Multiple banks. Different interest rates. Call it a "conflict of interest".
Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • SBI SME Loans is Rated as "Excellent!" by 469 Users
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    SBI SME Loans

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    State Bank of India (SBI) is a government-owned Indian multinational public sector banking and financial services organisation offering products and services across consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards and many others.

    Being a government-owned bank, SBI naturally offers the very low interest rates on loans of any kind because of a low base rate. State Bank of India has gone in accordance with RBI’s move of reducing the repo rate and thus gets a very low base rate. A lower base rate means lower interest rates, even for schemes meant for small scale industries and entrepreneurs.

    Loans available under State Bank of India (SBI) SME Loans

    As of November 2015, there are a set of 9 specialised loans available for small-scale industries and/or businesses. They are as follows

    SBI Fleet Finance Scheme

    This scheme is aimed at providing financial aid to companies who would be purchasing new vehicles or upgrading old ones for use in their business. The loan is provided only to entrepreneurs who have a fleet of minimum 10 vehicles and have a requirement of a minimum of 10 vehicles. The loan amount can range from INR 50 lakhs to INR 10 crores. One needs to have a minimum of 2 years’ experience in the concerned business and should have a 35% or above score under the approved scoring model. Necessary permits for vehicle operation are also mandatory. The current rate of interest for this loan ranges from Base Rate + 0.50% per annum to Base Rate + 1.75% per annum

    Cluster Specific Package for Auto Ancillary Cluster

    This loan scheme is meant for providing financial aid towards purchase, maintenance or upgrades of automobiles owned by companies falling under the small-scale business category. The applicable interest rate ranges from Base Rate + 1.25% per annum to Base Rate + 3.00% per annum

    Cluster Specific Package for Ceramic Cluster

    This loan scheme is meant for providing financial aid towards purchase, maintenance or upgrades of portions of assets that fall under the ceramic classification owned by companies falling under the small-scale business category. The applicable interest rate ranges from Base Rate + 1.25% per annum to Base Rate + 3.00% per annum

    Construction Equipment Loan

    As per the name of this loan, this financing option allows funding help for construction of facilities by the purchase or rent of equipment that helps in the building process. The applicable rate of interest for this loan ranges from Base Rate + 1.00% per annum to Base Rate + 2.00% per annum

    Nabakalebar Special SME Scheme

    This is a specialised loan for SMEs that is available only in a few regions in the state of Orissa and can be used for a variety of purposes that can come up for small businesses. This loan has a set interest rate of Base Rate + 3.00% per annum

    Asset Backed Loan

    This is a secured loan utilising a predefined asset belonging to the business or the entrepreneur as a security. The loan can be used for any purpose aiding in the growth of the business. The interest rate is fixed at Base Rate + 1.75% per annum

    Asset Backed Loan for Commercial Real Estate

    A variation of the Asset Backed Loan, this loan has higher limits in the loan amount as well as higher interest rate at Base Rate + 2.50% per annum

    Boutique Finance Scheme

    Applicable only for the state for West Bengal, this loan scheme from SBI allows individuals interested in entrepreneurship in the aesthetic sector to avail financing for setting up their own shop catering to clothing and accessories. The interest rate of this loan ranges from Base Rate + 2.25% per annum to Base Rate + 3.65% per annum

    Medical Equipment Finance

    Useful for doctors who are about to set up their own private practice or individuals wishing to set up nursing homes or diagnostic centres in remote locations. The interest rate ranges from Base Rate + 1.25% per annum to Base Rate + 2.50% per annum

    The above schemes from State Bank of India are applicable across India excepting the ones which are explicitly meant for specific states. The base rate of State Bank of India as of November 2015 is 9.30% per annum. Based on the changes to the base rate, the individual rates of dependent loans might vary. SBI might also make changes to the interest rates of the loans as per its discretion.

