As the largest commercial bank in India, SBI has been one of the core strengths of India’s economy. Since its establishment on July 1, 1955, the public bank continue to be a biggest contributor’s in the business success of thousands of enterprises. The concept of obtaining an SBI Business Loan for new business venture holds potential benefits for you as well.
With over 22,000 branches and a massive network of ATMs, State Bank of India is a financial powerhouse dedicated to serving its 45 crore customers. Whether you’re a commercial enterprise, a large corporation, a public body, or an institutional customer, SBI has tailored solutions for all your financial needs.
As of June 30, 2023, the State Bank of India (SBI) has given a total of Rs 28 lakh crore in loans within the country. In their retail services, they have provided over ₹12 lakh crore in loans, covering various types like personal loans, auto loans, home loans, and education loans. This means SBI has supported people and businesses by lending them money for different needs, whether it’s for personal expenses, buying a vehicle, owning a home, or funding education.
From secured and unsecured loans to term loans for shops and offices, SBI offers a diverse array of financial tools. Stay tuned as we explore the simplified SBI small business loans and asset-backed options that can pave the way for your entrepreneurial journey.
Please note: Responsible repayment of a business loan contributes positively to your credit history. This, in turn, can enhance your business’s creditworthiness, making it easier to secure financing in the future for larger ventures.
About SBI Business Loan
| Name | State Bank of India ltd |
| Founded (in Year) | 1955 |
| Company | Banking & Financial Services Company |
| Services | Banking & Finance Services |
| Headquarter | Mumbai |
| Business Loan Type | Vary |
| Loan Tenure (in Month) | 12 – 60 |
| Loan Amount | up to ₹10 Lakh – ₹25 Lakh |
The SBI Business Loan is provided by the State Bank of India Ltd, a well-established banking and financial services company founded in 1955. With its headquarters in Mumbai, SBI offers a range of banking and financial services. The business loan types offered by SBI vary, providing flexibility to cater to different business needs.
The loan tenure, or the duration for which the loan can be availed, ranges from 12 to 60 months. Businesses can access loan amounts ranging from up to ₹10 lakh to ₹25 lakh, allowing them the financial support necessary for their growth and development.
The SBI Business Loan serves as a valuable resource for businesses looking for reliable financial solutions from a trusted banking institution.
SBI Business Loan Interest Rates
| Business Loan Interest Rate | Min 5.75% to Max 16.30% |
The interest rate for SBI Business Loans is variable and falls within a range. Specifically, the minimum interest rate is 5.75%, indicating the lowest percentage a borrower might pay on the loan amount.
On the other hand, the maximum interest rate is 16.30%, representing the highest percentage a borrower might be charged on the loan.
The actual interest rate offered to a business may depend on various factors, including the creditworthiness of the borrower, the loan amount, and the loan tenure.
It’s crucial for businesses to understand these rates to make informed decisions about their financing options and to assess the affordability of the loan.
SBI Business Loan Types
| Surya Shakti Solar Finance | Loans Under Contactless Lending Platform | Asset Backed Loan |
| Asset Backed Loan – Commercial Real Estate | Export Packing Credit | E Dealer Finance Scheme |
| E Vendor Finance Scheme | Fleet Finance | Lease Rental Discounting |
| PM Mudra Yojana | Simplified Small Business Loan | Stand Up India |
| SME Smart Score | SME Credit Card | Warehouse Receipt Finance |
| Finance To Food Processing Industry | Loans To Business Correspondents | SBI Exporters’ Gold Card Scheme |
| SME Gold Loan | SME Marble Plus | SME Car Loan |
| Arthiyas Plus | SME Open Term Loan | Rinn Suraksha For Micro & Small Enterprises |
| Healthcare Business Loan | Commercial Vehicle Loan | SME Finance For CA Firms |
| SBI Fleet Finance Under Tie-Up With Tata Motor Finance Ltd | Small Commercial Vehicle Finance Under Tie-Up With Tata Motors Ltd | Small Commercial Vehicle Finance Under Tie-Up With Mahindra & Mahindra Ltd |
| Dall Mill Plus | Compressed Bio Gas Under SATAT Scheme | Finance To Bio Fuel Projects |
| Finance To Start-Ups (MSME UDAAN) | – | – |
The State Bank of India (SBI) offers a diverse range of business loan types to cater to the varied needs of businesses. These loans are designed to address different aspects of business requirements, providing financial solutions to support growth and development.
The specific types of business loans offered by SBI may include, but are not limited to, options such as term loans, working capital loans, asset-backed loans, and specialized loans for specific sectors or purposes.
