State Bank of India (SBI) offers a vast array of loans to cater to the financial needs of the Small and Micro Enterprises (SME) sector. Individuals who are engaged in income-generating activities in the manufacturing, trading, and services sectors can avail loans ranging between Rs.5 lakh and Rs.500 crore. The interest rates charged on these loans range between
|Name of the Scheme||Nature of the Loan||Loan Amount||Processing Fee||Interest Rate|
|SME eBiz Loan||Cash credit||Rs.50 lakh to Rs.5 crore||0.35% plus taxes to 1.00% of loan sanctioned||8.25% to 16.95%|
|Simplified Small Business Loan||Dropline overdraft facility||Rs.10 lakh to Rs.25 lakh||Rs.7,500 (unified charges)||8.25% to 16.95%|
|Stand Up India||Composite loan (Term loan and working capital facilities)||Rs.10 lakh to Rs.1 crore||0.20% of loan amount plus GST||8.25% to 16.95%|
|SME Smart Score||Term Loan/ Cash Credit||Rs.5 lakh to Rs.50 lakh||As per bank’s latest instruction||8.25% to 16.95%|
|SME Credit Card||Term Loan/ Cash Credit||Up to Rs.10 lakh||As applicable to SBF/SSI units||8.25% to 16.95%|
|Doctor Plus||Term Loan||Rs.10 lakh to Rs.5 crore||50% concession on card rates||10.25% to 10.75%|
|Medical Equipment Finance||Term Loan||Rs.10 lakh to Rs.20 crore||50% concession on card rates||8.25% to 16.95%|
|E Dealer Finance Scheme||Cash Credit||Need based||Rs.10,000 to Rs.30,000||8.25% to 16.95%|
|E Vendor Finance Scheme||Cash Credit||Need based||Rs.10,000 to Rs.50,000||8.25% to 16.95%|
|ABL and ABL CRE||Dropline Overdraft||Rs.10 lakh to Rs.20 crore||1% of the limits||8.25% to 16.95%|
|Fleet Finance||Term Loan||Rs.50 lakh to Rs.10 crore||1% of the limit||8.25% to 16.95%|
|Pradhan Mantri Mudra Yojana||Working Capital and Term Loan||Up to Rs.10 lakh||Up to 0.50% of loan amount plus taxes||8.25% to 16.95%|
|Export Packing Credit||Working Capital||Need based||As applicable to working limit/credit facility limits||8.25% to 16.95%|
|Lease Rental Discounting||Term Loan||Rs.10 lakh to Rs.500 crore||As per extant instructions||8.25% to 16.95%|
|Warehouse Receipt Finance||Cash Credit Facility||Need based||Nil to Rs.3 lakh||8.25% to 16.95%|
You can apply for this type of loan by visiting the official website of SBI and under the small business loan section click on ‘Apply Now’. You will have to fill the form and submit the required documents in order to get your loan application approved. You can also apply for the loan offline by visiting the nearest SBI branch.
No, you cannot apply for this loan. Your business should exist no lesser than 5 years in order for you to be eligible for this loan.
You can log in to the SBI net banking portal where under ‘loan’s you can check the status of your loan by entering the application number. You can also get in touch with a customer care executive if you wish to know the status of your loan.
Yes, a minimum collateral of 40% might be required. However, you must get in touch with the bank for further information on this.
Yes, you can apply for this loan if you wish to improve your business and you meet the eligibility criteria.
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