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Sbi Business Loan Interest Rate

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SBI, the 45th largest public sector bank in the world with assets worth Rs. 37 lakh Crore and a customer base of 500 million is indeed the largest bank in India. The SBI business loan is provided to the eligible candidates covered under the SME segment. The aim of providing SME loan is to assist the small and medium-sized enterprises.

Sate bank Of India(SBI) Business Loan interest rate

Interest Rates 6.70% p.a. onwards
Loan Amount Up to Rs. 500 Crores
Tenure Up to 5 Years
Loan Processing Fee Up to 1% of the limit
CIBIL Score 750+
Foreclosure Charges 3%

SBI Business Loan Features and Benefits

– A host of Business Loans to match with diversified customer requirements.
– The SBI business loan interest rates start from 6.70 % p. a.
– The need-based funding available for all types of business operations.
– Collateral-free loans available for MSMEs.
– The application process is simple, as well as easy to follow.
– Business loan for womens in SBI comes at concessional interest rates.

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SBI SME Loan Details

Particulars Details
Interest Rate 9.05% – 16.30% (Linked to MCLR)
Loan Amount Up to Rs. 20 crores
Tenure Working Capital – 1 year

Term Loan – Up to 15 years

Processing Fee Concessional
Annual Guarantee Fee Up to 1%

SBI Business Loan Eligibility Criteria

– Existing Fleet Operators (Goods or Passengers) having experience of 5 years or more in the same line.

– Fleet operator having existing fleet of minimum 10 vehicles.

– Requirements of minimum 10 new vehicles or minimum loan amount of Rs. 50 Lacs.

– Transport operators holding national/ state route permit and other necessary permits/licence/approval.

– Satisfactory track record with existing banks/FIs

– Income Tax assesse (personal and business) eligibility is linked to the scores obtained underscoring model.

How to Apply for SBI Business Loan

A business owner can apply for SBI Business Loan in any of the way suitable for them. There are no hassles involved,  whatsoever. You can primarily opt for any of the following methods:

Online Application:  If you are looking for quick processing of your SBI business loan, apply online by filling the online application form on their website. Their business loan representative will contact you and assist you with the documentation and for the procedure.

Call Customer Care:  You can request a call back by contacting the SBI customer care on their toll-free number.

Visit the Branch: Alternatively, you can visit the nearest SBI branch and submit the application physically. However, in this digital age, more and more customers are opting for the online route.

SBI SME Loan Schemes

State Bank of India provides SME loans under three different schemes:

– SBI Asset-Backed Loans
– SBI Fleet Finance Scheme
– Collateral Free Loans

1. SBI Asset-Backed Loans

The Bank provides a loan for the business purpose against the mortgage of property. The funds given under this scheme can be utilized for the purpose such as – purchasing of fixed assets, capital expansion, upgradation or for working capital and other short-term requirements. The facility can be availed is up to Rs. 20 Crores for the maximum repayment period of 15 years.

2. SBI Fleet Finance Scheme

The bank provides finance up to Rs. 10 crores for the period of 5 years and 6 months to the transport operators owning a fleet of commercial vehicles like trucks, trailers, tankers, buses etc.

3. SBI Business Loan without Collateral

The eligible candidates can avail the benefit of a collateral free loan up to Rs. 1 crore for the maximum period of 7 years. Under this scheme, the funds are provided as working capital and term loan. The tenure of working capital is 1 year. However, it can be renewed in every two years.

SBI Business Loan Calculator

SBI Business Loan EMI Calculator or SBI SME loan calculator is a device made to assist the people in calculating the EMI, that is payable each month, against the loan taken. It is the amount the borrower pays to settle the loan over the tenor. It makes the calculation quick and simple. The user only needs to enter the loan amount, tenure and the rate of interest in the calculator. The calculator shows the EMI amount and the total repayment amount.
For Example- An applicant avails o loan of Rs. 1,00,00,000 for the period 15 years at an assumed interest rate of 15% p.a. then his EMI will be Rs. 1,39,959. He has to make the total repayment of Rs. 2,51,92,568.

Loan Amount (in Rs.) Interest Rate (p.a.) Tenure (in years) EMI (in Rs.) Total Interest Amount (in Rs.) Total Repayment Amount (Principle+ Interest) (in Rs.)
1,00,00,000 15% 1 90,258 83,100 10,83,100
1,00,00,000 15% 2 48,487 1,63,680 11,63,680
1,00,00,000 15% 3 34,665 2,47,952 12,47,952
1,00,00,000 15% 4 27,831 3,35,876 13,35,876
1,00,00,000 15% 5 23,790 4,27,396 14,27,396
1,00,00,000 15% 6 21,145 5,22,441 15,22,441
1,00,00,000 15% 7 19,297 6,20,927 16,20,927
1,00,00,000 15% 8 1,79,454 72,27,589 1,72,27,589
1,00,00,000 15% 9 1,69,243 82,78,284 1,82,78,284
1,00,00,000 15% 10 1,61,335 93,60,195 1,93,60,195
1,00,00,000 15% 11 1,55,091 1,04,72,077 2,04,72,077
1,00,00,000 15% 12 1,50,088 1,16,12,625 2,16,12,625
1,00,00,000 15% 13 1,46,029 1,27,80,484 2,27,80,484
1,00,00,000 15% 14 1,42,704 1,39,74,267 2,39,74,267
1,00,00,000 15% 15 1,39,959 1,51,92,568 2,51,92,568

