How to Apply for an SBI Business Loan?

SBI -Do you want to start a business of your own but are unable to start it due to lack of money. Like you there are many such people who want to start their own business but are unable to do so due to lack of funds. So, if you are reading this post, then you must definitely want to do the same. So let me tell you that you have come to the right place. Yes, you heard it right; after reading this post, you will be able to start your own business. Because in this post I will tell you how you can start your business by taking an SBI business loan.

Let’s get start

How much business loan will I get from SBI Bank?

You can take a loan from SBI Bank ranging from ₹10 lakh to ₹25 lakh, depending on your business idea and the required documents that convince the bank official to approve your business loan.

For how long will I get a business loan from SBI Bank?

Well, there is more flexibility in time duration which is good for individuals or organizations. In SBI Bank you will get 12 months to 48 months.

Interest Rate

Let’s discuss the interest rate for the loan amount. SBI Bank offers an interest rate ranging from 11.20% to 16.30% per annum on the loan amount.

Documents

If you are planning to take a loan, then you must know what types of documents are required during the process.

• Bank statement of last 6 months
• Address Proof
• ID Proof
• 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, SEB
• Copy of Income Tax PAN for 24 months

Eligibility

• The business must have been operating for at least 5 years in the same locality or area.
• The applicant should either own the premises or have a valid tenant agreement with the property owner. In the case of rented premises, there should be a residual lease period of a minimum of 3 years.
• The applicant must have a current account with any bank for at least 2 years (this applies to proprietorships, partnerships, and corporate entities).
• The average monthly balance in the account must be more than Rs 1 lakh over the last 12 months, with a monthly threshold balance of Rs 10,000.
• The borrower must also meet the eligibility criteria outlined in the Go/No Go Criteria. If any parameter is marked as ‘No,’ the unit will not be considered eligible under this scheme, and no deviations will be permitted.

Why SBI Bank Business Loan?

• Here you get more loan.
•  You get the working interest rate here.
•  You can take your business to new heights by using the loan amount.

How to take Business Loan from SBI Bank?

Conclusion

In today’s post, we’ll explain how to apply for a business loan from SBI Bank. You’ll learn about the necessary documents, the loan duration, the interest rates, and much more.

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Frequently Asked Questions