sbi cash credit interest rate
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When it comes to availing a line of credit for your business, one of the most popular options is a cash credit facility. This facility allows you to borrow money against a credit limit that is fixed by your bank. And when it comes to cash credit facilities, one of the most trusted names in the banking industry is State Bank of India (SBI).
SBI cash credit facility is available for small, medium and large businesses, traders, manufacturers, and service providers. Apart from being easy to apply for, the interest rates on SBI cash credit are also competitive, making it an excellent choice for businesses looking for flexible working capital solutions. In this article, we’ll take a comprehensive look at SBI cash credit interest rates.
SBI’s cash credit facility allows you to borrow money against a predetermined credit limit. The credit line is assessed based on your business requirements, cash flows, and the overall creditworthiness of your business. The amount borrowed under the cash credit facility is repayable on demand, and the interest rate is charged only on the amount you borrow. You can use the cash credit limit to operate your business by withdrawing money as and when required.
The interest rate for SBI cash credit is dynamic and subject to change depending on various factors such as the market conditions and the credit profile of the borrower. New borrowers are required to pay a higher rate of interest as compared to existing borrowers who have a consistent repayment track record. The interest rate for SBI cash credit is linked to the bank’s MCLR (Marginal Cost of Funds based Lending Rate) and is reviewed and reset periodically.
The interest rates on SBI cash credit depend on various factors, including:
The current interest rates on SBI cash credit start at 7.25%, but the final rate charged to the borrower can vary depending on the borrower's profile and creditworthiness. SBI also offers an interest rate concession for women entrepreneurs and MSME (Micro, Small, and Medium Enterprises) borrowers. The concession offered is usually in the range of 0.25% to 0.50%. Additionally, SBI charges a processing fee of 0.50% up to a limit of ?10,000.
Here’s how you can apply for an SBI cash credit facility.
SBI cash credit facility is a flexible and convenient working capital solution for businesses of all sizes. The interest rates for the cash credit facility are linked to SBI’s MCLR and vary depending on various factors. By understanding the current interest rates and factors that can affect them, borrowers can make an informed decision about availing the cash credit facility.
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| Loan Amount | $1,000 | $2,000 | $5,000 | $10,000 |
|---|---|---|---|---|
| Interest Rate | 24% | 19% | 13% | 8% |
| Loan Term | 12 Months | 24 Months | 48 Months | 60 Months |
| Fee | 3% | 5% | 8% | 10% |
| Fee Cost | $30 | $100 | $400 | $1,000 |
| Repayment | $94.56 | $100.82 | $131.67 | $202.28 |
| APR | 29.82% | 24.12% | 18.23% | 9.20% |
| Total Payments | $1,134.72 | $2,419.68 | $6,320.12 | $12,136.80 |
| Total Costs | $164.72 | $519.68 | $1,720.12 | $3,136.80 |
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