 

Year Principal Interest Balance Amount (in Rs.)
1 1,92,379 14,87,129 98,07,621
2 2,23,303 14,56,205 95,84,318
3 2,59,201 14,20,307 93,25,117
4 3,00,866 13,78,642 90,24,251
5 3,49,233 13,30,275 86,75,018
6 4,05,374 12,74,134 82,69,644
7 4,70,541 12,08,967 77,99,103
8 5,46,184 11,33,324 72,52,919
9 6,33,984 10,45,524 66,18,935
10 7,35,899 9,43,609 58,83,036
11 8,54,198 8,25,310 50,28,838
12 9,91,515 6,87,993 40,37,323
13 11,50,906 5,28,602 28,86,417
14 13,35,919 3,43,589 15,50,498
15 15,52,224 1,28,835

SBI Business Loan Documents Checklist

1. Document Checklist for SBI Asset-Backed Loans

Constitutional Specific Documents
Constitution Documents
Partnership Firm Partnership deed
Trust Trust deed
Society By laws of Society, Registration Certificate from the Registrar of Societies
Private Ltd. Company Certificate of Incorporation/ Memorandum and Articles of Association
Public Ltd. Company Certificate of Incorporation/ Memorandum and Articles of Association, Certificate of commencement of business
List of Common Documents
Audited balance sheet of the last three year
Brief detail of Proprietor / Partners / Promoters / Directors
KYC documents for promoters / units
Copy of IT Returns of promoters / Firm for the last three years
Copies of license, permission approval by regulatory authority , where applicable
Availability of utilities like power etc.
Details of collateral security (including third party guarantee proposed to be offered
Signed statement of Assets and liability from proprietor / partner guarantors
Copies of other Bank’s sanction letter and statement of accounts (last 6 months)
Copy of the title deeds of the Factory / Shop/ Godown/ collateral security
Cheque for processing and fees to be paid for Valuation & Title search reports on property/offered as collateral, ROC search
Details of the capital expenditure, if Term Loan is applied

2. Documents Checklists for Fleet Finance Scheme & Collateral Free Loan

Category  Documents
Application Application Form, Bio-Data form, DD for processing fee
Proprietor /Partners / Guarantors Brief Profile, Photo, Passport/EC ID Card/Driving License, Telephone Bill / Ration Card, PAN Card, IT Return for 2 years, Assets & Liabilities Statement
Unit Partnership Deed & Partnership Letter, Pan Card, IT Return for 2 Years, Board Resolution, SSI Registration, Panchayat License
Balance Sheet Actual – Past 3 years, Estimated – Current Year, Projected – Next Year, Projected – [for Term Loan], CMA form
Associate Units Brief Profile, Balance Sheet, Opinion Report from Bankers
Renewal / Enhancement Stock Statement, Last inspection report, Term Loan Review, Copy of last sanction note, Confirmation of irregularity, if any,
Take over Copy of sanction letter, Statement of account for 1 year, Credit Information Report
Property Original Title Deed, Prior Deeds, Land Tax Receipt, Building Tax Receipt, Possession Certificate, Location Certificate, Location Sketch, Non-PR & LA Certificate, EC for 30 Years

SBI Business Loan Charges

Processing fees associated with SBI Business Loans are as follows:

Type of SBI Business Loan Processing Charges
Asset Backed Loan/ Asset Backed Loan – Commercial Real Estate 1% of the limits (maximum Rs. 10 Lakhs)
e Dealer Finance Scheme/ e Vendor Finance Scheme Rs. 10,000 – Rs. 30,000
Fleet Finance 1% of the limit
PM Mudra Yojana 0.50% + applicable tax for Tarun
SME eBiz Loan 1% of limit sanctioned + applicable taxes for 1st year & 0.35% + applicable taxes for 2nd year onwards.
Simplified Small Business Loan Rs. 7,500
Warehouse Receipt Finance Up to Rs. 3 Lakhs
Finance to Food Processing Industry Up to 0.40% of loan amount (maximum Rs. 40 Lakhs)
Loans to Business Correspondents 0.50% for loans above Rs. 50,000
SBI OD Product
1% of loan amount
SME Gold Loan
Rs. 500 – Rs. 1,000 + applicable taxes

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