The variety ensures that businesses of all sizes and industries can find a suitable financing option that aligns with their unique circumstances and goals. SBI’s commitment to providing a comprehensive suite of business loan products reflects its dedication to supporting the diverse needs of the entrepreneurial landscape.
Read more: No Collateral ! TATA Capital Business Loan up to ₹60 lakh
SBI Business Loan Eligibility
Here’s a simplified table summarizing the eligibility criteria for SBI business loans:
| Eligibility Criteria | Requirements |
|---|---|
| Business Existence | Existing business for at least 3 years in the same locality/area. |
| Premises Ownership or Tenant Agreement | Owner of premises or valid tenant agreement with a minimum residual period > 3 years. Minimum 1-year stay for rented premises. |
| Current Account Holding | Current account holder at any bank for at least 2 years (proprietorship, partnership & corporate concerns). |
| Financial Performance | Monthly threshold balance of Rs. 10,000/- & Min. credit summations of > Rs. 50 lakhs during the last 12 months. |
| Proximity to Financing Branch | Unit is situated within a radius of 10 km from the financing branch. |
| Credit Score | CIBIL Score not less than 650. |
| MSME Registration | MSME unit should have Udyam Registration Number (URN). |
| Tax Status | Income Tax Assessee (personal & business). |
SBI offers multiple business loan schemes, and eligibility criteria may vary based on the specific loan program. It’s advisable to check the detailed requirements for the chosen scheme.
SBI Business Loan Fees & Charges
| Loan Aspect | Fee/Rate |
|---|---|
| Processing Fee Range | 1% to 1.50% of the loan amount |
| Interest Rate Range | Minimum: 5.75% |
| Maximum: 16.30% |
The SBI Business Loan comes with certain fees and charges that borrowers should be aware of. Firstly, there is a processing fee, which is a one-time charge for handling the loan application.
For SBI business loans, this processing fee typically ranges from 1% to 3% of the loan amount, and it is subject to applicable taxes. However, it’s worth noting that the processing fee may vary depending on the specific loan program or circumstances.
In addition to the processing fee, borrowers should consider the interest rate on the loan. The interest rate for SBI business loans is variable and falls within a range of 5.75% to 16.30%. The actual rate offered to a borrower may depend on various factors such as the loan amount, tenure, and the applicant’s creditworthiness.
Documents Required for SBI Business Loan
When applying for an SBI business loan, ensure you have the necessary documentation ready. The required documents typically include –
- Completed application form
- Passport-sized photographs
- KYC documents:
- PAN card
- Passport
- Aadhar card
- Identity proof
- Address proof
- Bank statement of the last 6 months
- 12 months GST statement for income computation
- Last 2 years’ balance sheet, income tax return, and other financial statements like Profit & Loss
- Proof of business, such as GST/Service Tax registration
- Company’s incorporation details, including address proof of the business
Note: It’s important to note that SBI may ask for additional documents based on the specific loan requirements, so it’s advisable to check with the bank for any additional requirements.
SBI Business Loan Customer Care
| SBI Business Loan Customer Care Number | 18001234 |
| 18002100 | |
| 1800112211 | |
| 18004253800 |
These are the customer care numbers for SBI business loans. If you have any inquiries or need assistance, you can contact the respective number based on your convenience.
The SBI Contact Centre, also known as the SBI Helpline, offers a comprehensive range of services 24/7, accommodating your needs in your preferred language.
If you’re in India, accessing the SBI Contact Centre is simple – just dial the toll-free Helpline numbers provided above.
The Contact Centre caters to customers in 12 languages, including Hindi, English, Telugu, Bengali, Tamil, Kannada, Marathi, Malayalam, Odia, Gujarati, Assamese, and Punjabi. This ensures that you can engage with SBI’s services conveniently from your preferred location, at any time that suits you.
SBI Business Loan Login Page
| Apply for SBI Business Loan | Apply Link |
The SBI Business Loan Login Page is where you can apply for a business loan from the State Bank of India (SBI). To start the application process, click on the “Apply for SBI Business Loan” link. It’s like the doorway to get the loan for your business. Just click on the link to begin your loan application with SBI.
How to Apply for SBI Business Loan?
To apply for an SBI business loan, you have the flexibility to choose between online and offline methods. Firstly, consider the various loan schemes provided by SBI for startups, businesses, and enterprises. Select the loan scheme that best suits your needs, as the application criteria may differ for each.
If you prefer an online approach, you can submit your application through the SBI website. On the other hand, if you like a more traditional method, you can visit an SBI branch in person.
Additionally, SBI offers a convenient doorstep service, where a bank agent comes to your home to assist with the loan application process.
This way, SBI ensures that applying for a business loan is accessible and tailored to your preferences, whether you choose the convenience of online, the traditional branch visit, or the added comfort of doorstep assistance.
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