Are you aware that over 60 percent of small businesses in India experience problems in terms of funding? Acquiring fast capital can be a major problem to startups and MSMEs. That is where the Indian Bank Business Loan can be useful.
The Indian bank business loan provides you with quick and easy capital to begin or expand your business. It is easily accessible with low interest rates and minimum paper work and is an excellent choice by the entrepreneurs who require immediate assistance.
This blog will teach you about the Indian Bank Business Loan, its functionality, eligibility and how it can make your business successful.
What is an Indian Bank Business Loan?
The Indian Bank business loan is a financial service that is aimed at assisting startups, small-scale businesses and large companies to fulfill their business requirements. Indian Bank has diversified its services and today, it provides a wide range of MSME loans and corporate loans after a merger with Allahabad Bank. The loans may be applied in various tasks such as acquiring new equipment, office expansion, raw material purchase, or daily operations.
The Indian Bank business loan interest rate begins at 8.75 and above and therefore it is affordable to many entrepreneurs. Indian Bank has various loan products that will fit your needs whether you are new to business or you intend to expand.
Some of the most popular ones are:
- The Indian Bank MSME loan eligibility is not rigid and thus most of the businesses and individuals can apply.
- Indian Bank GST loan scheme is meant to cover companies that file GST returns regularly and it makes the loan process easier.
- The Indian Bank mudra loan is ideal to small businesses and start-ups that require smaller finances without huge collaterals.
- Indian Bank PMEGP loan is an assistance to new business people through the Prime Minister Employment Generation Programme.
With these options, Indian Bank ensures that businesses of all sizes can find financial support easily. Whether you need funds for equipment, staff, or working capital, the Indian Bank Business Loan can help you achieve your business goals.
help you achieve your business goals.
What are the Business Loans Offered by the Indian Bank?
| Loan Types Offered | IB Tradewell IND SME Secure IB Micro IND-SME e-Vaahan IB Contractors IB My Own Shop IND SME Mortgage IB Doctor Plus IND MSME Vehicle IB Standby WC Facility (WCDL) for MSMEs IND-SME Ease IND-Surya Shakti Restructuring of MSME Exposure |
| Loan Amount | Rs.1 lakh up to Rs.10 crore (No limit on specific schemes) |
| Loan Tenure | Up to 120 months |
| Interest Rate
General MSME Loans (Rs.50 lakh up to Rs.5 crore) General MSME Loans (Rs.5 crore and above) |
Based on the repo rate current 4.40%
9.45% – 13.90% 8.75% – 13.60% |
What are the Indian Bank MSME Loan Eligibility Criteria?
In case you intend to avail an Indian Bank Business Loan especially the MSME category, it is good to know about the eligibility. The Indian Bank has maintained its MSME loan eligibility as easy as possible to accommodate more small businesses and entrepreneurs.
Eligibility criteria of basic Indian Bank MSME Loan are:
- Business Type: Micro, Small and Medium Enterprises (MSMEs) engaged in manufacturing, trading or services.
- Age Limit: The applicant must be 18 years or more.
- Business Vintage: The business must have a steady track record of operation (at least 1 year generally) and in some schemes such as Indian Bank PMEGP Loan or Indian Bank Mudra Loan, even a new business can apply.
- Income & Financials: The applicants must possess a normal turnover or income. In the case of schemes such as the Indian Bank GST Loan Scheme, filing of GST has to be done regularly.
- Credit Score: CIBIL score is better with a good score to be easily approved.
- Documentation: They are required to have proper business documents, ID proofs, address proofs, and financial statements.
The eligibility criteria are not very stringent in Indian Banks and it provides a variety of schemes that can help various types of businesses, which can help MSMEs to get finances easily.
What are the Documents Required for Indian Bank Business Loan Application?
To avail of this Indian bank business loan facility, some of the documents are as follows:
- Duly filled application form
- Passport-sized photographs
- PAN Card, Aadhaar Card, Voter’s ID, etc.
- Identity, Age, Income, and Residential Proofs
- The firm’s Address, establishment, and vintage proof
- Balance Sheet of last 3 years
- Last years’ IT Returns
- Any additional document required by the bank
What are the Features of Business Loan schemes under Indian Bank?
Some features of business loans that hold are as follows:
- IB My Own Shop: The loan amount is Rs. 50 Lakh with a repayment time of 120 months. The security availed by the bank is the equal collateral on the corporate property is acquired with some personal collateral too
- IB Doctor Plus: The loan amount provided here is Rs. 1 lakh without any limits. The collateral is decided as per the loan amount if the loan amount is Rs. 10 Lakh
- IB Contractors: The loan amount starts from Rs. 10 Lakh till Rs. 5 Crore with 84 months of reimbursement of the amount and security for the bank on collateral worth not less than 200%
- Tradewell: The loan amount for this loan is Rs. 0.10 Crore to Rs. 5 Crore with 60 months of reimbursement amount.
- IND SME Secure: The loan amount for this loan starts from Rs. 10.00 Lakh with 120 months of the period for reimbursement.
- IB Micro: 20 Lakh is the amount provided under this loan with a repayment period of 60 months.
- IND SME Mortgage: Rs. 10 Lakh and for the existing lender Rs. 1 Lakh, with a repayment tenure of 120 months. It takes the security from a lender of fixed property in the name of the lender.
How Finline can Help you to Create Project Report for Indian Bank Business Loan?
Indian Bank Business Loan is a fantastic option to raise money to start or expand your business. Are you in need of money to run your daily activities, acquire machines or even increase the size of your work area? Indian Bank has easy loan facilities with affordable interest rates.
However, in order to secure a business loan, then a clear and sound project report is required. That is where Finline comes in.
Finline is a financial Canva for documents. It allows you to design a comprehensive business plan and financial report within ten minutes online. You are free to do it in your own language and all banks, including Indian Bank accept Finline reports. Create Your Project Report for Bank Loan Now!