Quick Overview of SBI Business Loan

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Do you require some financial support for expanding the business, investing in office, buying advanced equipment or machinery or expanding inventory? Is your business having setbacks due to restricted cash flow? Regardless of the reason for funds requirement, a business loan is among the best choices a person can make. As business loan might put you on track.

Business is like a tree in which the more is invested the more it grows. Getting a business loan from a correct lender is very important. SBI business loan is among the most preferred choices made by the borrowers. As SBI business loan fits into the diversified customer requirements. A diverse range of SBI business loan is offered to the borrowers. Whether a borrower looking for a loan for a Startup or looking for Working Capital finance or requires funds to expand the business outreach, SBI offers more than a dozen best business loans to cater to the maximum needs of the borrowers.

SBI Business Loan benefits the borrowers in many ways. Following is the list of some advantages of the apply SBI Business Loan online:

  • Competitive rate of Interest: SBI business loan interest rate is among the lowest business loan interest rates in the market.

  • Timely Discounts: Periodically discount offers are provided in SBI business loans. Especially during the festive time borrowers can acquire different offers are given on SBI business loans. Apart from the festive offers, other discounts are also offered as per the borrower’s profile.

  • Online Loan Processing: Nowadays, almost everything can be done online. Likewise, a borrower can apply online for SBI business loans. This not only saves borrowers time but also facilitates them to acquire a business loan with the comfort of home.

  • Low Prepayment Charges: SBI takes low prepayment or foreclosure fees on business loans.

Zero Hidden costs: SBI business loan processing is done with complete transparency. This ensures that no hidden charges are charged for any of the SBI business loan schemes.

Quick Loan Approval: Simple and fast loan processing of SBI business loans leads to the quick approval of the loan amount.

Why apply for SBI Business Loan?

SBI offers a host of business loans to match the diversified customer requirements. Some of the main reasons why SBI business loan is considered among the best loans in the market are mentioned below:

  • SBI business loans can be availed for all types of business operations.
  • Hassle-free loan processing.
  • The application process is simple, as well as easy to follow.
  • High loan amount is offered based on the borrower’s profile.
  • A competitive rate of interest is offered.
  • Special benefits are provided to the women entrepreneurs and micro-units.

Eligibility Criteria for SBI Business Loan 

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

  • Nature of the Business: SBI Business loan can be availed for the sole proprietorship firm, partnership firm, private limited company and others those having the current account in any bank for at least 2 years.

  • Age: A borrower’s age should be a minimum of 25 years at the time of SBI Business Loan application and a maximum of 65 years.

  • Business Existence: SBI business loan can be acquired for those businesses which are in working at for 5 years in the same locality/area.

  • Location Ownership: A borrower should have the owner of the premises or should have valid tenant agreement with the owner of the business location. In the case of rented premises a residual period of a minimum of 3 years.

Required Documents of SBI Business Loan 

The list of required documents for SBI business loans differs based on the type of loan a borrower is seeking. Here is the list of some common business documents which may be needed at the time of loan application.

  • Duly filled the application form.
  • Passport-size photograph.
  • PAN Card of the primary applicant or the enterprise.
  • Identity proof like Aadhaar Card, Passport, Voter ID, Driving License, etc. is accepted by the bank.
  • Proof of address like Driving License, Voter’s ID, Passport, Telephone Bill, Electricity Bill, Sale Agreement.
  • Last 3 months bank statement.
  • Ownership proof of either residence or office.
  • Proof of business continuity like a bank statement, ITR, Certificate of Incorporation, Shops & Establishment Certificate, Partnership Deed or Sales Tax Challans.
  • Financial Documents of the Business such as Profit & Loss Statement and Balance Sheet (duly audited by a registered Chartered Accountant), book-debt and creditors-statement for the latest three months, Periodic Stock, etc.