State Bank of India offers SBI SME Loan to meet your all business needs. An SBI SME Loan can be secured or unsecured. SBI SME Loan is for small and medium business enterprises. In SBI SME Loan you can avail loan from Rs. 5 lacs to Rs. 500 cr. SBI SME Loan Interest rate depends on your SBI SME Loan Eligibility. After you have done SBI SME Loan Online Apply you can do track SBI SME Loan Status online. Even you don’t need many documents, SBI SME Loan documents requirement is not so much.
SBI SME Loan will help you to full fill all your dreams, new generation entrepreneurs must know about these schemes before they start their business. You can easily fill up the SBI SME Loan Application Form and do SBI SME Loan Online Apply. To know about your SBI SME Loan Status you also can track it with your reference number and application number. SBI SME Loan Interest Rate will be decided as per your SBI SME Loan Eligibility, and on that case, CIBIL Score takes an important part on it. Here take a look at different types of SBI SME Loan.
SBI SME Loan in a quick look
|SBI SME Loan Scheme Name||Loan’s Nature||Amount of the loan||Processing Fee||SBI SME Loan Interest Rates|
|Simplified Small Business Loan||Dropline overdraft facility||Rs.10 lakh to Rs.25 lakh||Rs.7,500 (unified charges)||8.25% to 16.95%|
|SME eBiz Loan||Cash credit||Rs.50 lakh to Rs.5 crore||0.35% plus taxes to 1.00% of loan sanctioned||8.25% to 16.95%|
|SME Smart Score||Term Loan/ Cash Credit||Rs.5 lakh to Rs.50 lakh||As per bank’s latest instruction||8.25% to 16.95%|
|Stand Up India||Composite loan (Term loan and working capital facilities)||Rs.10 lakh to Rs.1 crore||0.20% of loan amount plus GST||8.25% to 16.95%|
|Doctor Plus||Term Loan||Rs.10 lakh to Rs.5 crore||50% concession on card rates||10.25% to 10.75%|
|SME Credit Card||Term Loan/ Cash Credit||Up to Rs.10 lakh||As applicable to SBF/SSI units||8.25% to 16.95%|
|E Vendor Finance Scheme||Cash Credit||Need based||Rs.10,000 to Rs.50,000||8.25% to 16.95%|
|Medical Equipment Finance||Term Loan||Rs.10 lakh to Rs.20 crore||50% concession on card rates||8.25% to 16.95%|
|E Dealer Finance Scheme||Cash Credit||Need based||Rs.10,000 to Rs.30,000||8.25% to 16.95%|
|Pradhan Mantri Mudra Yojana||Working Capital and Term Loan||Up to Rs.10 lakh||Up to 0.50% of loan amount plus taxes||8.25% to 16.95%|
|Export Packing Credit||Working Capital||Need based||As applicable to working limit/credit facility limits||8.25% to 16.95%|
|ABL and ABL CRE||Dropline Overdraft||Rs.10 lakh to Rs.20 crore||1% of the limits||8.25% to 16.95%|
|Fleet Finance||Term Loan||Rs.50 lakh to Rs.10 crore||1% of the limit||8.25% to 16.95%|
|Lease Rental Discounting||Term Loan||Rs.10 lakh to Rs.500 crore||As per extant instructions||8.25% to 16.95%|
|Warehouse Receipt Finance||Cash Credit Facility||Need based||Nil to Rs.3 lakh||8.25% to 16.95%|
Benefits and Features of SBI SME Loan
- You can borrow from a minimum of Rs. 5 lacs to Rs. 500cr.
- The repayment option is flexible.
- You only can use this money for your business-related purpose.
- The repayment time of a business loan from 6 months to 60 months.
- The SBI SME Loan documentation is minimal and if you do SBI SME Loan apply online it is paperless too.
- There are so many options in loan amount and tenure based on your company size for you to choose.
- The interest rate is very low
- You can have co-applicant to get your loan easily.
SBI SME Loan Documents required
- GST returns of the last 12 months.
- List of owners/ shareholders
- ITR documents for the last three years.
- KYC documents for the business and the business owner.
- Business bank statements for the last six months.
- Loans or overdraft sanction letters (if any).
SBI SME Loan Eligibility Criteria
- Self-employed individuals, proprietors, partnership firms, private limited companies engaged in the business of trading, manufacturing, and services
- Age group will be 21 years to 65 years.
- At least minimal annual income of Rs. 1.5 lacs.
- Minimum turnover of the business is Rs. 40 lacs.
- Profit should have been making for at least two years.
- At least five years of business experience.