State Bank of India provides various facilities under SBI Business Loan. SBI is one of the preferred bank for any kind of loan. Government has also launched many facilities for business loans such as Pradhan Mantri Mudra Yojna, SIDBI, CGTMSE Guarantee Scheme. And, in this post, you will get details of two different SBI Business Loan. For details, please read through.
Asset Backed SBI Business Loan:
SBI provides Hassle free business loan against mortgage of property.
This loan is specially for the Business Units which are engaged in the Trading, Manufacturing and Services.
And, this Loan is for all business purpose such as working capital requirement, purchasing of fixed assets, capacity expansion, modernization, technology up-gradation, R&D, shoring of NWC or any other short term requirement.
Furthermore, Quantum of Finance is upto Rs 20 crores. And, repayment tenor is upto 180 months i.e. upto 15 years.
Interest Rate: For Interest rate, please contact any branch of State Bank of India.
Furthermore, here are the Special Features of SBI Business Loan Backed by Assets:
- You may get Loan upto 60% of the value of property.
- Also, this loan is available as overdraft facility.
- In addition, SME Insta Deposit Card and SBI Business Debit Card free of cost with this loan.
- Also, you get Free Cash pick up facility**
**T & C Apply as per Bank. And, contact bank for details.
Another scheme of SBI Business loan for Self Finance Group:
SBI Fleet Finance Scheme:
Target Group for this loan are Transport operators owning fleet of commercial vehicles like Trucks, Trailers, Tankers and buses etc.
First of all, purpose of this Loan is to finance new four-wheeler like trucks/ tankers/ trailers/ tippers/ luxury buses and car etc. Also, finance for fully built vehicles, chassis, body building, Road Tax, Registration and Insurance.
This is a Term Loan and the Quantum of Finance is Upto Loan amount is Rs 10.00 Cr.
Most of all, the margin is Low.
Eligibility Criteria are:
- Existing Fleet Operators such as Goods or Passenger; those who have experience of 5 years or more in the same line.
- Fleet operator having existing fleet of minimum 10 vehicles.
- SRTOs will not be eligible.
- Requirement of minimum 10 new vehicles or minimum loan amount Rs.50 Lakhs.
- Transport operators holding national/ state route permit and other necessary permits/license/approval.
- Satisfactory track record with existing banks/FIs.
- Income Tax Assesses (personal & Business).
- Eligibility is linked to the scores obtained under scoring model.
Interest Rate: For latest rate of interest, please contact SBI Branch.
Repayment period is upto maximum 66 months that is upto 5.5 years.
Special Features :
- Loan facility is valid for 6 months from the date of sanction.
- Especially relevant is that nil collateral security option is also available.