How to Get Business Loan from SBI @ 9.10% Interest Rate

Securing small business loans is a crucial step for entrepreneurs. The State Bank of India (SBI) is one of India’s largest and most trusted banks, offering a range of business loan products to cater to different business needs. You can borrow up to 25 lakh from SBI. Here is a step-by-step guide on how to get a business loan from SBI.

SBI Business Loan Quick Recap

Loan Amount	Up To Rs. 25 Lakh
Interest Rate	9.10% to 11.65% p.a.
Tenure	Maximum 15 years
Eligible	Self Employed
Processing Charge	1% of the loan amount

Types of Business Loans Offered by SBI

SBI offers a variety of business loans to meet different needs. Some of the popular business loan schemes include below:

• SME Loans: For small and medium enterprises to support working capital and expansion.
• SBI ABL (Saral): Get a 10 lakh to 5 Crores loan for manufacturer and services activities business.
• SBI Asset-Backed Loan: Secured loans against property or other assets.
• SBI Simplified Small Business Loan: For small businesses requiring quick financial assistance.
• SBI Shaurya Maan: Borrow an overdraft loan from 1 lakh to 5 Crores for a registered defense canteen.
• Stand-Up India Loan: Specifically for SC/ST and women entrepreneurs.

Eligibility Criteria for SBI Business Loan

Before applying, ensure that you meet SBI’s eligibility requirements. Required below criteria:

• Business vintage of at least 3 years.
• Good credit history score (usually 700 and above).
• Your minimum age is 21 to 65 years.
• Minimum annual turnover 1.5 lakh per annum.
• Proper business documentation (licenses, GST registration, etc.).

Required Documents for SBI Business Loan

SBI does not pacify the documents list for business loans. But the below documents are required for loan approval. 

• Identity Proof: (Aadhaar, PAN card, Passport).
• Address Proof: (Utility bills, rental agreement).
• Business Proof: (GST certificate, business registration).
• Financial Statements: (Balance sheet, profit and loss statement for the last 2 years).
• Bank Statements: 12 months required.

Compare Top Lenders for Business Loan

Banks / NBFCs	Interest Rate	Loan Amount	Repay Term
Faircent	14% p.a. to 21% p.a.	Rs.50,000 to Rs.10 lakh	12 months to 36 months	Apply Now
InCred	18% p.a. to 28% p.a.	Rs.30,000 to Rs.7.5 lakh	12 months to 48 months	Apply Now
IIFL	11.25% p.a. to 33.75% p.a.	Rs.50,000 to Rs.30 lakh	12 months to 60 months	Apply Now
Chola Finance	14% p.a. to 21% p.a.	Rs.30,000 to Rs.20 lakh	12 months to 60 months	Apply Now
Poonawalla  Fincorp	15% p.a. to 28% p.a.	Up to Rs.50 lakh	Up to 3 years	Apply Now
FT Cash	12% p.a. to 22% p.a.	Up to Rs.50 lakh	Up to 3 years	Apply Now
NeoGrowth	19% p.a. to 24% p.a.	Up to Rs.75 lakh	Up to 7 years	Apply Now
FlexiLoans	12% p.a. onwards	Up to Rs.1 crore	1 year to 5 years	Apply Now
LendingKart	12% p.a. to 28% p.a.	Up to Rs.1 crore	12 months to 36 months	Apply Now
Ashv Finance	18% p.a. to 21% p.a.	Up to Rs.40 lakh	12 months to 36 months	Apply Now
Aditya Birla	14% p.a. onward	Up to Rs.15 lakh	12 months to 36 months	Apply Now
Tata Capital	16.50% to 19% p.a.	Up to Rs.75 lakh	12 months to 36 months	Apply Now

Apply for an SBI Business Loan

You can apply for an SBI business loan through the following methods:

Online Application

1. Go to the SBI official website.
2. Click on the “Business” tab.
3. Under SME, directly click on the “Simplified Small Business Loan” tab.
4. Now click on Apply Now
5. Fill out the application form & other details.
6. Click on the Submit button.
7. SBI bank representative will contact you for further process.

Also Read: 10 Reasons to Consider Collateral-free Business Loan

Offline Application

1. Visit your nearest SBI branch.
2. Directly speak with a loan officer or branch manager.
3. Fill out the application form carefully.
4. Submit your application form with the necessary documents.