Indian Bank Business Loan
Indian Bank recently took over Allahabad Bank. The bank provides a variety of MSME and corporate loans to its customers. Customers can use the loans to cover their working capital requirements and expand their businesses with new equipment, workspace, and fixed assets.
Indian Bank is a state-owned bank and financial institution. The bank offers business loans with interest rates starting at 8.75%. Anyone who wants to start a business or expand their existing one requires funding. Entrepreneurs and people use business loans to borrow money at a predetermined interest rate and period for expansion, plant and machinery purchases, raw material purchases, salary payments, hiring and training new employees, and other purposes. The Indian bank’s eligibility standards are broad to accept as many applicants as possible.
The Indian Bank offers the following business loans :
| 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 Documents Are Required for Business Loan Applications?
To obtain a business loan, the following documents are required :
- Duly filled application form
- Passport-size pictures
- PAN card, Aadhaar card, voter ID, etc.
- Identity, age, income, and proof of residence
- The firm’s address, location, and vintage proof
- Balance Sheet over the last three years
- Last year’s IT Returns
- Any further documents required by the bank.
What are the features of Indian Bank’s business loan schemes?
Some characteristics of business loans that hold are as follows :
- IB My Own Shop: The loan amount is Rs. 50 lakh, with a repayment period of 120 months. The bank’s security is equal collateral on the corporate property, which is obtained with some personal collateral.
- IB Doctor Plus: The loan amount offered here is Rs. 1 lakh, with no boundaries. If the loan amount is Rs. 10 lakh, the collateral is selected accordingly.
- IB contractors: The loan amount ranges from Rs. 10 lakh to Rs. 5 crore, with 84 months of repayment and security for the bank on collateral value not less than 200%.