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 |
|
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 |
|
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 |
The following documents are required along with your business loan application.
ID Proof : Aadhaar card, passport, voters id, PAN Card, Driving license
Address Proof : Electricity bill, Phone bills, Passport
Income Proof : Bank statement of the last 6 months
Latest ITR along with computation of income, balance sheet and profit and loss account of last 2 years, after being CA certified/audited.
Proof of continuation (ITR/ Trade license/Establishment/ Sales Tax Certificate)
Other mandatory documents : Certified copy of partnership deed, certified true copy of Memorandum & Articles of Association (Certified by Director or Board resolution)
|
ELIGIBLE |
Self employed individuals, proprietors, private ltd company, partnership firms |
|
AGE |
21 years to 65 years |
|
LOAN AMOUNT |
Maximum loan amount Rs.25 crores |
|
BANKS |
INTEREST RATE |
|
15.65% to 21.20% |
|
|
16.25% to 19.99% |
|
|
12% to 16% |
|
|
10.65% to 16.25% |
|
|
8.30% |
Other products of Indian Bank :
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 :
|
|
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 :
By customer care number : 1800 4250 0000
By customer care email id : [email protected]
The maximum tenure period of Indian bank business loans is 120 months.
The interest rate charged by Indian Bank business loan starts from 8.30% p.a.
For Indian bank business loans we can apply online or offline both.
The processing fee charged by Indian bank business loans is 1% to 3% of the loan amount.
The IFSC Code of IndianBank business loan of India is IDIB000A001
Last Updated on : 30/Jul/2020Know More About
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
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