Business Loan from SBI
Are you looking to start a new business? But don’t have money in your hand? Thinking about What to do? Dont worry, now you can go to the SBI bank and apply for a business loan in very short period of time. In this article we are providing detailed information about SBI Loans under Standup India from 10 lakhs to 1 crore. Most of the banks providing this type of facility to their customers. The Country’s largest bank is State bank of India(SBI), there is no exception to this.
To the eligible people State Bank of India (SBI) offers various business loans. Standup India Loan is one of these. Under this SBI Standup India Loan, the eligible people will get a loan amount of Rs. 10 Lakhs – 1 Crore. This loan can be availed for their working capital facilities. The bank is offering these loans to the people who belongs to SC, ST and Women. Under the manufacturing, services or trading sector, these loans can be availed for setting up the greenfield projects. The interest rate that announced by the bank is attractive. The lending rate is linked to MCLR.
Without any mortgage these type of loans can be obtained. For Standup India Scheme, these loans are covered under the Credit Guarantee Scheme. The loan has to be repaid within Seven Years. Eighteen Months is the moratorium period. The processing fee is 0.2% of loan amount. GST will be charged. You can also apply to this loan through online mode. Click on Standup India Loan and apply.
Details of the loan
The loan offered is 85% of your project cost.
Interest rate: Base rate + (MCLR) + 3% + Tenor Premium.
Loan Amount: Minimum Rs.10 Lakhs and Maximum upto Rs. 1 crore
Repayment Tenure: Upto seven years. Including a period of 18 months moratorium.
By the way of Cash Credit limit, the Working capital limit above Rs. 10 lakh is to be sanctioned.
Under Standup India, activities allied to the agriculture are also eligible to apply for this loans.
Steps to register with Stand Up India Scheme
Step 1: First visit the Stand-up India official website ‘https://www.standupmitra.in/Login/Register’
Step 2: Fill in registration form by entering your business location includes business address, state, district, village, town, city and pincode.
Step 3: Select the category of promoter, whether belongs to women category and holds a 51% of stake or higher and the same applicable to SC/ST category.
Step 4: Next applicant should have to select thr nature of business planned, desired loan amount, nature and description of the business activity. Now select the status space for business and select the dropdown of first time entrepreneurs.
Step 5: Needs to enter his/her past business experience and nature of business.
Step 6: As per the need and interest, tick the desired hand holding support.
Step 7: Last and final step of the registration is regarding to applicant’s personal information names, name of enterprise, user name, mobile number, email, and type of constitution.
Step 8: Now registered applicants will be able to apply for Stand-up India Scheme with respective financial institution and for further formalities their officials will contact them.
Download Loan application form for Stand Up India Scheme by visiting standupmitra.in
Required Documents
- The dully filled application form with the passport size photographs.
- Identity Proof: passport, voter ID card, driving license, PAN card etc.
- Residence proof: Latest electrcity and telephone bills, property tax receipt, passport, Voter ID card, etc.
- Business address proof
- Copies of lease deeds or rent agreement
- Partnership deed of partners
- Last 3 year’s balance sheet of association
- Assets and liabilities statement of promoters and guarantors
- Any other document that required by bank