Business Loans from State Bank of India

Can you tell me in details about the Business Loans facility offered by State Bank of India as I want to apply for a loan from the Bank to start up my new Business?

[Kiran Chandar]

Traders Easy Loan scheme is begin by SBI to provide annoy free loan to Traders. Any businessman/ entrepreneur/ professional and self employed person can avail it. Loan under the scheme can be availed to meet normal business requirements and is sanctioned against equitable mortgage of property.

SBI Advantage on Business Loans:

Low interest rates

Low processing charges; only 2%-3% of loan amount

No hidden costs or administrative charges.

Minimum security required

No prepayment penalties.

Long repayment period of up to 48 months

Loan Feature

Loan Amount Upto Rs 5 crore

Interest Rate 12.50-13.00%

Tenure Maximum 5 years

Pre Payment Charges Not provided

Service Charges
Processing charges:
1% of the loan amount

Eligibility Criteria: Business Loan

Self
Age Age criteria not provided

Income Income criteria not provided

Job Experience Job experience not provided

Residence Proof Residence proof not provided

Docs Required: Business Loan

Self
ID Proof PAN card/voters ID/ passport/driving license
Address Proof Recent telephone bill/electricity bill/property tax receipt/passport/voters ID

DOB Proof 10th class certificate

Financial Docs
Bank Statements (latest 6 months bank statement /passbook)
Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA

Qualification proof of the highest professional degree

Other Charges: Business Loan
N/A