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
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 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.
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 firstname.lastname@example.org. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.
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:
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 email@example.com and get all the solutions at one go.
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:
For obtaining the maximum amount of loan, a borrower should produce the following documents required for SBI business loans:
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.
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.
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:
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.
Query- Who can avail SBI Business Loan?
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 firstname.lastname@example.org.