State Bank Of Patiala Business Loan
Last Updated : Nov. 14, 2016, 5:37 a.m.
The State Bank Of Patiala provides a business loan to the MSE units to accelerate the business and follow up the proposed business plans hanging due to insufficient funds. The funds can be utilised for various business needs. The loans are available for the maximum amount of Rs.10 crores. The loan is extended for the highest tenure of 15 years and nominal processing fee is charged as per bank's guidelines. The rate of interest ranges from 10.15% p.a. – 16.65% p.a. However, the tenure and rate of interest are not uniform on all schemes provided by the bank. For more information read the article below :
State Bank Of Patiala Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rate | 10.15% p.a. – 16.65% p.a. |
| Loan Amount | Up to Rs. 10,00,00,000 |
| Tenure | Up to 15 years |
| Processing Fee | As per bank norms |
How To Apply
The eligible candidates can apply for the business loan online or by visiting the nearest bank branch. Or can even call on the customer care number to get the detailed information. Once the application has been filled the bank will carry forward the further procedure.
State Bank Of Patiala Business Loan EMI Calculator
The reliable way of calculating the EMI is using the EMI calculator. The EMI calculator is a device that makes the calculation of EMI quick and simple. It helps in computing the value of interest payable on the loan taken. To know the EMI value the user must put in the amount of loan, tenure and the rate of interest in the calculator. The EMI calculator computes the installment amount using the formula mentioned below :
E = P.r. (1 + r) n / (1 + r) n -1
where,
E = EMI
P = the Principal Loan Amount
r = the rate of interest calculated on a monthly basis
n = the tenor/duration of the loan
For Instance, A doctor wants to open up a clinic but due to lack of funds he decides to avail a loan of Rs. 6,00,00,000 which he will pay off during the tenure of 10 years. His computed EMI amount will range from Rs. 7,97,897 – 10,29,517 at the interest rate ranging between 10.15% p.a. – 16.65% p.a.
Table Showing EMI, Total Interest Amount, Total Repayment Amount
| Loan Amount (in Rs.) | Interest Rate (p.a.) | Tenure (in years) | EMI (in Rs.) | Total Interest Amount (in Rs.) | Total Repayment Amount (Principal + Interest) (in Rs.) |
|---|---|---|---|---|---|
| 6,00,00,000 | 10.15% - 16.65% | 1 | 52,79,140 - 54,62,324 | 33,49,680 - 54,62,324 | 6,33,49,680 - 6,55,47,890 |
| 6,00,00,000 | 10.15% - 16.65% | 2 | 27,72,851 - 29,56,455 | 65,48,433 - 1,09,54,927 | 6,65,48,433 - 7,09,54,927 |
| 6,00,00,000 | 10.15% - 16.65% | 3 | 19,40,259 - 21,28,727 | 98,49,340 - 1,66,34,168 | 6,98,49,340 - 7,66,34,168 |
| 6,00,00,000 | 10.15% - 16.65% | 4 | 15,26,081 - 17,20,457 | 1,32,51,881 - 2,25,81,935 | 7,32,51,881 - 8,25,81,935 |
| 6,00,00,000 | 10.15% - 16.65% | 5 | 12,79,256 - 14,79,886 | 1,67,55,334 - 2,87,93,175 | 7,67,55,334 - 8,87,93,175 |
| 6,00,00,000 | 10.15% - 16.65% | 6 | 11,16,094 - 13,23,077 | 2,03,58,780 - 3,52,61,557 | 8,03,58,780 - 9,52,61,557 |
| 6,00,00,000 | 10.15% - 16.65% | 7 | 10,00,727 - 12,14,043 | 2,40,61,108 - 4,19,79,587 | 8,40,61,108 - 10,19,79,587 |
