Apply for SBI Bank Business Loan
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SBI offers Business Loans with low processing fees and low-interest rates. No hidden fees and 100% transparency are at the core of the loan, making it a seamless borrowing experience.
Applicable Fees
Interest rate
As per business requirements and linked with MCLR*.
Unified charges
Rs.7500/- plus applicable taxes. Unified annual charges comprising processing fees, documentation charges, EM charges, commitment charges, inspection charges, and remittance charges (1 remittance per day free).
Margin
Margin requirement of 10% in the form of stock and receivables statements.
Collateral Security
· Minimum 40% collateral must be in the form of exclusive mortgage charges on land and buildings, or cash equivalents including liens on fixed deposits, mutual funds, etc. The realizable value of the immovable property must be used for this purpose, and the property must be SARFAESI compliant.
· Personal guarantee of all directors/partners. However, personal guarantees will not be obtained from Professional directors / Independent directors / Nominee directors.
· Personal guarantee of the owner of the Collateral Security offered as Mortgage/Pledge.
Repayment Period
Cash credit: - Annually renewable or repayable on demand.
Dropline OD: -
· Limits can be sectioned for a period ranging from 12 months to 60 months (reducing DP) with a maximum three-month moratorium.
· After the repayment period ends, the outstanding debt will be liquidated and the borrowing power reduced by a set percentage.
· As long as the credit limit is not exceeded, regular transactions are permitted.
· No over-drawings will be permitted.
· The due date for DP Reduction or installments will be the last working day of the month.
· After liquidation, in case a further loan is required, a loan request must be made to be reviewed annually.
SBI Business Loan Calculator
SBI Business Loan EMI calculator can help you estimate what you would have to pay for a specific loan amount. The amount you need to pay can be changed by changing one variable or decreasing another. An applicant must provide three basic loan details, including loan amount, interest rate, and repayment tenure, to obtain instant results. Depending on the applicant's profile and business needs, banks may offer different amounts and interest rates.
Elements Affecting Your SBI Business Loan EMIs
The interest rate on a Business loan is affected by a variety of factors. Knowing about these factors will help you get the most competitive interest rate on Business Loans.
Credit Score: - Applicants have a credit score of 750 and above to reduce the interest rates on the amount.
Occupation: - Applicant must be a salaried individual, self-employed individual, or a business owner with the ownership documents.
Repayment History: - Having an excellent repayment history helps you to increase your business loan eligibility and help you to get a lower interest rate.
Stable Income: - Having a steady income makes it easier to pay back the loan. With a higher income, you have a greater chance of getting low-interest business loans.
There are two kinds of SBI Business Loan interest rates: fixed and floating.
Here, the rate of interest charged on the SBI Business Loan amount will remain constant throughout the loan repayment period. You know your SBI Business Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.
Here, SBI Business Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating SBI Business Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.
There are two methods to calculate interest: flat rate method and the reducing balance method.
In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the SBI Business Loan will be considered and calculated on the basis of the outstanding loan amount.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.
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