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 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 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
- 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.
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