State Bank of India Business Loan 2022

State Bank of India business loan

SBI offers a hassle-free business loan application process with simplified documentation, flexible tenures and lowers interest rates to the destitute business enterprises ranging from small scale to medium scale businesses. State Bank of India business loan provides long-term financial backing against any collateral or security which has a good market value and renders a customized loan application process to suit each of your business needs.

Afinoz.com has an exclusive collaboration with State bank of India. So, applying for SBI business loan with Afinoz.com makes the process of application and approval of loans from SBI much easier and quicker. By availing the benefits of SBI business loans with Afinoz.com, borrowers may achieve their dreams to take their business to new heights of success.

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State Bank of India business loan interest rates 2021

 SBI provides these loans on affordable interest rates and minimal charges depending on the scope of business. The rate of interest & additional charges for prominent business loan schemes is given below:

Special Note: Rates are subject to periodic change. Business loan interest rates in State Bank of India Bank & other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with State Bank of India bank etc.

Any Indian citizen having his own business and having residual income and the ability to repay the loan is eligible for State Bank of India’s business loans. The other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan for their existing business are mentioned below:

• Businesses with official registration who belong in the SME categories are eligible to apply for a business loan in SBI majorly these businesses are into Trade, Manufacturing or Self-Employed Professionals
• Applicants who are working and aspire to be a business owner can also apply according to their net monthly income
• Age of the applicant & co-applicants are required to be Minimum of 21 years of age at the time of loan application, and Maximum age of 65 years at the time of maturity of the loan
• Age of Business: The business should have been started and well-established for more than 3 years at the time of loan application
• Gross Turnover of the Business: The gross income of the business shall range from ₹ 20 Lakh to ₹ 10 Crore per annum for a period of 2 years
• Work Experience: Applicants who are Self-employed Professionals requires to possess a minimum of 2 years of experience in the current line of work for business
• Net Monthly Income: For salaried-employees, the applicant or borrower's their monthly salary should be at least ₹ 25,000 per month

CIBIL score: The SBI Business Loan requires an applicant to maintain a good credit score before applying for a business loan. Bank’s require to verify that the Borrower should not have defaulted to any financial institution in correspondence of loans availed earlier

Check Your Business Loan Eligibility

For obtaining the maximum amount of loan, a borrower should produce the following documents required for SBI business loans
ID Proof of Proprietor/Partners/Guarantors

• Passport/Driving license
• PAN card
• IT Return for the last 2 years
• Signed Assets and Liabilities Statements from proprietor/partner/guarantors

KYC documents for units/promoters

• Partnership Deed and Partnership letter
• Memorandum & Articles of Association (certified by Director)
• Board resolution (Original)
• Copy of the title deeds of the company/factory/shop/any collateral security(In case of loans above Rs. 10 Lakhs)
• Search Report from Registrar of Companies
• PAN Card – For Company/Firm
• Copy of IT/ST returns of promoters/firm for the last 3 years
• Lease Agreement for hired premises
• Balance Sheet and Profit & Loss account for the previous 2 years as Audited and
• Certified by a CA
• Land Tax Receipt/Building Tax Receipt of the property

SBI has attractive benefits for businesses such as quick loan approval to appealing interest rates along with longer loan tenures. State Bank of India offers a wide range of loan products to small scale and medium scale businesses along with overdraft facilities to satisfy the needs of business individuals. Here are some features and benefits offered by State Bank business loans:

• Quick online loan approval with Afinoz.com
• Backing for women entrepreneurship: Businesses maneuvered by women entrepreneurs or an enterprise having more than 50% of its company shares owned by women industrialists can enjoy a unique grant labeled ‘STREE SHAKTI PACKAGE’ offered by State Bank of India. Here, women entrepreneurs can avail the benefits of interest rate concession of 0.05% than the rates applicable for loans of 2 lakhs to 50 lakhs
• As per the ‘Mudra Loan Yojana’ of State Bank of India, even the small-scale business proprietors can now receive the aid of micro-loans for their small-scale businesses ranging from 5 thousand to 10 lakhs
• Avail Collateral free loan: You can avail collateral-free business loans based on EMI’s of up to 1 crore from State bank of India
• No pre-payment charges: Pay pre-payment penalties up to 1% of the loan amount only if you make the pre-payment of your loan before 6 months
• Easy documentation process
• No hidden charges or any kind of managerial fees
• Zero foreclosure charges
• Existing SBI customers can take advantage of attractive interest rates and loan tenures and special offers.
• SBI offers business loans to Service-based/Self Employed (Professionals or Non-professionals), Trade and Manufacturing businesses. SBI provides loans to these businesses under 5 different schemes as per their requirements:
  • SBI Fleet Finance Scheme
  • SBI Asset-Backed Loan
  • SME Credit Card
  • Pradhan Mantri Mudra Yojana
  • SBI e-Smart SME e-Commerce Loans
• Flexible loan tenure: State bank of India provides a flexible loan repayment period of 1 year for working capital repayment up to 15 years for a monetary loan to its borrowers.
• Transparent processing
• Instantly check and determine your eligibility online
• Processing fee of around 2% to 3% of the loan amount is charged while taking a business loan from State Bank of India

State Bank of India Bank business loan eligibility and State Bank of India Bank business loan interest rates can be easily evaluated through and seen on Afinoz’s website. If there is any query about State Bank of India Bank business loan application, you can log on to afinoz.com or give us a call at 0120-411-0376 or mail us at info@afinoz.com and get all the solutions at one go.

