website of the bank for further information.
Documents Required for SBI Business loan
To obtain an SBI Business Loan, you must submit the following documents:
- A duly signed and completely filled SBI business loan application.
- KYC documents, including Aadhaar Card, PAN Card, Voter ID card, Driving Licence, Utility Bills, etc.
- Rent agreements or property papers associated with business location.
- Company incorporation documents, if required.
- Last year’s bank statement and details of filed ITR for the last three years.
Besides these, the bank may require additional documents that you must furnish, or your application may get rejected.
How does the EMI calculation Work for SBI Business Loans?
SBI business loan calculator renders a deep insight into the business loan EMIs. It helps you arrange your finances well. Moreover, you can use the calculator to instantly assess the monthly EMI payment of the loan.
You are simply required to enter the desired loan amount, interest rate, and loan tenure in the EMI calculator. The tool will display the result on the screen containing values of monthly EMIs, the interest rate payable, and the total principal amount. You can also use the Urban Money Business Loan calculator as a secondary reference.
If you wish to dip your hands into the calculation, you can use the following formula to determine the EMI on a business loan.
EMI = P x R x (1+R)N/ (1+R) N – 1
Where,
- P = Loan Amount
- R = Rate of Interest
- N = Loan Tenure
How does SBI Compare with Other Lenders?
Go through the table below to understand the comparison of SBI Bank’s business loan interest rate with its competitors.
Bank/NBFCs | Interest Rate |
SBI Bank | 6.25% onwards |
Axis Bank | 14.25% – 18.50% p.a. |
HDFC Bank | 10.00% – 22.50% p.a. |
IDFC First Bank | 14.50% onwards |
ZipLoan | 1% – 1.5% per month (Flat ROI) |
FlexiLoans | 1% per month onwards |
Fullerton Finance | 17% – 21% |
Kotak Mahindra Bank | 16% – 19.99% |
RBL Bank | 17.50% – 25% p.a. |
Bajaj Finserv | 17% p.a. onwards |
Indifi Finance | 1.5% per month onwards |
ICICI Bank | 17% onwards |
Tata Capital Finance | 19% p.a. onwards |
Lendingkart Finance | 1.5% – 2% per month |
Hero FinCorp | Up to 26% p.a. |
NeoGrowth Finance | 19% – 24% p.a. |
Note: The interest rate on business loans keeps changing. The given rates are as of September 2022.
SBI Business Loan Customer Care Number
For any queries or detailed information about the SBI Business Loan, you can contact SBI customer care executives at the following numbers:
- 24 x 7 helpline number — 1800 1234 (toll-free)
- Other toll-free numbers — 1800 11 2211, 1800 425 380, 1800 2100, or 080-26599990.
You can access the aforementioned toll-free numbers from all mobile phones and landline numbers in the country.
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Business Loan By Banks
- Bank of Baroda Business Loan
- Axis Bank Business Loan
- HDFC Bank Business Loan
- ICICI Bank Business Loan
- Bajaj Finserv Business Loan
- IndiaBulls Business Loan
- Canara Bank Business Loan
- Union Bank of India Business Loan
- DHFL Business Loan
- CITI Bank Business Loan
- YES Bank Business Loan
- Federal Bank Business Loan
- IndusInd Bank Business Loan
- Hero FinCorp Business Loan
- Punjab National Bank Business Loan
- IDFC FIRST Bank Business Loan
- IDBI Bank Business Loan
- Digikredit-SME Corner Business Loan
- Kotak Bank Business Loan
- Lending Kart-Nbfc Business Loan
- Ujjivan Small Finance Bank Business Loan
- Muthoot Finance Ltd Business Loan
- Shriram Urban Co Operative Bank Limited Business Loan
- Tata Capital Housing Finance Limited Business Loan
- HDFC Sales Business Loan
- Capital First Ltd. Business Loan
- Poonawalla Fincorp Limited Business Loan
- Tata Capital Financial Services LTD Business Loan
- Clix Capital Business Loan
- Aditya Birla Finance Limited Business Loan
- L&T Finance Business Loan
- HSBC Business Loan
- Bank of India Business Loan
- Fullerton India Business Loan
- NeoGrowth Business Loan
- IIFL Finance Business Loan
- Piramal Housing Finance Business Loan
- Edelweiss Financial Services Business Loan
- INDIFI Business Loan
- INTELLEGROW Business Loan
- DCB Bank Business Loan
- Capri Global Business Loan
- UGRO Capital Business Loan
- RBL Bank Business Loan
- FT Cash Business Loan
- Loantap Credit Products Private Limited Business Loan
- Arka Fincap Limited Business Loan
- Deutsche Bank Business Loan
State Bank Of India Quick Links
- SBI Home Loan EMI Calculator
- SBI Personal Loan Calculator
- SBI FD (Fixed Deposit) Calculator
- SBI RD (Recurring Deposit) Calculator
- SBI PPF (Public Provident Fund) Calculator
- SBI Loan Against Property (LAP) Calculator
- State Bank Of India Personal Loan
- State Bank Of India Loan Against Property
- State Bank Of India Home Loan
- State Bank Of India Ifsc Code
FAQs
From refinancing to reducing your interest, we have the answers right here.
Does the SBI Provide business loans at the best rate?
SBI business loans are available at the best rate, especially when the applicant has a good credit score and credit history.
What is the interest rate of a business loan in the SBI?
The SBI business loan interest rate starts at 6.5% per annum.
What are the benefits SBI provides on a business loan?
SBI offers guarantee cover of up to 5 years and doesn't require any financial statements for obtaining a business loan.
Does the SBI have a fixed rate of interest on a business loan?
No, the interest rates on a business loan may vary depending on the borrower's profile, credit history, and other factors.
What are the documents required in SBI for a business loan?
KYC documents, bank statements, rent agreements, etc., are some documents required for obtaining a business loan with SBI.
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