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Grab the SBI Business Loan at Attractive Interest Rate

Grab the SBI Business Loan at Attractive Interest Rate

Business is a tree in which the more you invested the more it will grow. Getting a business loan from the right lender is very crucial. SBI's business loan is one of the most preferred choices made by the loan seekers. SBI's business loan fits into the diversified need of the customers. A wide range of SBI business loan is offered to the borrowers. Whether one is looking for a loan for a Start-up or looking for the Working Capital finance or requires funds to expand the business outreach, SBI offers more than a dozen business loans to cater to the needs of the borrowers.

SBI Business Loan Interest Rate

Business loan interest rate based on eligibility and the applicant profile. SBI’s business loan interest rate is competitive and comes along with lucrative offers. Following are some other advantages of the SBI business loan:

•    Quick approval of all types of business loans.

•    The applicant is not required to make any visit to the branch. As one can apply online for the SBI business loan.

•    Fast loan processing which requires some basic details to get the loan approval.

•    The applicant is not required to do any of the paperwork for sanctioning the loans and financial assistance. The process for the application of business loans is completely online without the need for any paperwork.

•    The SBI provides a flexible loan repayment tenure option available up to 60 months.

•    The applicant is not required to perform the long-extended loan processing for periods like many weeks and months. Application for the business loan can be performed in a few basic simple steps.

•    SBI offers the maximum loan amount for the business loan.

Factors affecting SBI Business Loan EMI

The EMI or equated monthly instalment is a fixed amount of money which is needed to be paid by the borrower regarding repaying the loan amount.

  • Interest Rate – The charged rate on the principal amount borrowed is termed as the rate of interest. Higher the interest rate attracts the high amount of monthly EMI which automatically increases the total cost of the business loan.

  • Loan Amount – The availed business loan amount plays a significant role in the monthly EMI.

  • Loan Repayment Tenure – The total time in which a borrower can repay the business loan to the lender. Generally, longer loan tenure leads to a low amount of EMI on loan. SBI offers a business loan with a flexible repayment tenure of up to 60 months.

Why apply for SBI Business Loan?

Some of the main reasons why SBI business loan is considered among the best loans in the financial market are mentioned below:

  • Flexible Loan Tenure: A business loan from the State Bank of India provides a borrower with a flexible tenure to repay the loan amount. The loan tenure up to 60 months.

  • Repayment Mechanisms: A business loan taken from SBI can be repaid either through the ECS or through NACH.

  • Collateral-free Loan: SBI gives an unsecured business loan to the borrowers.

Eligibility Criteria for SBI Business Loan

The eligibility criteria of SBI business loan vary based on several factors like loan amount, type of availed loan scheme and others. Here are the eligibility criteria for SBI business loan:

  • The business should be in existence for at least 5 years in the same locality/area.

  • The borrower should also fit into the eligibility criteria as per Go/No Go Criteria. If any of the parameters get a response as ‘No’, the unit will not be considered eligible under this scheme and no deviation to be permitted.

  • A borrower should be the owner of the premises OR should have valid tenant agreement with the owner of the premises (In case of rented premises, a residual period of minimum 3 years).

  • The current account holder at any bank for at least 2 years (proprietorship, partnership & corporate concerns).

  • The minimum average monthly balance of more than Rs. 1 lakh in the last 12 months, with the monthly threshold balance of Rs. 1000.

Required Documents of Aditya Birla Business Loan

The list of required documents for Aditya Birla business loans differs based on the type of loan a borrower is seeking. 

  • PAN Card – for Company/Firm/Individual.

  • A copy of any of the documents as identity proof:

  • Aadhaar Card.

  • Passport.

  • Voter's ID Card.

  • PAN Card.

  • Driving License.

  • A copy of any address proof documents:

  • Aadhaar Card.

  • Passport.

  • Voter's ID Card.

  • Driving License.

  • Bank statement of the previous 6 months.

  • Last 2 years ITR along.

  • Audit Report.

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