Business interest from bank

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 January 2015 can you say how to bank calculate interest what is percentage and my in the company limit is 14000000.please give me solution and in my bank statement interest rate is 16% and bank name is SBI.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

04 January 2015 Your 16% rate is on the higher side. Please see the rate of SBI for business loan.

Traders Easy Loan scheme is launched by SBI to provide hassle free loan to Traders. Any businessman/ entrepreneur/ professional and self employed person can avail this loan. Loan under the scheme can be availed to meet normal business requirements and is sanctioned against equitable mortgage of property.

Loan Feature

Loan Amount Upto Rs 5 crore
Interest Rate 12.50-13.00%
Tenure Maximum 5 years
Pre Payment Charges Not provided
Service Charges
Processing charges:
1% of the loan amount
�
Eligibility Criteria : Business Loan

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

05 January 2015 Interest rate vary from bank to bank and client to client i.e. based on risk profile i.e. it is better to review the agreement with bank for such loans or credit limit.

Upgrade to CAclubindia Pro. Subscribe Now!

Querist : Anonymous

Querist : Anonymous (Querist)

05 January 2015 i will ask just what is rules to bank calculate the interest give me one example please ....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

05 January 2015 Banks calculate interest on daily outstanding balance.