| 6,00,00,000 | 10.15% - 16.65% | 8 | 9,15,219 - 11,34,779 | 2,78,61,025 - 4,89,38,741 | 8,78,61,025 - 10,89,38,741 |
| 6,00,00,000 | 10.15% - 16.65% | 9 | 8,49,602 - 10,75,274 | 3,17,57,063 - 5,61,29,609 | 9,17,57,063 - 11,61,29,609 |
| 6,00,00,000 | 10.15% - 16.65% | 10 | 7,97,897 - 10,29,517 | 3,57,47,592 - 6,35,42,046 | 9,57,47,592 - 12,35,42,046 |
Amortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 25,53,233 - 36,51,535 | 59,23,229 – 98,00,971 | 5,63,48,465 – 5,74,46,767 |
| 2 | 30,12,337 - 40,39,906 | 55,34,858 – 93,41,867 | 5,23,08,559 – 5,44,34,430 |
| 3 | 35,53,990 - 44,69,579 | 51,05,185 – 88,00,214 | 4,78,38,980 – 5,08,80,440 |
| 4 | 41,93,043 - 49,44,954 | 46,29,810 – 81,61,161 | 4,28,94,026 – 4,66,87,397 |
| 5 | 49,47,004 - 54,70,886 | 41,03,878 – 74,07,200 | 3,74,23,140 – 4,17,40,393 |
| 6 | 58,36,537 - 60,52,757 | 35,22,007 – 65,17,667 | 3,13,70,383 – 3,59,03,856 |
| 7 | 66,96,513 – 68,86,019 | 28,78,251 – 54,68,185 | 2,46,73,870 – 2,90,17,837 |
| 8 | 74,08,738 – 81,24,213 | 21,66,026 – 42,29,991 | 1,72,65,132 – 2,08,93,624 |
| 9 | 81,96,712 – 95,85,047 | 13,78,052 – 27,69,157 | 90,68,420 – 1,13,08,577 |
| 10 | 90,75,112 – 1,13,22,666 | 5,06,269 - 10,45,649 | 0 |
Business Loan Schemes, Eligibility, Quantum of Loan and Tenure
| Business Loan Scheme | Eligibility | Quantum of Loan | Tenure | ||
|---|---|---|---|---|---|
| Collateral Free Loans | New and existing Micro and Small Enterprises engaged in Manufacturing and Service sector | Up to Rs. 1 crore | 7 years | ||
| Doctor Plus | Available for qualified medical practitioners belonging to all medical streams viz. Allopathy, Homeopathy, Ayurvedic, Dental & Physiotherapist etc. | Up to Rs. 10 crores | 5 years – 15 years | ||
| SBP Easy Loan | Micro &Small enterprises (both manufacturing as well as services ) including small business, retail traders, professionals/ self employed persons and small road & water transport operators | Up to Rs. 5 crores | 7 years | ||
| Business Correspondent | Business Correspondents (BCs) and Kiosk Operators who have valid agreement with service providers engaged by SBP | From Rs. 25,000 – Rs. 2.50 lacs | - | ||
| SBP Shoppe Scheme | Individuals /firms / partnerships / trusts / franchisees | Up to Rs. 1 crore | 3 years – 7 years |
Documents Required
Following is the list of requisite documents required at the time of loan application:
- PAN Card
- Identity Proof
- Address Proof
- Residence/Office ownership proof
- Business Continuity Proof
- Passport Size Photographs of all applicants and co-applicants
State Bank Of Patiala Business Loan Features
- Hassle free processing
- Quick approval and minimum formalities
- Collateral free loan up to Rs. 1 crore
- Reasonable rate of interest
Factors Affecting Business Loan Eligibility
The eligibility of the applicant is judged on the basis of following factors
- Past Repayment Record
- Credit Performance
- Repayment Capacity of the customer
- Business Vintage
- Financial Ratios
- Existing relationship
State Bank Of Patiala Customer Care
For other inquiries, doubts and grievances give a call on the toll-free number 1800-180-2010. The customer care service is active 24 hours a day and 7 days a week. You can call anytime and talk to the product experts to know about the product.