|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:
The SBI business loan interest rates are competitive and are generally linked to the bank's External Benchmark Lending Rate (EBLR) and Marginal Cost of Funds Lending Rate (MCLR). Key interest rates include:
The fees and charges for availing of SBI Business Loan for new business vary based on the specific loan product. For instance, processing fees for different loan products range from a percentage of the loan amount to fixed charges.
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 your 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 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:
Our efficient EMI Calculator also provides the following amortization schedule:
|Year||Opening Balance||Principal paid during the year||Interest paid during the year||Amount Paid by Customer(EMI*12)||Closing Balance|
|1st||₹ 25,00,000||₹ 4,35,511||₹ 1,54,287||₹ 5,89,799||₹ 20,64,489|
|2nd||₹ 20,64,489||₹ 4,65,604||₹ 1,24,195||₹ 5,89,799||₹ 15,98,885|
|3rd||₹ 15,98,885||₹ 4,97,775||₹ 92,024||₹ 5,89,799||₹ 11,01,110|
|4th||₹ 11,01,110||₹ 5,32,169||₹ 57,629||₹ 5,89,799||₹ 5,68,940|
|5th||₹ 5,68,940||₹ 5,68,940||₹ 20,859||₹ 5,89,799||₹ 0|
Following are the key benefits of SBI business loans:
SBI provides an extensive range of business loans, each with its specific criteria designed to meet the varied needs of different business entities. Here's a detailed look at the business loan eligibility SBI for various business loans:
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|
Broadly, you will need the following SBI Business Loan documents when applying for the loan:
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 procedures.
You can also apply for the loan online on MyMoneyMantra.
Call Customer Care: You can request a call back by contacting 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.
SBI is committed to providing exceptional customer support around the clock. With a dedicated team of skilled and efficient customer care professionals, SBI ensures that all your queries and concerns are addressed efficiently. Customers have multiple channels to reach out to the SBI customer care team:
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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:
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
You can contact MyMoneyMantra in 3 ways:
Kindly make sure you clearly describe your contact details or else we will not be able to assist you with your loan requirement.
The interest rate for a business loan in SBI can vary depending on various factors such as the type of loan, creditworthiness of the borrower, and the prevailing market rates. Generally, SBI's business loan interest rates start from competitive points and are linked to the bank's External Benchmark Lending Rate (EBLR) and Marginal Cost of Funds based Lending Rate (MCLR). It's advisable to check the latest rates directly from SBI or their official website, as these rates are subject to periodic changes.
The eligibility criteria for an SBI business loan include:
For General Business Loans:
Specialized Business Loans (like SME loans, and startup loans):
Other Specific Criteria: