Sbi Startup Loan (Complete Guide)
SBI startup loan is a scheme that is available for larger-scale corporations as well as small-scale businesses. The bank offers a wide range of loans for commercial purposes, ranging from secured and unsecured loans for business, with interest rates roughly around 11.2% p.a. For tenures up to 15 years. At the same time, SBI also provides loans through government schemes such as PMEGP, Mudra Loan, and stand-up India.
Whatever your credit requirements are for a specific business, the SBI has a service catering to them. According to your business type and need, you can apply for loan schemes ranging up to Rs. 500 crores. With SBI, customers get longer monetary assistance compared to others; at the same time, the detailed application process helps you find a particular loan for your unique requirements.
SBI Business loan benefits
The important factors and benefits are as listed below:
Diversity Array of Loans: With a wide selection range of Business loans to meet various kinds of customers and their specific needs. The loans offered by SBI for business purposes range from as low as an amount of Rs. 10000 to as high as Rs. 500 Crores, depending upon the business’s profile and the client’s requirements.
Low-Interest rate: The interest rate of SBI business loans is very low for customers. SBI business loans use the Marginal cost of funds based on the Lending rate MCLR to decide the interest rates.
Loans without Collateral: Eligible MSMEs can avail of loans with no collateral with SBI schemes for business loans. SBI offers loans without needing collateral with EMI options up to Rs. 1 crore.
Easy Application process: The application process to avail of such loans is very time efficient and simple to follow. One can finish the entire process without any hustle in a few minutes.
Flexible repayment tenure: The SBI provides a lot of flexibility for the repayment tenure of business loans starting from a year for working capital to 15 years in the case of monetary loans.
Business loans for women: Women can avail benefits of SBI loans for businesses. Women-owned businesses with more than 50 percent of company ownership can be benefitted from a special loan category under Stree Shakti Yojana, with benefits like 0.05% interest rate reduction for loans between Rs. 2 lac to 50 lacs.
SBI e-Mudra Loan
Under PM Mudra yojana, SBI offers several SME loans. Existing SBI account holders can apply for loans online. Loan applications online submission can be done for loans amounting to up to Rs. 50,000 on the SBI e-Mudra portal.
The documents should be scanned properly in JPEG, PNG, or PDF formats, and their size should not exceed 2 MB each.
GST registration certificate
Shop and establishment certificate
Any other documents regarding business registration
Online application process
- Visit e-Mudra portal.
- Click on the apply now button showing on the home page.
- After going through the instructions, move to the next page, and click OK.
- Fill in the required details needed for the required loan and Proceed.
- Fill in the required details in the online application form, and access the required data in the drop-down menu wherever necessary.
- Upload required digital copies of documents.
- Fill in your Aadhar details.
- Once filling in the OTP received on the linked mobile number, the application gets completed.
SBI business loan eligibility
It is available to any Indian citizenship holder owning a business and has a sufficient income source for the ability to repay the loan.
SBI business loans are available to businesses that come under the SME categories. Usually, businesses engaged with trade, manufacturing, and self-employed run business.
People with five years of business experience and who are already running their current business for at least three years are eligible applicants for the SBI loans for business.
Applicants must be at least 21 years old. The company should have an annual turnover of at least Rs. 40 lacs.
PM mudra Loan specifications
|Loan Amount||Tenure||Interest Rate||Fees for processing|
|Shishu: up to Rs. 50000Kishor: from Rs. 50000 to Rs. 5 LacTarun: From Rs. 5 lac to 10 lac||3 to 5 years up to the loan 6 months of moratorium can be offered||According to MCLR||Nil for Shishu and Kishor, for Tarun 0.05% plus tax|
Stand up India Scheme
Under this scheme, each bank branch provides at least one scheduled tribe, one scheduled caste loan, and one woman borrower. Under this scheme, one can avail of a loan ranging between Rs. 10 lac to Rs. 1 Crore.
Can I get a startup loan from SBI without collateral?
Yes, a few loans offered by SBI bank do not require any collateral bond. However, you would be required to show your income and ITR details while filing for the loan as a security to show that you can repay the loan.
Can I apply for MUDRA without ITR?
No, unfortunately. Any loan application under the Mudra scheme is incomplete without GST registration and ITR details under the business name.
What is the minimum amount of a loan can one get with SBI bank?
The minimum amount of loan that SBI Bank offers is Rs. 50,000.
Can I get a loan from SBI to start my shop?
Yes, of course. Terms loans from SBI for shops and offices with up to Rs. 20 lac. The interest rates are varied and based on the base rate decided by the bank. Under such a scheme, applicants can avail of a loan with a maximum of 7 years of tenure.
How can I calculate SBI business loan EMI?
One can calculate SBI business loan EMI with the help of the following formula:
Where P= loan amount, R= interest rate, n= the repayment period
SBI business loans are quick and easy to apply. With added schemes from the government under Mudra and SME, categories applicants have a different range of loans to apply for according to their specific needs and eligibility. The application process is very easy to follow, and it can be done online with the required documents for most loans.
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