If you’ve been thinking about starting or scaling a small business, the State Bank of India (SBI) now presents an exciting opportunity for you as it is now offering easy-term loans from ₹10 lakh to ₹25 lakh to make your entrepreneurial dream a reality. With an extended repayment period of up to 5 years, the financial aid could potentially be your business’s proverbial stepping stone.
Why opt for SBI’s small business loan?
It requires capital, but most importantly, confidence and the proper financial support. SBI knows how small business owners have faced problems. The Simplified Small Business Loan (SSBL) scheme is designed as a no-hassle funding plan. Whether a manufacturer, retailer, wholesaler, or service provider, this loan will allow you to:
- Start up your own business from scratch
- Expand to enable you to serve more customers
- Enhance your equipment or stock to run more efficiently
Key Features of SBI Business Loan
- Loan Amount: ₹10 lakh to ₹25 lakh
- Repayment Tenure: Up to 5 years
- Collateral Requirement: 40% security needed
- Interest Rate: Linked to EBLR (External Benchmark Based Lending Rate)
- Processing Fee: ₹7,500 (includes documentation & other charges)
Who Should Apply for This Loan?
To allow real entrepreneurs to get the funds with minimal hindrances, SBI has set out simple eligibility criteria for the loan.
To be eligible:
- The applicant must be in business for at least 3 years
- Must furnish a legitimate rent agreement (if operating from a rented place)
- Should have held an account with SBI for a minimum of 2 years (to show financial strength)
What Is the Repayment Mode?
Loans are that drop-line overdraft facility that is used in that you pay interest only on the amount you utilize. Here are the key features:
- 10% margin money requirement (the amount is based on stock and receivables)
- 40% collateral security is mandatory.
- Interest rates are competitive (these are linked to SBI’s EBLR, which is presently 8.05% + CRP + BSP).
Why This Loan Is a Game-Changer for Small Business
The stringent policies of banks or high-interest rates become a bottleneck for many entrepreneurs to obtain funding for their business. SBI’s Simplified Small Business Loan removes the obstacles by offering:
- Insanely fast approval
- Transparent terms, hidden charges
- Flexible repayment options that lessen financial burden
How to Apply for SBI’s Business Loan?
- Visit your nearest SBI branch or check their official website.
- Submit necessary documents (business proof, financial statements, etc.).
- Complete the application process and pay the ₹7,500 processing fee.
- Get approval and receive funds to grow your business!