SBI Business Loans ✓ Get Details on Documents ✓ Interest Rates ✓ EMI ✓ Processing Charges on SBI Business loans Online. Updated on 27 Aug 2016
SBI Advantage on Business Loans:
- Low interest rates. Further, SBI will charge interest on a daily reducing balance!
- Low processing charges; only 2%-3% of loan amount
- No hidden costs or administrative charges.
- No security required ……which means minimal documentation…something that you had always wanted.
- No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan (1% of the loan amount will be charged if you repay the loan before 6 months)
- Long repayment period of up to 48 months.
The loan will be granted for any legitimate purpose whatsoever (e.g. expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability, such as marriage of son/daughter, defraying educational expenses of wards, meeting margins for purchase of assets etc.)
You are eligible if you are a Salaried individual, self employed engineer, doctor, architect, chartered accountant, or a MBA with minimum 2 years experience.
Your personal loan limit would be determined by your income and repayment capacity.
- Rs.24,000/- is offered in metros and urban centres.
- Rs.10,000/- in rural/semi-urban centres
Maximum : 12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lacs in all centres
Important documents to be furnished while opening a Personal Loan Account:
- For existing bank customers(only) Passport size photograph
The loan is repayable in 48 EMI. You are allowed to pay more than the EMI if you wish to, without attracting any prepayment penalty.
Security – NIL
Processing charges are 2-3% of the loan amount. This is amongst the lowest fees in the industry. Processing fees have to be paid upfront. There are no hidden costs or other administrative charges.
Source: State Bank of India Official Website