Indian Bank Business Loan: Interest Rate, Eligibility, Processing & Customer Care

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Indian Bank Business Loan

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.

Indian Bank Business Loan Features & Types

There are many SME schemes under Indian Bank Business loan

  • IB My Own Shop: Loan amount is Rs. 50 Lakh with a repayment time of 120 months and the security availed by bank is the equal collateral on the corporate property is acquired with some personal collateral too.

  • IB Doctor Plus: Loan amount provided here is Rs. 1 lakh without any boundaries with again the reimbursement time to be 120 months. The collateral is decided as per the loan amount if the loan amount is till Rs. 10 Lakh.

  • IB Contractors: The loan amount starts from Rs. 10 Lakh till Rs. 5 Crore with 84 months of reimbursement of amount and security for bank on collateral with worth not less than 200%.

  • IB Tradewell: The loan amount for this loan is Rs. 0.10 Crore till Rs. 5 Crore with 60 months of reimbursement amount. The security that the bank needs here is divided in two categories, primary security and collateral security.

  • IND SME Secure:  Loan amount for this loan starts from Rs. 10.00 Lakh with 120 months of time period for reimbursement. The collateral here being the stocks and debts books is used for the profits.

  • IB Micro: 20 Lakh is the amount provided under this loan with repayment period to be of 60 months. The collateral/security is collected by the bank, as per the loan amount.

  • IND SME Mortgage: For new lenders the amount is Rs. 10 Lakh and for existing lender Rs. 1 Lakh, with repayment tenure of 120 months. It takes the security from lender of fixed property in the name of the lender. Processing charge is 1.18% of the loan amount.

Compare other bank business loan interest rate

Banks interest Rate
HDFC Bank Business Loan                                     15.65%                       
Yes Bank Business Loan 16.25%
RBL Bank Business Loan 16.25%
CITI Bank Business Loan 12% to 18% 
India Bank Business Loan 8.30%

Indian Bank Business Loan Interest rate, Fee and charges  

Lowest interest rate 11.05%
Processing charge 0.5%, Min Rs. 508
Loan Tenure 12-36 months
Loan amount Min. Rs 50,000 to max. Rs 5 lakh
Part Prepayment charge NIL
Preclosure charges NIL

Indian Bank Business loan Eligibility Criteria 

  • Following people eligible for HDFC Bank Business Growth loan

    • Self-employed individuals

    • Proprietors

    • Private Ltd. Co.

    • Partnership Firms

  • The business should have a at least turnover of Rs. 40 lakhs

  • With 5 years total business experience Individuals who have been in the current business for a minimum of 3 years.

  • Those whose business has been good track record for the previous 2 years

  • The business should have a ITR of Rs. 1.5 lakhs per annum

  • At the time of applying for the loan the borrower should be at least 21 years, and should be no older than 65 years at the time of loan maturity

Required Documents for Indian Bank Business loan

TYPE

ID Proof Address proof Income proof
Salaried Aadhar card, pan card, passport, voter id Electricity bill, registry, rental agreement, voter id, Aadhar card Last 6 month bank statement, salary slip last 3 month
Self-employed Aadhar card, pan card, passport, voter id Electricity bill, registry, rental agreement, voter id, Aadhar card Last 6 month bank statement, Form 16, Latest ITR along with Balance Sheet
Partnership Firms/private limited companies Aadhar card, pan card, passport, voter id Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills,

Sales Tax or VAT Certificate,

Shop & Establishment Act Certificate

       

How to apply for Indian Bank Business Loans

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

  • Visit to Branch

  • 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

Last Updated on : 18/Jun/2020

Know More How To Apply ??

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% - 18%
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