Steps to Apply for SBI Business Loan – Know Eligibility, Interest Rates, Rules

State Bank of India (SBI) offers a variety of business loans for its customers to meet various needs of large, small, and medium business enterprises. SBI offers some secured and unsecured loans. SBI also offers and assists businesses to avail needful loans under government schemes. Check Steps to Apply for SBI Business Loan – Know Eligibility, Interest Rates, Rules below.

In addition to the SME Business Loans, SBI caters to the Mid-Corporate Group that are defined as entities availing aggregate limits of above ₹ 50 Crores and up to ₹ 500 Crores. Financial assistance is extended to these entities in the form of working capital finance, project finance, corporate term loans, structured finance, dealer financing, loan syndication, construction equipment loans, etc.

SBI Business Loan Details:

SBI Business Loan

State Bank of India offers business loans having a tenure period of 48 months. As per SBI Business Loan EMI Calculator, to meet your business needs the loan EMI can be lower than Rs. 2,594 per lakh.

Eligibility Criteria:

Know the eligibility factors while you are applying for an SBI Business loan.

  • Customers should have an age of least 21 years at loan approval and at loan maturity time the age should be 65 years.
  • The business loan can be granted if the minimum turnover of your current business is Rs.40 lakhs as well as Minimal Annual Income (ITR) of Rs. 1.5 lakh per annum.
  • The business individuals should have a total of 5-year experience and your business
  • Applicants who wish to take a business loan should be a customer of SBI.
  • The SBI Customer should avail credit facility from SBI.
  • The business for which you are availing loans should have marketable assets that are provided as collateral to the SBI.
  • It is also possible to take on existing business loans from other banks if the applicant has a good track record.

Interest Rates:

SBI provides a business loan amount at the Rate of Interest of below 11.20%. The rate of interest may vary as per the loan amount, type of loan, and occupation.

Read More – How to Link Aadhaar Card to SBI Bank Account on OnlineSBI

Documents to Provide for a Business Loan in SBI

Based on the type of loan also the documents may vary. In general, applicants should carry these following documents to avail of SBI Business Loan.

  1. PAN Card
  2. Application form
  3. Passport-size photograph
  4. For applicant Identity Proof submit Aadhaar card, Voter ID, Driving License, Passport, Driving License, etc.
  5. Proof of Address
  6. Residence or office business ownership proof in the name of joint family members or applicant
  7. Business Continuity Proof
  8. Business Financial Documents

How to Apply for Business Loan?

Business applicants can apply for SBI Business loans in three simple steps.

  1. Check Eligibility criteria to apply for a loan first.
  2. To know this you need to enter the basic details of your business.
  3. Choose the loan amount and tenure once you meet eligibility criteria and submit.
  4. Fill the application form along with KYC documents.
  5. Upload all documents required for the loan.
  6. The bank verifies the information provided by you and approves your application.

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