Indian Bank has taken over Allahabad Bank lately. The bank offers various MSME loans and corporate loans for its customers. The loans can be used to meet the customers’ working capital needs and extend their business with new equipment, workspace, and fixed assets.

Indian Bank is a state-owned banking and financial entity. The bank provides business loans at an interest rate of 8.75% onwards. Any Individual desiring to start a business or wanting to expand their business needs funds. Entrepreneurs and individuals take loans at a previously agreed rate of interest and time for expansion, buying plant & machinery, purchasing raw materials, paying salaries, hiring and training new staff, etc through business loans. The Indian bank’s eligibility criteria are wide to accommodate as many applicants as possible. 

About the business loans offered by the Indian Bank:
Loan Types OfferedIB 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 AmountRs.1 lakh up to Rs.10 crore (No limit on specific schemes)
Loan TenureUp 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 Documents Required for Business Loan Application?
To avail of a 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
  • 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 loan 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 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 the bank on collateral with worth not less than 200%
  • Tradewell: The loan amount for this loan is Rs. 0.10 Crore till 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 to be 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.