SBI offers a business loan to people who are in need of financial help for their business growth. Both secured and unsecured loans can be availed through the bank by the people of India. One can use the loan amount to purchase new machinery, give salary to people who are working, for any new technology and various other purposes.
- Interest rate: Minimum 11.20% – 16.30%
- Loan tenure: Up to 4 years.
- Loan amount: Up to 50 lakh.
- Processing fee: minimum 2 % to 3 % of the loan amount
SBI Business loan Eligibility
- Should be minimum 20 lakhs turnover in a business.
- The applicant of age between 21 to 65 is eligible for taking business Loan.
- Individuals who have been in the current business for a minimum of 3 years with total business experience.
- Your ITR details for minimum 24 months and bank statement for minimum 0 months will be required by SBI.
- CIBIL Score should have 750 and above.
SBI Business loan Documents
- Identity proof: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement, utility bills.
- Address Proof: Passport /Aadhar card/ Ration Card / Rental Agreement.
- Bank Details: Last 6 months bank statements required.
- Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
- Copy of Income Tax PAN for 24 months