State Bank of India Business Loan
Based on 245 Customer Reviews
Published on: January 24, 2018
Based on 245 Customer Reviews
Published on: January 24, 2018
About the bank
State bank of India is a government-owned financial institution with its headquarters in Mumbai. State Bank of India is 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, State Bank of Patiala, State Bank of Bikaner & Raipur, State Bank of Travancore, State Bank of Mysore and Bharatiya Mahila Bank) with itself. This is the first ever large-scale integration in the history of Indian Banking diligence. The asset size of SBI is over 40 lakh crore and it has a customer base of 500 million. State Bank of India alone contributes to 20% of market shares in deposits and loans as compared with other Indian commercial banks.
State Bank of India business loan
State Bank of India business loans is Introduced while keeping in mind the self-employed proprietorship/partnership firms and trading/manufacturing units. Under a business loan, an entrepreneur can borrow the loan amount to use it for business growth and expansions or to fund a start-up venture. 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 a 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.
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 +918795021552 or by emailing at email@example.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.
Features and benefits of SBI business loan
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 industrialist 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 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 +918795021552or mail us at firstname.lastname@example.org and get all the solutions at one go.
State Bank of India Business loan eligibility criteria
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 business are mentioned below:
- Businesses with official registration who belong in the following categories are eligible to apply for a business loan in SBI:
- Age of the applicants and co-applicants: Minimum age at the time of application of loan - 21 years; Maximum age at the time of maturity of the loan- 65 years
- Business Continuity: The business should have been well-established for more than 3 years
- Gross Turnover of the Business: The gross income of the company should be ranging from Rs 20 lakhs to Rs 10 crore per annum for a period of 2 years
- Work Experience: Minimum 2 years of experience in the current line of work for Self-employed individuals and Professionals
- Monthly Income: For self-employed borrower's their monthly salary should be at least Rs 25000 per month
- CIBIL score: Borrower should not have defaulted to any financial institution in correspondence of loans availed earlier
- State Bank of India Bank business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com, you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.
SBI business loan documents required
For obtaining the maximum amount of loan, a borrower should produce the following documents required for SBI business loans:
- Application form: Completely filled application form along with Bio-Data form, photo and DD for processing fees
- ID Proof of Proprietor/Partners/Guarantors: Anyone the following:
- 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: Anyone the following:
- 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
State Bank of India business loan interest rates
11.20% - 16.30%
60 to 180 months
Upto2 lakhs: Rs.500
Above2 lakhs: 2 to 3%of the total loan amount + Service Tax
No prepayment permitted until the repayment of minimum 6 months EMI
NIL (after 6 months EMI’s, if the loan is pre-paid from own sources)
2 % per month on overdue installment amount
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.
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.
How to apply for State Bank of India bank business Loan on Afinoz?
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:
- 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.
- Select the loan amount and tenure: - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
- 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 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.
Reply- All the businesses that are engaged in wholesale/retail trade, manufacturing and service activities covered as per the act MSMED Act 2006 and Professional & Self employed individuals.
Query- Can I repay my business loan early?
Reply- Yes, you can prepay your business loan after a period of 6 months of repayment of your loan EMI’s. Pre-payment charges will be applied depending on the type of loan availed and the terms & conditions stated by the State bank of India.
Query- What are the repayment methods for SBI business loan?
Reply- You can repay your loan in EMI (Equated Monthly Instalments) by selecting any one of the following methods:
Post dated cheques: Where you provide post-dated cheques to the bank every month and the bank will then encash it accordingly
Electronic Clearing Service (ECS): Electronic mode of fund transfer where your EMI amount will be debited from your account without manual hindrance. ECS can be used to transfer money from other banks to your SBI account for loan instalment repayments
Standing instructions: Where your loan EMI will be debited from your account each month in the same bank.
Query- How much time will it take to get loan disbursed?
Reply-Once you fill in and submit the SBI business loan application form online on Afinoz.com, the bank will take 3-4 days to process and disburse the business loan amount. The sole approval of the loan depends exclusively on the bank.
Query-How can I find my eligibility for the State Bank of India business loan?
Reply-Afinoz.com provides you with an EMI calculator called business loan eligibility calculator which you can use to determine your eligibility for the loan.Query- Is Guarantor required?
Reply-Personal Guarantee from businesses Promoters/Partners/Directors is mandatory. For proprietary stakes, third-party guarantee is deemed mandatory.
Query-What is the maximum amount of business loan that I can avail?
Reply-Maximum amount of loan that can be availed from SBI for business is Rs.20 crores. This loan amount may be increased as per the eligibility and requirements.
Query-Do I need to provide any security for availing business loan from SBI?
Reply-No security is needed while applying for a business loan from SBI.
Query-What are the loan tenures for a business loan from SBI?
Reply- You can repay your business loan from SBI within a period of 60 to 180months as specified by the bank.
Query-Will my information is safe online?
Reply-Afinoz.com is India’s most committed financial platform which does not share any of its client data with third-party informant other than the concerned financial institution. All the data is sent online in an encrypted format making it safe and secured at all times.
Query- How can I track my loan application process?
Reply- You can log onto our website www.afinoz.com with the unique transaction ID provided to you at the time of signup and track your application. You can also track your application process through your registered mobile number and email-ID in real-time.
Query-What are the interest rates offered by State Bank of India for business loans?
Reply- SBI business loan interest rates today range from 11.30% to 16.30% for partnership/ sole Proprietorship firms.
For any query about State Bank of India business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at email@example.com.