SBI’s Simplified Small Business Loan (SSBL) – March 2023
|Interest Rate||As per business requirements and linked with MCLR*|
|Nature of Loan||Dropline Overdraft Facility|
|Loan Amount||Rs. 10 lakh to Rs. 25 lakh**|
|Collateral Security||Minimum of 40% in the form of charge on Building, Land, Cash equivalent like lien/charge on Fixed Deposit, Mutual Fund etc.|
|Margin||10% that will be ensured via stocks and receivable statement|
|Unified Charges||Rs. 7,500 + taxes (Consisting of Processing Fee, and EM, Documentation, Inspection, Commitment and Remittance Charges)|
*SBI 1 year MCLR with effect from 15th March 2023 is 8.50%. Interest rates are updated as on March 2023.
**(Min/Max) 10 times of average monthly balance in the current account in the previous 12 months, subject to a Minimum of Rs. 10 lakh and max. up to Rs. 25 lakh.
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Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs – March 2023
|Axis Bank||14.95% - 19.20% p.a.||Apply Now|
|Bajaj Finserv||9.75% - 30% p.a.||Apply Now|
|Flexiloans||1% per month onwards||Apply Now|
|HDB Financial Services Ltd.||Up to 36% p.a.||Apply Now|
|HDFC Bank||10% - 22.50% p.a.||Apply Now|
|IDFC First Bank||10.50% p.a. onwards||Apply Now|
|Indifi||1.50% per month onwards||Apply Now|
|Kotak Mahindra Bank||16% - 26% p.a.||Apply Now|
|Lendingkart||12% - 27% p.a.||Apply Now|
|Mcapital||2% per month onwards||Apply Now|
|NeoGrowth Finance||19% - 24% p.a.||Apply Now|
|Tata Capital||12% p.a. onwards||Apply Now|
|UGRO Capital||14.90% p.a.||Apply Now|
Note: Business loan interest rates are updated as on March 2023.
Eligibility Criteria for SBI’s SSBL
- Business vintage of at least 3 years in the same area or locality
- Current account holder for at least 2 years with any bank
- Should own the premises or should have a valid rent agreement
- In the case of rented properties, minimum residual period of 3 years
- Monthly average balance in the last 12 months of minimum Rs. 1 lakh (with a monthly threshold balance of Rs. 10,000)
- Applicant shall fulfill Go/No Go Criteria – If any parameter gets No response then shall not be eligible under this loan scheme
- Good credit score and financial history
The applicant may also fulfill the eligibility criteria, as per Go/No Go Criteria as defined by the bank. If any of the parameters get a response as ‘No’, the applicant shall not be considered eligible under this scheme, as well as no deviation to be permitted.
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List of SME Loan Schemes from SBI
Below mentioned is a range of Small and Medium Enterprise (SME) Loans offered by SBI to its customers at affordable interest rates with flexible repayment options:
- Arthiyas Plus
- Asset-Backed Loan
- Asset-Backed Loan Commercial Real Estate
- Corporate Liquid Term Deposit
- e Dealer Finance Scheme
- e Vendor Finance Scheme
- Export Packing Credit
- Finance to Food Processing Industry
- Fleet Finance
- Lease Rental Discounting
- Loans to Business Correspondents
- Loans under Contactless Lending Platform
- Loans under Govt. Schemes (MUDRA Loan (PMMY), Stand Up India, CGTMSE & PMEGP)
- Rinn Suraksha for Micro & Small Enterprises
- SME Car Loan
- SME Credit Card
- SME Gold Loan
- SME Marble Plus
- SME Open Term Loan
- SME Smart Score
- Stand Up India
- Surya Shakti Solar Finance
- Warehouse Receipt Finance
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Q. How can I get in touch with SBI customer care?
Ans. You can call on their Toll-Free Numbers at 1800-1234 / 1800-11-2211 / 1800-425-3800 regarding any query.
Q. How is working capital finance typically structured at SBI?
Ans. Working Capital Loans are offered to meet the daily business requirements of its customers. Working capital loans are structured as a joint contribution of credit features like demand loans, cash credit, bill discounting, and non-funded credit facilities.
Q. How does SBI approve machinery loans and working capital loans?
Ans. SBI’s team of experienced professionals checks the applicant’s profile and business requirements and various eligibility factors before sanctioning any working capital loan.
Q. Can I take a loan from SBI to start my own shop business?
Ans. Yes, you can avail shop loan offered by SBI to start your own business or expand the existing shop.
Q. Can I download the SBI Yono app to open an account and avail business loan from it?
Ans. Yes, from the SBI Yono app you can enjoy instant account opening an account and avail business loan. You can also transfer funds and apply for an overdraft facility from the app.
Q. Am I eligible to avail any loan subsidy under SBI loan schemes?
A. No, there is no subsidy offered by SBI under any loan scheme.