SBI Simplified Small Business Loan: If you want to expand your small business, then State Bank of India (SBI) can help you in funding it. A loan of up to Rs 25 lakh can be taken under SBI’s Simplified Small Business Loan scheme. This loan can be taken for business related to manufacturing or service activity. Let’s know other details of this loan…
Loan Details:
- Loan Amount: Minimum of Rs 10 lakh and a maximum of Rs 25 lakh.
- Collateral Security: Required collateral is 40% of the loan amount.
Interest Rates and Repayment:
- Interest Rates: Starting from 11.05%, linked to the External Benchmark Based Lending Rate (EBLR).
- Repayment Period: Up to 60 months (5 years).
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SBI Simplified Small Business Loan processing fee
- A processing fee of Rs 7,500 covers all related charges (processing, EM, documentation, verification, commitment, and remittance).
SBI Simplified Small Business Loan Eligibility Criteria:
The applicant must have been running their business for at least 5 years at the loan location.
If the business premises are rented, a rent agreement with the owner is
necessary.
A current account must be maintained for at least two years, with an average monthly balance of Rs 1 lakh for the last 12 months.