    SBI SME Loans Reviews

    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI and the loan experience was very good. The process was smooth and i received my loan amount within given time. The loan amount was for Rs 5.70 lakhs with the rate of interest of 14.5% which is fine. Customer service was good they followed up on time. The tenure of this loan is 5 years and i have already completed 3 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 22, 2018
    • SBI Personal Loan
      "Good banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with State bank of India.The loan amount is three lakhs,rate of interest is nominal as compared to other banks.The tenure is got three years.I pay my EMI amount through net banking banking. Further SBI disbursed the loan amount on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 22, 2018
    • SBI Personal Loan
      "Need improvement "
      0.5 1.0/5 "Really Bad"
      State bank of India need to give proper response to the customers who has applied for any kind of product. It is not possible to reach the State bank customer support service and their toll free number. The banking service need to be improved with the SBI.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 16, 2018
    • SBI Personal Loan
      "Better service"
      0.5 5.0/5 "Blown Away!"
      The State bank of India has disbursed my personal loan within 15days of time. They have approved and disbursed the required loan amount. The rate of interest and the charges are very low with the State bank of India personal loan services. The customer support service was good with the SBI.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 15, 2018
    • SBI Personal Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I have my personal loan with SBI for about 1 year.The loan amount was 2 lakhs and The Interest rate was 9-10% which was very high . The customer service and responses was up to the mark. The loan process was good and the processing fee was high . My overall experience was good.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jan 12, 2018
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan from State bank of India around a year ago. I got the loan amount within a 5 days of time. The customer support is prompt with the State bank and they gave me immediate response in regards to my personal loan application. The rate of interest and the charges are nominal with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 10, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken person loan with State bank of India.The loan amount is six lakhs.The rate of interest is nominal as compared to others.I have taken it for ten years.They had taken a minimum processing fees from the loan amount.They had processed the loan after submitting documents.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 09, 2018
    • SBI Personal Loan
      "Better service"
      0.5 4.0/5 "Great!"
      I have my personal loan with SBI. The loan amount was 2 lakhs and the interest rate was 10-11% bit high than other bank in the market.They have provided door step service for collecting documents. My overall experience was good so I would like to recommend to others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 02, 2018
    • SBI Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from State bank of India.The loan amount is six lakhs,rate of interest is very low as compared to other banks.The tenure is for two years.The payment is done through online payments.The loan was processed immediately.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 30, 2017
    • SBI Personal Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      On 2010, I have taken personal loan from SBI bank, documentation was very easy at the time. I got my disbursal amount without any hassle. They have provided part payment and preclosure option. Charges are very nominal with SBI for the personal loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 29, 2017
    • SBI Personal Loan
      "Average service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan based on my credit card with SBI and it was a good loan experience. The loan amount was for Rs 1.5 lakhs with the rate of interest of 0.8% which is very less when compared to other banks. The process was very quick and i received my loan amount within 24 hours. Customer service is good and they followed up correctly. I pay an EMI of close to Rs 13000 and tenure of the loan is 1 year.
      Was this review helpful? 8
      , rajkot
      Reviewed on Dec 28, 2017
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from SBI and it was overall a good loan experience. The loan amount was for Rs 1 lakh with less rate of interest when compared to all other banks. The process was very smooth and i received my loan amount within 1 week. Customer service was good and they provided door step service to collect the documents. The tenure of the loan is 1.5 years and i pay and EMI for Rs 4800 for this loan.
      Was this review helpful? 9
      , bangalore
      Reviewed on Dec 26, 2017
    • SBI Personal Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      The personal service is not up to the mark with the State Bank of India. The customer support is good with state bank but the response need to be improved because they dont give the response on time. The required loan amount has not been approved.
      Was this review helpful? 3
      , vijayawada
      Reviewed on Dec 26, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The banking service is average with the state bank of India. I have got the loan amount within 15days of time. I have got the personal loan around 2 years. The customer support and the response is good with the SBI. They have offered me the required loan amount based on my salary.,
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 26, 2017
    • SBI Personal Loan
      "Process was Long"
      0.5 2.0/5 "Expected more"
      I got a Personal Loan of Rs. 5 Lakhs from them. The whole process almost took 2 weeks to get completed. Their Interest rate was pretty good. I have finished 4 years of the Loan, and until now there has not been any issue at all with them.
      Was this review helpful? 9
      , hyderabad
      Reviewed on Dec 21, 2017
    • SBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      State bank of India has offered me a personal loan around 10 years ago. It is easy to get the loan from the state bank of India and within 4 to 5days of time I have got the loan amount from the state bank of India. The rate of interest and the charges are very average with the state bank of India.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Dec 18, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The customer support was good with the state bank of India. The banking service is good with the State bank of India, they have approved and disbursed the personal loan amount within 7 days time. The rate of interest and the charges are nominal with the state bank of India. I got the requested loan amount.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 18, 2017
    • SBI Personal Loan
      "Average service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with State Bank of India.the loan amount is 2 lakhs,rate if inert is 2.5% high compared to other banks.Processing fees is .5% deducted from my loan amount.I do have part payment option in this bank and no preclosure charges is applicable.
      Was this review helpful? 7
      , chennai
      Reviewed on Dec 12, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan from SBI and it was a good loan experience with this bank. The loan amount was for Rs 1 lakh with the less interest rate when compared to all other banks. No much documents were required as i already have a salary account with this bank. Customer service was good and they followed up correctly.
      Was this review helpful? 5
      , ghaziabad
      Reviewed on Dec 09, 2017
    • SBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The response was not up to the mark with State bank of India in regards to my personal loan application. The State bank of India has rejected my personal loan application saying that my salary haven't met their eligibility criteria. The response part need to be improved with Sbi.
      Was this review helpful? 2
      , chennai
      Reviewed on Dec 07, 2017
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