SBI Business Loan Interest Rate Oct 2017
SBI Business Loan Interest Rates India
|Loan for Self Employed||Features|
|Interest Rate||11.20% - 16.30%
Check Best Offers
|Processing Fee||2-3% of Loan Amount|
|Tenure||From 12 months to 48 months|
|Lowest EMI per lakh||Rs. 2,594||Loan Amount||Min Rs. 500,000 and Max Rs. 1,000,000,000|
|Part Prepayment, Charges||Nil Prepayment Charges|
|Early Foreclosure, Charges||Allowed after 6 EMI's, Nil Prepayment Charges|
SBI Business Loan
SBI offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from SBI:
- You can prepay part of your loan anytime after paying 1% prepayment charges
- You can foreclose your entire Business loan anytime after paying 6 EMI's at foreclosure charges - Nil Prepayment Charges
- SBI has been rated 3.3/5.0 by customers for its service quality on MyLoanCare
- SBI has over 25,332 branches in India where you can avail service
SBI Business Loan Interest Rate Calculator
There are multiple factors on which basis bank 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 Rs. 500,000 to upto Rs. 1,000,000,000. Interest rate for high loan amount can be lower resulting in lower EMIs.
- CIBIL Score: SBI offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from SBI, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
- Revenue: SBI will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least Rs. 2,000,000.
- Time in Business: SBI offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from SBI is 36 months.
SBI Eligibility Criteria
Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:
|Age:||21 to 65 years|
|Minimum Turnover||Rs. 2,000,000|
|Business Existence (in months)||36 months|
|ITR (months)||24 months|
|Loan Amount||Rs. 500,000 to Rs. 1,000,000,000|
|Loan Tenure||48 months|
|Owned House or Place of Work||Not Required|
|CIBIL Score||750 and above|
SBI Business Loan Eligibility Calculator
Eligibility of Business loan in SBI relies on two important factor:
1.Your ability to repay the loan and
2.Your past track record in repayment of loans.
The main factors on which the eligibility of an applicant depends are
- Age: Age plays an important role to know your eligibility and repayment capacity. SBI offers 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, bank gives you loan ranging from Rs. 500,000 to Rs. 1,000,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service.
- Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. SBI requires profit for minimum 2 years and minimum business turnover of Rs. 2,000,000.
- Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. SBI requires 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 loan.
- ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 24 months and bank statement for minimum 0 months will be required by SBI.
- CIBIL Score: When checking loan eligibility, SBI will look at the complete CIBIL report. SBI will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.
SBI Business Loan EMI Calculator
SBI Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by SBI is Rs. 2,594 per lakh loan amount. EMI of SBI depends on factors like:
- Interest Rate: Higher the interest rate, higher will be the EMI. For a 48 months loan from SBI at an interest rate of 11.20% per annum, EMI will be Rs. 2,594 per Rs. one lakh loan amount. At an interest rate of 16.30% for the same loan, the EMI will be Rs. 2,849.
- Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 11.20% per annum, the EMI on SBI business loan would range from Rs. 8,847 to Rs. 2,594 for loan tenure ranging from 12 to 48 months.
- Amount Borrowed: SBI Loan EMI will be high if you apply for a high loan amount. For amount borrowed Rs. 500,000, the EMI at 11.20% for 48 months would be Rs. 12,971. Similarly for amount borrowed Rs. 1,000,000,000, the EMI at 11.20% for 48 months would be Rs. 25,942,756.
- Business loan EMI calculator of SBI helps you to calculate your monthly EMI at different rate of interest
- SBI EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
- You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
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:
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 - Nil Prepayment Charges
- Processing Fee- SBI asks for a processing fee of 2-3% of Loan Amount with applicable service tax
- 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
Compare SBI Business Loan with other banks
- Allahabad Bank
- Andhra Bank
- Bajaj Finserv
- Bank of Baroda
- Bank of Maharashtra
- Capital First
- Corporation Bank
- Development Credit Bank
- Dhan Laxmi Bank
- Fullerton India
- HDFC Bank
- ICICI Bank
- IDBI Bank
- Indian Overseas Bank
- IndusInd Bank
- Kotak Bank
- RBL Bank
- Syndicate Bank
- Tamilnad Mercantile Bank
- Tata Capital
- United Bank of India
FAQs on Business Loan SBI
Bank offers loan at 11.20% rate with the lowest EMI of Rs. 2,594 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to SBI.What is the interest charged on HDFC Bank business loan?
Interest rates on Business loan in SBI are very attractive starting from 11.20% to 16.30%. Bank offer various offer for self employed professionals to get loan at very low rate of interest.What is the lowest EMI per lakh on business loan from HDFC Bank ?
If you apply for loan from SBI, your lowest EMI per lakh will be Rs. 2,594.What is the minimum and maximum tenure of business loan in HDFC Bank?
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 HDFC Bank?
SBI offers you loan if you need a minimum amount of Rs. 500,000 to a maximum amount of 1,000,000,000.What is the processing fee charged by SBI on business loan?
SBI charges a processing fee of 2-3% of Loan Amount with applicable tax.Is age an eligibility factor to get loan for business from SBI?
Yes, age is an important eligibility factor to get 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 fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by SBI is Nil Prepayment Charges.
SBI Business Loan Customer Care Number, Email, Application Status, Branches
|City||Customer Care Number|
|Mohali Sas Nagar||977-916-2211|