About SBI Business Loan
Money is an important asset in any business, To keep business on constant momentum, timely finance is a must. Sometimes existing funds may not be so much useful for the proper growth of business.So the need of acquiring business loan arises at this time. Business Loan is the loan which is given to corporate business form to expand existing business and to invest in some commercial property.
What is SBI Business Loan?
If you need money to expand your existing business more and make extra profits, State Bank of India provides Business Loan to cater all business and commercial needs. SBI Business loan helps the consumer by providing huge loan amount for the proper growth of business. Business loan can be used to buy new machinery, paying salary to the human resource, buying new technology and for many more purposes.
State Bank provides loans for Business startups, SME Loans and self-employed people running Software companies, IT sector, Traders, Manufacturers, Machinery, Equipment and for various business purposes.
Whatever is your need, any need and any Business will be supported by State Bank. It is a Govt. Bank Business Loan and Interest Rates are accordingly.
Types of SBI Business Loan:
You can avail any of the two business loan types from SBI according to your requirement:
- Secured Business Loan: In this business loan, the corporate of the business firm would have to submit some valuable asset as security to the lender.The asset can be any finsihed products, machinery or any property can be put as security while availing loan.
- Unsecured Business Loan: In this business loan, the corporate of the business firm do not need to pledge any property to the lender as security.These unsecured loans are available at high Business Loan interest rates.
SBI Business Loan: Eligibility Criteria
An individual must meet the below eligibility criteria’s for applying SBI Business Loan:
- Minimum Loan amount available: Rs. 50,000
- Maximum loan amount available: Rs. 30 lacs
- Minimum income(annual): Rs. 1,50,000
- Minimum age: 21 Years & Maximum Age at loan maturity: 65 Years
- Minimum Turnover in Business: Rs 20 lacs per annum
- Minimum Experience in Business: Minimum 3 years experience in current business and total 5 years business expereince.
- Business must be continously making profit from last 2 years.
- Business should be filling 1.5 lacs ITR per annum.
SBI Business Loan: Documentation
Self employed professionals
- PAN Card
- Current account bank statement of last 6 months
- Last 2 years ITR Proof
- Proof of Continuation (ITR/ Sales / Tax certificate)
- ID proof / 3 years balance sheet / Pan Card Copy / Loan Record/ 2 Passport size photograph
Special Note: We do not provide Personal Loan to bad credit holder, but you can fulfill your money requirement with Gold Loan easily.
Leading Business Loan Providers (Click to Apply)
- ICICI Bank Business Loan
- Fullerton India Business Loan
- HDFC Bank Business Loan
- Bajaj Finserv Business Loan
|SBI Business Loan EMI Calculator||SBI Business Loan Interest Rates|