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INDIAN BANK BUSINESS LOAN:

About Indian Bank Business Loan :

Indian Bank established on 15 August 1907 and their headquarters in Chennai, India. Indian Bank provides attractive interest rates on car loans starting from 8.30 percent onwards. This  business loan is offered for both salaried and self employed professionals. The maximum tenure of indian bank business loan is 120 months. It is the most preferred bank by all kinds of people for any financial service regarding business. The interest rate of Indian bank business loans starts from 8.30% onwards. 

Many people will have the vision of starting their own business or if one already has a business to expand it and build it into something better. Any Individual wanting to start a business or wanting to expand their business needs funds to do so. This is where entrepreneurs and individuals take loans at a previously agreed rate of interest and time. Be it MNCs everyone will have need of funds at one point of time or another. Lenders like Indian Bank provide Business loans just for that purpose.

Schemes under Indian Bank Business Loan :

There are many schemes under Indian Bank Business loan

SCHEME

LOAN AMOUNT

TENURE

IB My Own Shop

Rs.50 Lakh

120 months

IB Doctor Plus

Rs.1 Lakh to Rs.10 Lakh

120 months

IB Contractors

Rs.10 Lakh to Rs.5 Crore

84 months

IB Tradewell

Rs.0.10 Crore to Rs.5 Crore

60 months

IND SME Secure

 

Rs.10.00 Lakh 

120 months

IB Micro

Rs.20 Lakh

60 months

IND SME Mortgage

For new lender Rs.10 Lakh 

For existing lender Rs.1 Lakh

120 months

Fee and charges of Indian bank Business Loan :

TYPE

CHARGES

Processing charge

1% to 3% of the loan amount

Loan Tenure

12-120 months

Loan amount

Maximum Rs 25 crore

Part Prepayment charge

Nil

Preclosure charges

Nil

Documents required for Indian Bank Business Loan :

The following documents are required along with your business loan application.

  1. ID Proof : Aadhaar card, passport, voters id, PAN Card, Driving license

  2. Address Proof : Electricity bill, Phone bills, Passport

  3. Income Proof : Bank statement of the last 6 months

  4. Latest ITR along with computation of income, balance sheet and profit and loss account of last 2 years, after being CA certified/audited.

  5. Proof of continuation (ITR/ Trade license/Establishment/ Sales Tax Certificate)

  6. Other mandatory documents : Certified copy of partnership deed, certified true copy of Memorandum & Articles of Association (Certified by Director or Board resolution)

Eligibility criteria for Indian Bank Business Loan :

ELIGIBLE

Self employed individuals, proprietors, private ltd company, partnership firms

AGE

21 years to 65 years

LOAN AMOUNT

Maximum loan amount Rs.25 crores

Compare other bank business loan interest rate :

BANKS 

INTEREST RATE

HDFC Bank Business Loan

15.65% to 21.20%

Yes Bank Business Loan

16.25% to 19.99%

Citi Bank Business Loan

12% to 16%

RBL Bank Business Loan

10.65% to 16.25%

Indian Bank Business Loan

8.30%

Other products of Indian Bank :

  1. Indian Bank Car Loan 

  2. Indian Bank Education Loan 

  3. Indian Bank Home Loan 

  4. Indian Bank Bharat Credit Card

How to apply for Indian Bank Business Loan :

There are 2 options by which one can apply for a business loan.

  • Offline : Visit to Branch of Indian bank

  • Online :

    • In online method go to Indian Bank website

    • Now go to “Products” section

    • In product section go to “Loan Product” and click on “MSME”

    • After that, choose your plan according to your needs

  • Fill the application form and submit it with attaching all mandatory documents

  • Bank associate will let you know in few minutes that you are eligible or not for the loan

  • After getting approval visit to Indian bank branch for further proceedings

Financial products offered by bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN

LOAN AGAINST PROPERTIES

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

How to calculate EMI of Indian Bank Business loan :

The mathematical formula for calculating EMIs is :

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

where 

P stands for the loan amount or principal,

R is the interest rate per month  

N is the number of monthly instalments.

How to contact with Indian bank Business loan :

  1. By customer care number : 1800 4250 0000

  2. By customer care email id :  customercomplaints@indianbank.co.in

Indian Bank Business Loan Frequently asked Questions :

1. What is the maximum tenure period of indian bank business loan?

The maximum tenure period of Indian bank business loans is 120 months.

2. How much interest rate is charged by Indian Bank business loans?

The interest rate charged by Indian Bank business loan starts from 8.30% p.a.

3. How to apply for Indian Bank business loan?

For Indian bank business loans we can apply online or offline both.

4. What is the processing fee charged by Indian Bank business loan?

The processing fee charged by Indian bank business loans is 1% to 3% of the loan amount.

5. What is the IFSC Code of Indian Bank business loan of India?

The IFSC Code of IndianBank business loan of India is IDIB000A001

Last Updated on : 30/Jul/2020

Know More About

Indian Bank Business Loan

You're eligible for a Indian Bank Business Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Business Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Indian Bank Business Loan Interest Rates

Updated on 25 Nov 2017

Indian Bank Business Loan Details
Interest Rate (Monthly reducing balance) 8.3% - 0%
Processing Fees 1% to 3% of the loan amount
Loan Tenure 1 year to 10 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Business Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959