What is the interest rate of SBI business loan?
What is the interest rate of SBI business loan?
The banking giant offers a wide range of commercial loans, including secured and unsecured business loans, with interest rates starting at 11.20% p.a. and a maximum term of 15 years. SBI also offers loans through government programs such as the PMEGP, Mudra Loan, and Stand-up-India.
What are the loans available in State Bank of India?
Among the loans are personal loans, home loans, auto loans, education loans, loans against property and loans against gold ornaments. SBI Loans: Banks are the financial institutions that provide their customers with various range of facilities.
How much business loan can I get India?
Up to a maximum of Rs. 30 lakh can be availed as loan. The loan repayment period ranges between 12 months and 60 months. The lender charges a competitive rate of interest.
What is the eligibility for business loan?
Those whose business has been profit making for the previous 2 years. The business should have a Minimal Annual Income (ITR) of Rs. 1.5 lakhs per annum. The applicant should be at least 21 years at the time of applying for the loan, and should be no older than 65 years at the time of loan maturity.
Who is eligible for business loan?
What is the eligibility to get MSME loan?
If a business owner wants to secure an MSME loan, they must meet the eligibility criteria laid out by the lenders, namely: Applicants must be between 25-55 years of age. Applicants’ business vintage must be more than 3 years. They should have filed Income Tax Returns for the business for one year at least.
Which bank is best for MSME loan?
The following are the interest rates offered on MSME loans by the top lenders.
| Bank Name | Interest Rate |
|---|---|
| Oriental Bank of Commerce MSME Loan | From 10.70% per annum |
| PNB MSME Loan | At the discretion of the bank |
| State Bank of India MSME Loan | 7.65 percent per annum onwards |
| Syndicate Bank MSME Loan | At the discretion of the bank |