SBI Business Loan

The State Bank of India offers various kinds of business loans catering to different enterprise sizes and sectors. The range of loan amounts available under these facilities starts from ₹25,000 and extends up to ₹500 Crores.

The interest rates depend on the linked benchmark rate. These include the following depending on the type of business loan you choose: 

• Marginal Cost of Funds based Lending Rate (MCLR)

• External Benchmark Lending Rate

• Credit Information Companies (CIC) Score 

• Pre and Post Shipment Rupee/Foreign Currency Export Credit

Check the following table to learn about the types of business loans that SBI offers:

The eligibility criteria for SBI business loans vary depending on the type of loan you choose. However, to be eligible to avail of an SBI business loan, you need to fulfil the following basic eligibility requirements:

• You must be a self-employed individual or a proprietor or partner in a business

• Your age must be at least 21 years old

• The business should be existing for at least 3 years 

• You must not have defaulted on loan repayment for any bank or NBFC loan

The list of required documents also differs based on the choice of a business loan. Here are some of the basic documents you need to keep in handy when applying for an SBI business loan:

• A duly filled SBI business loan application form

• KYC documents, like Aadhaar card, PAN card, voter’s ID, and more

• Proof of business address

• Company incorporation documents

• Bank statements for the last year

• Income Tax Returns for the last three years

The State Bank of India allows you to apply for a business loan through these channels:

• Online: You can choose the type of loan you wish to apply and fill out a simple application form on SBI’s online portal

• Visit to the Branch: You can also visit the nearby branch of the bank to apply for a business loan