With varying plans and schemes, SBI Business loans are offering immense assistance to entrepreneurs in the expansion and growth of their businesses.
SBI Business loans are among the most preferred options as these loans process is transparent, cost-efficient and tailor-made to cater to the needs of various businesses.
SBI Business loans are highly diversified and customized loans catering to the requirements of micro, small, medium, and large enterprises. In addition to that SBI also provides mid-corporate loans above fifty crores and going up to 500 crores.
SBI business loans are available for all types of business needs like working capital finance, corporate finance, project finance, etc.
SBI Business loans are also offered under various government schemes like the Mudra scheme, Stand Up India, Pradhan Mantri Employment Guarantee program.
Advantages of SBI Business Loans
Types of SBI Business Loans
Business loans under the contactless lending platform
Such Business loans are offered for working capital requirements and the acquisition of fixed assets.
Asset-backed loans
Asset-backed loans are offered for modernization, capacity expansion, short-term working capital, etc.
Export Packing credit
Export packing credit is offered for the purchase of raw materials, packing, transportation, etc., the goods meant for export.
E Dealer finance scheme
Under this loan scheme, a hassle-free loan is provided to authorized dealers for the purchase of inventory.
E Vendor Finance scheme
Under this scheme, instant credit is provided to vendors electronically. It is entirely a web-based solution with the minimum branch intervention.
In addition to that, some other SBI Business loans are available such as
Lease rental discounting
PM Mudra Yojna
SME Smart Score
SME Credit Card
Simplified small business loan
Whether you are running a small business or the large-scale business, mostly additional funds are required for the growth or smooth functioning of the business. The startup also requires adequate funding for the expansion of business. In such a scenario, the company takes a business loan to manage financial assistance for their business.
Business loan
A business loan is a debt intended for business purposes only and the company is obligated to repay the loan amount with interest within a specified time according to the terms and conditions of the loan provider.
You can avail of secured and unsecured business loans. In secured business loans, the money lending company takes the property as security against the loan and has legal rights to recover the loan amount by the sale of the collateral if the businessman doesn’t pay back the due amount. While the unsecured business loans can be availed without any collaterals.
Types of Business loan
Businesses have many types of business loan options in the market to meet the different requirements of the business such as
Working capital loan
Startup loan
Term of loan
Loan for machinery
Letter of credit
Microlending
Loans under government schemes Like MUDRA, PMEGP, Startup India, etc.
Equipment Finance
Overdraft
Interest Rate On Business Loan
In India, the business loan rate is varying between 3% to 7%. The interest rate also depends on your company’s credit rating. If your company credit score is high, you will get a business loan at a lower rate of interest. Interest rate also varies across different banks and other money lending companies.
Generally, interest rates are determined based on the business profile, past track record of the company, financials of the company, tenure and required loan amount.
Best business loan providing Institutions
Axis Bank
Bajaj Finserv
Capital First
HDFC Bank
ICICI Bank
INDUSIND Bank
Yes Bank
Businesses that take loans at a high interest rate should pay back at the earliest to avoid exorbitant interest amounts. Always compare the loan options and interest rates before taking the loan. High-interest loans should only be taken to cater short term financing needs.
Click to Know More: SBI Loan Against Property
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