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SBI Business Loan

With the passage of the time, SBI has undoubtedly won the trust of its customers. The bank is amongst the largest public sector bank in India and provides one of the best loan services in India. SBI provides a business loan to small as well as large-scale enterprises. So, you can easily get the loan from SBI irrespective of the size of your business.

SBI allows you to utilize the loan amount for any sort of business expenditure such as purchasing asset, meeting your business liabilities, providing salaries to the employees, and the list is just endless. Also, special loan schemes are available for women. So, you can easily be benefited by low-interest rates under these schemes.

Apply Business Loan

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Minimum salary of Rs 10,000 is requiredMinimum annual income of Rs. 1.2 Lakh is requiredMinimum turnover of Rs. 1.2 Lakh is required
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Check Why SBI Bank Loan is the Best option for you?

SBI is amongst the most trusted banks in India, and has never failed to provide the best loan offers to the borrowers. SBI Bank business loans come with multiple benefits which make it the best loan option for you. Let’s know about the benefits of the business loan provided by SBI in brief:-

  • A highly competitive rate of interest starting from 11%
  • Processing charges range amid 2% to 3% only
  • Repay the loan in small EMIs extending up to 15 years
  • No pre-payment charges
  • Instant loan up to 20Cr.
  • No need to put any security
  • Minimal documentation
  • Interest charged on daily reducing balance
  • Tailor-made loans available

SBI Bank Business Loan Interest Rate

Salaried Individual

Loan Amount

Starting From Rs. 50,000 up to Rs. 25 lakhs

Interest Rate

10.99% - 20.00%

Loan Tenure

12 to 60 months

Processing Fee

2.50%, Minimum Rs. 1,000 Maximum Rs. 25,000

Foreclosure Charges

Allowed after 12 EMIs, Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2%

Age

21 years up to 60 years

Know the Major Highlights of SBI Bank Business Loan

You can easily meet the financial requirements of your business with SBI Bank Business Loan and take your business to new heights. A business loan from SBI is available at low-interest rates and instantly processed to offer quick disbursal of funds to the borrowers. A tailor-made loan option meets the requirements of all the borrowers, so you can easily get a business loan which completely matches your need.

Some of the best loan options are provided by SBI Bank with numerous other benefits. The best part is that you can easily apply for the SBI loan online in just a few clicks. In addition, there are multiple other features of SBI Bank business loan; have a look:-

An affordable rate of interest

The rate of interest charged by SBI Bank starts just from 11% which is quite affordable. The interest depends upon the type of loan you are applying as well as on some other factors.

Interest calculated as per daily reducing balance

SBI calculates the interest on the basis of daily reducing balance. The principal loan amount which is not paid forms the basis of calculation of interest which lowers the amount paid as interest.

Loan up to 20 Cr

You can easily meet your demand for huge funds instantly with SBI Bank as the loan up to 20 Cr is available as an unsecured business loan. So, you can get a high quantum loan in just a few clicks with minimal documentation process.

Pre-payment option with zero charges

In case, you are left with some surplus funds after meeting your financial expenditures then you can utilize the funds to repay your loan. Pre-payment loan option is available with no additional charges.

Low processing charges

The loan processing charges of State Bank of India are also very minimal. These charges range from 2% to 3% of the total loan amount.

Easy loan repayment option

You can easily repay the SBI Bank business loan in small EMIs considering your future income inflow. You can easily extend the repayment tenure of the loan up to 15 years.

No security needed

SBI provides the business loan without any security or collateral, so you do not need assets to get funds for your business. In addition, loan process also becomes easier as unsecured loan requires minimal documentation.

Customized loan available

SBI also provides tailor-made loan options in order to suit the varying requirements of the borrowers. So, you can easily get the loan in accordance with your demand.

Instant disbursal of funds

Once your loan application is approved by the bank, the funds are disbursed into your account in just a short span of 2 days. So, you can also meet your instant business requirements with SBI.

SBI Bank Business Loan Fees & Charges

Loan Processing Fees Up to 2.50% of loan amount, Rs 1,000 to 25,000
Pre-payment Charges 4% of principal outstanding - 13 to 24 months,
3% of principal outstanding – 25 to 36 months
2% of principal outstanding - >36 months
Penalty for late EMI payment 24% per year on outstanding amount From default date
Eligibility Criteria

Are you Eligible to Apply for SBI Bank Business Loan?

Every bank provides a loan to the individual after analyzing their credibility on the basis of certain eligibility criteria. SBI Bank has quite basic eligibility criteria, let’s know in detail:-

1.

In order to be eligible for SBI Business Loan, you should either be a self-employed professional, self-employed individual, partnership firm or a sole proprietorship firm.

2.

At the time of applying for the loan, your minimum age should be 21 years and at the time of maturity of the loan, your maximum age should be 65 years.

3.

Your experience in your current business line should be more than 5 years with profitable business for minimum 3 years.

4.

If you are a self-employed professional, then you must have at least 4 years of experience after your educational qualification.

Eminent Documents for SBI Bank Business Loan

SBI Bank business loans are easily available with an easy documentation process. You just need to provide some of the basic loan documents to get your business loan approved. Below is the list of the documents; have a look:-

  • Loan application form – You need to provide a duly filled loan application with passport size photographs.

  • PAN Card – You need to provide a PAN Card of the Firm/Company/Individual

  • Residence Proof – Voter ID/Passport/Driving License/Telephone Bill/Electricity Bill/Bank Statement

  • ID Proof – Driving License/Voter ID/Aadhar Card/Passport

  • Proof of Business Continuity – Bank Statement/IT Returns/Certificate of Incorporation/Shops & Establishment Certificate/Partnership Deed

Documents Required

Why is Rupee Station the Best Platform to Apply for the Loan?

Rupee Station is a one-stop platform for all types of loan and we make loans available instantly to all the individuals. We also provide a business loan to the individuals with bad credit score, so if you are planning to apply for SBI Bank business loan, then Rupee Station is the best platform for you.

We have collaborated with State Bank of India so that you can easily avail the latest loan schemes and offers provided by the bank. With us, you just need to fill and submit a loan application form which is available on our website. Once you fill the form, our financial experts will take the procedure forward and will get the funds available in just a few days. Let’s have a look at other benefits of applying for SBI Business Loan via Rupee Station:-

Assistance of Financial experts

At Rupee Station, we have a team of financial experts who will review your loan application, and will get in touch with you to provide some of the best loan options and financial advice. So, you get the assistance of experts who help you to take the right decision.

Quick disbursal of funds

Our aim is to provide instant funds to the borrowers without much effort. We get your loan application approved instantly followed by the disbursal of funds within 2 days only.

Personalized loan option

Requirement of funds and loan offers varies widely from borrower to borrower. So, in order to meet the highly varying requirement of the borrowers, we provide personalized loan options.

Track your loan application

We also provide real-time tracking of the loan application. So, you can easily get to know the status of your loan application with Rupee Station.

Enjoy exclusive loan offer

You can easily avail the exclusive loan schemes provided by the bank, and get the loan at affordable rates.

Easy Steps to Apply for Loan at Rupee Station

Applying for a business loan has become the task of just a few minutes with Rupee Station as you can easily apply online. Let’s know the easy process of applying for a business loan:-

Step 1

Submit the application in a minute by filling up the online loan form.

Step 2

Get a call from our financial experts and provide them with the other required information.

Step 3

Get the funds within 2 days after the approval of your loan application.