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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. more info:-

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State Bank of India Business Loan

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  1. Let’s know all about SBI Business Loan

  2. SBI Business Loan • A Business Loan is for the growth and expansions of business or to fund a start-up venture. • Introduced for – • Service based/Self-Employed Proprietorship. • Firms in Partnership. • Trading or Manufacturing Units. • Entrepreneur.

  3. What SBI offers in Business Loan? • Hassle-free loan application process. • Transparent loan processing. • Simplified Documentation. • Flexible tenures. • Low Interest Rate. • Offers fund to Small scale to Medium scale businesses. • Provides loan against any collateral or security. • Renders a customized loan application process to suit each of your business needs.

  4. Features and Benefits • Support Women Entrepreneurship: They can avail the benefits of interest rate concession of 0.05% than the rates applicable for loans of ₹ 2 lakhs to ₹ 50 lakhs. • Under Mudra Yojana, the Small & Medium-sized Enterprises (SMEs) can receive the aid of micro-loans ranging from ₹ 5K to ₹ 10 lakhs. • Avail collateral-free business loansbased on EMI’s of up to ₹ 1 crore. • 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. • No hidden charges or any kind of managerial fees. • Zero foreclosure charges.

  5. Featuresand Benefits • Flexible loan tenure: • 1 year for working capital repayment. • Up to 15 years for a monetary loan. • Instantly check and determine your eligibility online. • Processing Fee: Around 2% to 3% of the loan amount is charged.

  6. Different Schemes as per requirements under SBI Business Loan • SBI Fleet Finance Scheme • SBI Asset-Backed Loan • SME Credit Card • Pradhan Mantri Mudra Yojana • SBI e-Smart SME e-Commerce Loans

  7. Eligibility Criteria • Borrower should be Indian citizen. • Owns business • Must have residual income and able to repay the loan. • Age of the applicants and co-applicants: Minimum age - 21 years and Maximum age - 65 years. • Businesses which belong in the following categories: • Trade. • Manufacturing. • Service/Self-Employed/Professionals.

  8. Eligibility Criteria The other parameters that a borrower must satisfy in order to be eligible for getting a business loanfor their business are mentioned below: • 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 ₹ 20 lakhs to ₹ 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 ₹ 25K per month. • CIBIL score: Borrower should not have defaulted to any financial institution in correspondence of loans availed earlier • SBI 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.

  9. Documents Required • Application Form: Completely filled application form along with Bio-Data form, photo and DD for processing fees. • ID Proof of Proprietor/Partners/Guarantors • Passport/Driving License. • PAN card. • ITR for the last 2 years. • Signed Assets and Liabilities Statements from proprietor/partner/guarantors.

  10. Documents Required • 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 ₹ 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.

  11. Other Important Details of SBI Business Loan as per 2019

  12.    Thank You !!!   

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