Hi dear readers, today we talk about SBI Business Loan 2024, How to get, what is criteria, eligibility and more things we know in this article. keep read till last.
In this article, we will provide you information about State Bank of India business loan. If you are thinking of starting a new business or want to expand your business but you are short of money, then you can join SBI Business Loan. Irrespective of your business type, you can take SBI Business Loan for all types of Micro, Small, Medium Enterprises. In this article, we will know in detail what is SBI business loan, what is the interest rate, eligibility, documents of this loan and how can we apply for this loan etc., so read this article till the end. .
SBI Business Loan 2024 – How to get SBI Business Loan?
Many people want to take a loan to start a new business, but the question arises in their mind that from where will they get the loan for the business. State Bank of India Bank is providing Business Loan to the customers at attractive interest rates. When we take a loan to start our business, expand the business or fulfill any need related to our business, then it is called Business Loan. Business loan is of both type Secured & Unsecured loan. The lender checks the applicant’s CIBIL score before giving the loan, so before applying for SBI Business Loan 2024, you should pay attention to your credit score. SBI Bank is providing business loan for women in SBI at low interest rate to women.
The name of SBI bank’s business loan is SBI Simplified Small Business Loan. This is a drop-line overdraft facility. From the bank, you can get a minimum loan amount of Rs 10 lakh and maximum up to Rs 25 lakh under SBI Business Loan. The maximum loan tenure of the loan is up to 60 months.
Key Features SBI Business Loan:
- Loan Name: SBI Business Loan 2024
- Lender Name: State Bank of India
- Loan Amount: Minimum Rs.10 Lakh / Maximum Rs.25 Lakh
- Loan Tenure: 60 Months
- Fees & Fees: (Includes Processing Fee, EM Fee, Documentation Fee, Inspection, Commitment Fee and Dispatch Fee) Rs.7500
- Margin: 10%
- Collateral Security: Minimum collateral of 40%
- Application Mode: Online / Offline
- Official Website: https://sbi.co.in/
SBI business loan interest rate 2023
The loan interest rates are competitive and linked to MCLR. Before applying for a business loan, it is important to have information about your business loan interest rate. You can get information about SBI Business Loan interest rate by visiting your nearest bank branch or by calling the customer care number of the bank. If you fulfill all the conditions of the bank and your credit history is very good, then you can take advantage of the attractive interest rates of the bank. The interest rate of the loan plays an important role in the EMI of the loan. The higher the interest rate of your loan, the higher will be your EMI.
Benefits and Features of SBI Business Loan
- The name of SBI Bank’s loan is SBI Simplified Small Business Loan.
- SBI Bank offers SBI Simplified Small Business Loan to small entrepreneurs to start their business and expand their business.
- This is a drop-line overdraft facility.
- You can get the loan amount up to 10 times the average monthly balance in the current account in the last 12 months.
- You can take a minimum loan of Rs 10 lakh and maximum up to Rs 25 lakh from the bank.
- The maximum loan tenure of State Bank of India Business Loan is up to 60 months.
- All business units engaged in all types of manufacturing, service activities as well as self-employed and professional individuals, wholesale/retail business can take advantage of this loan.
- SBI Business Loan interest rates are competitive and linked to MCLR.
- The margin for the loan is 10%.
- For availing the loan you need to pledge 40% of the loan amount as collateral.
- All charges (inclusive of processing fee, EM fee, documentation fee, inspection, commitment fee and remittance fee) on the loan is Rs.7500.
SBI Business Loan Eligibility Criteria
You can apply for this loan only if you are eligible. The eligibility for SBI Business Loan is as follows:
- All business units engaged in manufacturing, service activities as well as self-employed and professional individuals, wholesale/retail business can apply for this loan.
- This loan scheme is specially made for those people who want to start small business or are running their own business.
- Your business must be existing in one place for at least 5 years.
- The applicant should be the owner of the business place or should have valid tenant agreement with the shop owner.
- Current account holder with any bank for at least 2 years.
- The minimum average monthly balance in the account in the last 12 months is more than Rs 1 lakh.
- The borrower should also satisfy the eligibility criteria as per the Go/No Go criteria.
How to apply for SBI Business Loan?
If you fulfill all the conditions of SBI Business Loan then you can apply for this loan both online and offline. The process to apply is given below:
Online apply SBI business loan
- To apply online, you have to first visit the official website of the bank, sbi.co.in.
- On the home page of the website, you will see the option of Business Loan, click on it.
- After clicking on this link, the loan page will open in front of you.
- On this page you will get all the information related to business loan.
- To apply, you have to click on the option of Apply now.
- The loan application form will open in front of you.
- Enter the requested information in the form and submit the form.
- After this the bank employees will contact you and the loan process will be issued further.
Offline apply SBI Business Loan
- To apply offline, you have to first go to your nearest State Bank of India branch.
- Contact bank employee.
- The bank employee will provide all the information related to the loan.
- Then you have to fill a loan application form.
- Attach the documents with the form and submit it to the bank.
- In this way your offline application will be done.
SBI business loan EMI calculator
Before applying for SBI Business Loan, you should calculate the EMI (Equated Monthly Installment) of your loan. By calculating the EMI of the loan, you can find out how much you will have to pay at the time of repayment of the loan. You can calculate EMI by visiting the official website of the bank. The loan EMI depends on the loan amount, interest rate and loan tenure. You can calculate EMI by entering all these information in EMI Calculator.
SBI loan customer care number
If you are facing any kind of problem in applying for this loan or if you want to get other information about the loan, then you can get information by calling the SBI Business Loan Customer Care Number given below:
Toll-Free Numbers: 1800 1234, 1800 11 2211, 1800 425 3800, 1800 2100 or 080-26599990.
FAQ’s
Q. What is SBI Business Loan?
Ans. SBI Bank provides small business loan to all the customers which is called Business Loan.
Q. How much collateral needs to be pledged for State Bank of India business loan?
Ans. 40% of the loan amount has to be pledged as collateral.
Q. How to apply for SBI Business Loan?
Ans. Complete information about applying for a loan is given in this article.
Q. How much loan can I get from State Bank of India under Business Loan?
Ans. You can get loan from 10 lakh to 25 lakh rupees.
Q. What are the fees and charges for SBI Business Loan?
Ans. 7500 rupees, it has all kinds of charges.
My Last World – SBI Business Loan
In this article, we have provided you complete information about SBI Business Loan. Any person who has a small business or is thinking of starting his own business, then he can take a business loan from State Bank of India. Complete information about how to apply is given in this article. Hope friends you have found this article informative. If you liked this article then please share it with your friends.