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SBI Business Loan Jul 2021

SBI Business Loan Interest Rates India

Last Updated 07th Jul 2021

SBI business loan is one of the most popular schemes as it comes at with affordable business loan rates, and has an online process to apply along with superior customer service. SBI business loan interest rates begin from 11.20% and vary based on the eligibility of the borrower. Check Best Offers

Interest Rate 11.20%
Processing Fee From 2% to 3%
Tenure From 12 months to 48 months
Lowest EMI per lakh ₹ 2,594
Loan Amount Min ₹ 5 Lakh and Max ₹ 100 Cr
Part Payment Facility 3%
Foreclosure Facility Allowed after 6 EMI's, 3%
Apply for Business Loan @ 14.00%*

SBI Business Loan Details

SBI offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan SBI.

Key Features of SBI Business Loans
  • Purpose of Loan: You can avail SBI business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 21 and 65 years can avail SBI business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 48 years.
  • SBI business loan interest rates are in the range of 11.20% to 16.30 %.
  • SBI Bank business loan EMI per lakh starts from ₹ 2,594.
  • Processing Fee: From 2% to 3%
  • Special schemes: Some of the special business loan offers of SBI are:

Factors affecting SBI Business Loan Rates

There are multiple factors on which SBI calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in SBI depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 5 Lakh to upto ₹ 100 Cr. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

SBI offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from SBI, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

SBI will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 20,00,000

Time in Business

SBI offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from SBI is 36 months.

Lowest SBI Business Loan Interest Rates

Currently, the lowest business loan rate offered by SBI starts at 11.20%. There has been no change in the lowest interest rate of SBI business loan interest rate for a long time and the interest rate continues to be in the range of 11.20% to 16.30%.

SBI Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
31 Mar, 2021 11.20%
25 Mar, 2021 11.20%
07 Jan, 2021 11.20%

SBI Business Loan Eligibility Criteria

To avail SBI business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : SBI offers business loan to those who are at least 21 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, SBI gives you loan amount ranging from ₹ 5 Lakh to ₹ 100 Cr. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : SBI requires profit for minimum 2 years and minimum business turnover of ₹ 20,00,000.
  • Business Stability : SBI requires a minimum business track record of 36 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : SBI gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 24 months & 0 months respectively.
  • CIBIL Score : SBI will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

SBI Business Loan Products

SBI offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Term Loan
  • SBI Business Term Loans can fulfill your business needs such as expansion of business, upgrading technology and others.

SBI Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBI allows prepayment of loan after paying 6 EMI’s with prepayment charges - 3%
  • Processing Fee : SBI asks for a processing fee of From 2% to 3% with applicable service tax

Documents Required for SBI Business Loan

To apply for SBI business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

SBI Business Loan Eligibility Calculator

You can calculate your eligibility for SBI business loan using an online SBI business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply SBI Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare SBI business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  SBI.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from SBI?

SBI is one of the largest Public Sector Bank sector banks in the country that provides lowest business loans starting at 11.20%. The bank also charges a low processing fee starting from From 2% to 3%. Along with that, the bank also offers special business loan schemes such as Term Loan , Working Capital Finance & etc.

Has SBI reduced the business loan interest rate?

Currently, the lowest business loan rate offered by SBI starts at 11.20%. There has been no change in the lowest interest rate of SBI business loan interest rate for a long time and the interest rate continues to be in the range of 11.20% to 16.30%.

What is the interest charged on SBI business loan?

SBI offers business loans at attractive rates ranging from 11.20% to 16.30%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from SBI?

If you apply for loan from SBI, your lowest EMI per lakh will be ₹ 2,594.You can calculate your EMI on business loan for different tenures at min business rate starting at 11.20% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in SBI?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 48 months.

How much business loan amount I can borrow from SBI?

SBI offers you business loan for loan amount ranging from ₹ 5 Lakh to a maximum amount of ₹ 100 Cr. Loan amount eligibility in SBI further depends upon your income, and repayment capability.

What is the processing fee charged by SBI on business loan?

SBI charges a processing fee From 2% to 3% with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from SBI?

Yes, age is an important eligibility factor to get a business loan as you should be at least 21 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from SBI?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by SBI is 3%.

What are the business products offered by SBI?

SBI offers various business products for self-employed professionals and non-professionals. These are listed below:

  • Term Loan
  • Working Capital Finance

What is the time period of repayment of business loans in SBI?

SBI provides business loans for a maximum tenure of 48 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

SBI Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 979-350-2211
Ahmedabad 972-434-2211
Ambala 999-637-2211
Anand 972-434-2211
Aurangabad Bihar 973-001-2211

SBI Business Loan Reviews 3.3/5  by 2 customers
MyLoanCare Service
3/5.0
Banks Service
3.5/5.0
Sachin Deshpandey, Mumbai
Reviewed on 04th Apr 2016
3.5 / 5 stars
SBI Business Loan Availed in Apr-17

Bank kept to its promise in terms of interest rate and sanctioning timeline. Overall a good expereinRead more...

Suneel Singh, Delhi
Reviewed on 03rd Apr 2016
3 / 5 stars
SBI Business Loan Availed in Dec-17

It was a good experience to take loan from SBIRead more...

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SBI Business Loan News - Jul 2021
  • 2021-06-29 : SBI launches Aarogyam Healthcare Business Loan
    The State Bank of India has launched Aarogyam Healthcare Business Loan. Under this new product, the entire healthcare ecosystem such as hospitals, nursing homes, diagnostic centres, pathology labs, logistics firms engaged in critical healthcare supply, etc. can avail of loans up to Rs 100 crore (as per the geographic location) repayable in 10 years.
  • 2021-06-25 : SBI launches new business loan scheme for the Healthcare sector
    Under the Aarogyam Healthcare Business Loan scheme, the entire healthcare ecosystem can avail of loans up to ₹100 crores, repayable in 10 years. Launched on Thursday by the State Bank of India, this Business Loan will be eligible under the COVID loan book being created by banks announced by RBI as part of COVID relief measures.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
  • 2021-03-21 : SBI recorded digital transactions as high as 67%
    State Bank of India has recorded a considerable increase in its digital transactions. The bank reported 67% digital transaction in the post Covid period from earlier 60% in the pre Covid times. The increase is attributed to hike in e-commerce due to covid induced lockdown which restricted the movement.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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