Read More: Know More About SBI Mudra Loan 

1. SBI Asset-Backed Loan

The business loan offered by SBI shall be availed for the purpose of building assets for a business which can either be fixed or current in nature. These assets might be needed for business modernization, capacity expansion, arrangement of short-term working capital, and many others. It is a drop-line overdraft facility where the applicant can withdraw funds from their current account up to a certain limit. Some key features of this loan type are provided in the table below:

2. SBI Commercial Real Estate Loan

The business houses who require to large offices, factory areas or warehouses in their business can take this type of loan from SBI to purchase a commercial property which could be an office space, a central warehouse, a hotel or a restaurant, extra space for factory operations and many others. This loan can also be availed in the form of a drop-line overdraft. The prominent key features of this SBI Business Loan include the following:

3. SBI Electronic Dealer Finance

This loan facility can be treated as a cash-credit facility offered to the dealers who are in the line of work of selling electronic appliances from a retail outlet. This may include the dealers who are authorized distributors, bulk stockiest, owners of franchisees, and others. All the authorized dealers of specified Industry Majors (IM) in agreement with SBI are eligible for this finance scheme. Here are some of the key aspects related to this loan:

4. SBI SME Construction Equipment Loan

This type of business loans are most favorable for the businesses involved in Infrastructure maintenance or a construction company, for which one might require a Construction Equipment Loan to finance the purchase of construction equipment against the hypothecation or collateral of the equipment which is being purchased. SBI provides the loan for a wide range of construction equipments which are manufactured by firms such as L&T, Komatsu, Caterpillar and others. Most popular equipments that are financed by the lenders include excavators, tipper/ dumpers, transit mixers, cranes (Pick N Carry, Heavy Duty), wheel loaders, compactors, road rollers, pavers and others.

5. SBI Fleet Finance Loan

This SBI Business Loan is a type of term loan especially designed for owners of a fleet or frequent fleet operators who are majorly in businesses related to Transportation of goods or passengers. The loan amount disbursed can only be used for purchasing new vehicles, and is not for purchase of old or second hand vehicles. Here are some of the important and key features of this loan:

6. SBI Lease Rental Discounting

This type of business is designed for business that run on pre-decided credit terms in the form of bills receivable, which constitute a significant proportion of current advances or working capital. In such a case, the bank provides an option to discount one’s bills receivable with the bank and release the amount equivalent to the bills. The bank typically accepts the bills drawn by the business owner from their customers and approves the same amount to be disbursed. Then the bank presents the bill to the borrower's customer on the due date and collects the amount as the installment.

8. SBI Doctor Plus

This is a type of term loan which is offered by the SBI mainly to medical practitioners, especially those who consult their patients under the allopathic discipline. This type of loan can also be provided to small and large hospitals, pathology laboratories, minor nursing homes and polyclinics under the same type of scheme. The loan proceeds can be used for buying equipment, setting up a new clinic or drug store or for expanding existing medical premises. Some of key features for availing this type of business loan are as following:

9. SBI e-Smart SME e-commerce Loan

This type of personal loan are specifically designed for providing financial assistance to businesses who are in to selling and catering to customers buying things on online platforms and e-commerce portals. Under this scheme, the bank provides a certain quantum of funds to support the warehousing and dispatch operations for the goods purchased online. Here are some of the prominent points regarding the loan:

In case of SBI Business Loan, if any applicant or an existing customer has any concern, query or grievance regarding the personal loan application or disbursal of loan amount, one can reach out to the State Bank of India Customer Care toll-free number at 1800 11 2211 and 1800 425 3800 at any time during Monday to Friday between 8 AM to 8 PM. However, one can also get in touch with the executives on 080-26599990, they possess a team of trained and efficient executives who can resolve most of the queries.

Read More: SBI Customer Care Number 

State Bank of India has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.

Business owners can apply for a loan in State Bank of India bank through Afinoz.com in the following three simple steps:

1. Check your eligibility for the loan: -Firstly, you need to make sure you meet State Bank of India business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and get's you a quick quotation on the best business loan options available to you immediately.
2. Select the loan amount and tenure: - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
3. Upload and submit documents:-In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from State Bank of India. The bank then verifies the applicant's information and starts processing the loan for disbursement.

At each step of the application process, Afinoz.com allows it's an applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become a popular option for many business owners.

About the bank

State bank of India is a government-owned financial institution with its headquarters in Mumbai. State Bank of India is the 45th largest public sector bank in the world and the largest in India with over 15000 branches across close to 200 countries. In April -2017, State Bank of India merged with 5 of its Associate Banks (State Bank of Hyderabad, The asset size of SBI is over 40 lakh crore and it has a customer base of 500 million.

What is Afinoz.com?

Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on 0120-411-0376 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Why should you apply for a State Bank of India business loan through Afinoz?

Afinoz.com is India’s leading personalized financial marketplaces. We have created a business loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.

• Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
• Real-time application tracking–Keep track of your application’s status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
• Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from State Bank of India bank for financing your business.
• Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
• 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
• No third-party agent –Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz without approaching any agent.
• Free quotations – Get the best online deals on SBI business loans and free unbiased quotes on business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.

Other Products from SBI (State bank of India)

SBI Personal Loan
SBI Education Loan