State Bank of India (SBI) offers a wide range of secured as well as unsecured business loans to SMEs at affordable interest rates starting from 6.70% p.a. and maximum tenure of 15 years. You can get SBI Business Loan up to Rs. 500 Crores as loan amount, depending on the loan scheme applied for.
|Interest Rates||6.70% p.a. onwards|
|Loan Amount||Up to Rs. 500 Crores|
|Tenure||Up to 5 Years|
|Loan Processing Fee||Up to 1% of the limit|
Some of the striking features of SBI online Business Loan are:
Additional Reading: How to get instant loan for low cibil score?
Following are the key benefits of SBI business loans:
Additional Info: Also, check PSB Loans in 59 Minutes is a quick business loan portal for start ups.
It is crucial to know your SBI Business Loan EMI amount that you have to pay each month towards your loan repayment till the end of tenure. Now it is easy to calculate your EMI with the SBI Business Loan EMI Calculator available on our website. It is a tool that helps in calculating the EMI payable each month against the loan taken. It’s quick and easy to use. You only need to enter the loan amount, tenure, and the interest rate in the calculator to get the EMI amount along with the total repayment amount.
Here is an example of EMI calculation using MyMoneyMantra EMI Calculator:
Loan amount required: Rs. 25 Lakhs
Applicable rate of interest: 6.70% p.a.
Repayment tenure: 5 years
EMI to be paid by you each month: Rs. 49,150
Total interest to be paid: Rs. 4,48,995
Total amount to be paid by you to the lender: Rs. 29,48,995
Our efficient EMI Calculator also provides the following amortization schedule:
Amount Paid by
Interest paid during
Principal paid during
|1||Rs. 25,00,000||Rs. 49,150||Rs. 13,958||Rs. 35,192||Rs. 24,64,808|
|2||Rs. 24,64,808||Rs. 5,89,799||Rs. 1,51,856||Rs. 4,37,943||Rs. 20,26,865|
|3||Rs. 20,26,865||Rs. 5,89,799||Rs. 1,21,596||Rs. 4,68,203||Rs. 15,58,662|
|4||Rs. 15,58,662||Rs. 5,89,799||Rs. 89,245||Rs. 5,00,554||Rs. 10,58,108|
|5||Rs. 10,58,108||Rs. 5,89,799||Rs. 54,658||Rs. 5,35,141||Rs. 5,22,967|
|6||Rs. 5,22,967||Rs. 5,40,649||Rs. 17,682||Rs. 5,22,967||Rs. 0|
Additional Reading: How to calculate credit score?
|Name of Lender||Rate of Interest (per annum)||Processing Fee||Maximum Loan Limit|
|SBI||6.70% onwards||Up to 1%||Rs. 500 Crores|
|Faircent||12% – 28%||6% – 8%||Rs. 10 Lakhs|
|RBL Bank||9.75% onwards||Up to 3% + taxes||Rs. 35 Lakhs|
|HDFC Bank||11.90% – 21.35%||0.99% – 2.50%||Rs. 50 Lakhs|
|Axis Bank||9% – 18.50%||Up to 2% + taxes||Rs. 50 Lakhs|
Broadly, you will need the following SBI Business Loan documents when applying for the loan:
Additional Reading: Check cibil score by pan card
Processing fees associated with SBI Business Loans are as follows:
|Type of SBI Business Loan||Processing Charges|
|Asset Backed Loan/ Asset Backed Loan – Commercial Real Estate||1% of the limits (maximum Rs. 10 Lakhs)|
|e Dealer Finance Scheme/ e Vendor Finance Scheme||Rs. 10,000 – Rs. 30,000|
|Fleet Finance||1% of the limit|
|PM Mudra Yojana||0.50% + applicable tax for Tarun|
|SME eBiz Loan||1% of limit sanctioned + applicable taxes for 1st year & 0.35% + applicable taxes for 2nd year onwards.|
|Simplified Small Business Loan||Rs. 7,500|
|Rs. 0.20% of loan amount + GST|
|Warehouse Receipt Finance||Up to Rs. 3 Lakhs|
|Finance to Food Processing Industry||Up to 0.40% of loan amount (maximum Rs. 40 Lakhs)|
|Loans to Business Correspondents||0.50% for loans above Rs. 50,000|
|SBI OD Product||1% of loan amount|
|SME Gold Loan||Rs. 500 – Rs. 1,000 + applicable taxes|
|PMMY||0.50% + applicable tax for Tarun|
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