|Interest Rates||6.70% p.a. onwards|
|Loan Amount||Up to Rs. 500 Crores|
|Tenure||Up to 5 Years|
|Loan Processing Fee||Up to 1% of the limit|
Some of the striking features of SBI online Business Loan are:
Additional Reading: How to get instant loan for low cibil score?
Following are the key benefits of SBI business loans:
Additional Info: Also, check PSB Loans in 59 Minutes is a quick business loan portal for start ups.
It is crucial to know your SBI Business Loan EMI amount that you have to pay each month towards your loan repayment till the end of tenure. Now it is easy to calculate your EMI with the SBI Business Loan EMI Calculator available on our website. It is a tool that helps in calculating the EMI payable each month against the loan taken. It's quick and easy to use. You only need to enter the loan amount, tenure, and the interest rate in the calculator to get the EMI amount along with the total repayment amount.
Here is an example of EMI calculation using MyMoneyMantra EMI Calculator:
Loan amount required: Rs. 25 Lakhs
Applicable rate of interest: 6.70% p.a.
Repayment tenure: 5 years
EMI to be paid by you each month: Rs. 49,150
Total interest to be paid: Rs. 4,48,995
Total amount to be paid by you to the lender: Rs. 29,48,995
Our efficient EMI Calculator also provides the following amortization schedule:
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 25,00,000||Rs. 49,150||Rs. 13,958||Rs. 35,192||Rs. 24,64,808|
|2||Rs. 24,64,808||Rs. 5,89,799||Rs. 1,51,856||Rs. 4,37,943||Rs. 20,26,865|
|3||Rs. 20,26,865||Rs. 5,89,799||Rs. 1,21,596||Rs. 4,68,203||Rs. 15,58,662|
|4||Rs. 15,58,662||Rs. 5,89,799||Rs. 89,245||Rs. 5,00,554||Rs. 10,58,108|
|5||Rs. 10,58,108||Rs. 5,89,799||Rs. 54,658||Rs. 5,35,141||Rs. 5,22,967|
|6||Rs. 5,22,967||Rs. 5,40,649||Rs. 17,682||Rs. 5,22,967||Rs. 0|
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|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|SBI||6.70% onwards||Up to 1%||Rs. 500 Crores|
|Faircent||12% - 28%||6% - 8%||Rs. 10 Lakhs|
|RBL Bank||9.75% onwards||Up to 3% + taxes||Rs. 35 Lakhs|
|HDFC Bank||11.90% - 21.35%||0.99% - 2.50%||Rs. 50 Lakhs|
|Axis Bank||9% - 18.50%||Up to 2% + taxes||Rs. 50 Lakhs|
Broadly, you will need the following SBI Business Loan documents when applying for the loan:
Additional Reading: Check cibil score by pan card
SBI Business Loan Eligibility differs based on the type of loan to be availed. Following are the criteria for each business loan offered by SBI:
Loans under Contactless Lending Platform
Asset Backed Loan
Asset Backed Loan - Commercial Real Estate
Cotton Ginning Plus
Export Packing Credit
e Dealer Finance Scheme
e Vendor Finance Scheme
Lease Rental Discounting
PM Mudra Yojana
SME eBiz Loan
Simplified Small Business Loan
Stand Up India
SME Smart Score
SME Credit Card
Warehouse Receipt Finance
Finance to Food Processing Industry
Loans to Business Correspondents
SBI OD Product
SBI Exporters’ Gold Card Scheme
SME Gold Loan
Guaranteed Emergency Credit Line
Additional Reading: Top credit rating agencies in India
Processing fees associated with SBI Business Loans are as follows:
|Type of SBI Business Loan||Processing Charges|
|Asset Backed Loan/ Asset Backed Loan - Commercial Real Estate||1% of the limits (maximum Rs. 10 Lakhs)|
|e Dealer Finance Scheme/ e Vendor Finance Scheme||Rs. 10,000 - Rs. 30,000|
|Fleet Finance||1% of the limit|
|PM Mudra Yojana||0.50% + applicable tax for Tarun|
|SME eBiz Loan||1% of limit sanctioned + applicable taxes for 1st year & 0.35% + applicable taxes for 2nd year onwards.|
|Simplified Small Business Loan||Rs. 7,500|
|Rs. 0.20% of loan amount + GST|
|Warehouse Receipt Finance||Up to Rs. 3 Lakhs|
|Finance to Food Processing Industry||Up to 0.40% of loan amount (maximum Rs. 40 Lakhs)|
|Loans to Business Correspondents||0.50% for loans above Rs. 50,000|
|SBI OD Product||1% of loan amount|
|SME Gold Loan||Rs. 500 - Rs. 1,000 + applicable taxes|
|PMMY||0.50% + applicable tax for Tarun|
A business owner can apply for SBI Business Loan in any of the ways suitable for them. There are no hassles involved, whatsoever. You can primarily opt for any of the following methods:
Online Application: If you are looking for quick processing of your SBI business loan, apply online by filling the online application form on their website. Their business loan representative will contact you and assist you with the documentation and further procedure.
You can also apply for the loan online on MyMoneyMantra.
Call Customer Care: You can request a call back by contacting the SBI customer care on their toll-free number.
Visit the Branch: Alternatively, you can visit the nearest SBI branch and submit the application physically. However, in this digital age, more and more customers are opting for the online route.
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Get Kotak Mahindra Bank Business Loan up to Rs. 2 Crore online at interest rate starting from 16% p.a.
SBI extends diversified Business Loans as Term Loans, Working Capital Loan, SME finance, and many more. You can get up to a maximum limit of Rs. 500 Crores from SBI. The approval depends on the stability of business, financial need, and business viability.
SBI lends secured as well as unsecured business loans.
SBI is one of the choicest lenders for Business Loan. You get swift approval, provided the loan application entails complete documentation of business as well as collateral attached, besides the laid-out business plan.
You can borrow SBI Business Loan for up to 15 years according to your requirement. The bank extends a high degree of repayment flexibility to the borrowers.
The eligibility for Business Loan is decided as per your age, business type, business revenue, experience, credit score, and other factors.
SBI is the largest Public Sector Bank in India and offers highly customized loan options for the vastly diversified business needs of the country of over 1 billion. Broadly the SME loans and credit schemes are classified as:
You can contact MyMoneyMantra in 3 ways:
Kindly make sure you clearly describe your contact details or else we would not be able to assist you for your loan requirement.
Additional Info: SBI Home Loan Customer Care Number
Prepaying a loan helps you save on interest component significantly. In order to calculate the prepayment benefit, you can make use of the Business Loan Prepayment Calculator. All you need to do is fill the loan details, and the calculator will instantly share the saving.
You can calculate your business loan EMI by using Business Loan EMI Calculator available on MyMoneyMantra