Bank of India Business Loan

Whether you run a small business or a growing enterprise, Bank of India’s business loan offers features designed to support your expansion plans. Here are the key highlights of the Bank of India business loan to consider before applying.

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

Let us compare the interest rates of different banks and NBFCs with the Bank of India business loan rate of interest:

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

Here are the various kinds of BOI business loan schemes offered:

Bank of India Business Loan for New Business

• Star SME Education Plus

With this scheme, the funds can be used for constructing and renovating educational buildings, like schools and colleges. You can also use these funds to purchase furniture, computers, etc.

• Star Channel Credit

Star Channel Credit is best suited for suppliers, vendors, dealers, distributors, and firms. They can get funds under this scheme at competitive interest rates.

• Star Startup Scheme

Startups can access funds with this scheme. They can use the loan amount for development, innovation, commercialisation of their products and services, and more.

Bank of India Business Loan for Existing Business

• Star MSME GST Plus

The Star MSME GST Plus scheme helps in meeting the working capital requirements of businesses involved in trading, services, and manufacturing. The scheme offers fund-based or non-fund-based working capital.

• Star Laghu Udyami

Star Laghu Udyami targets micro and small enterprises that need working capital to cover their business expenses.

You need to meet the following eligibility criteria when applying for a Bank of India business loan:

• All MSME entities, whether individuals (proprietors) or organisations (partnerships, private limited companies, etc.), are eligible to apply.

• A valid UDYAM Registration Certificate is mandatory.

Here are the Bank of India business loan documents that you need to submit to get a business loan:

• Completed loan application form

• Proof of identity: Aadhaar Card, Voter ID, Passport, Driving Licence, PAN Card, or signature verification from the existing banker of the proprietor, partner, or director (in case of a company)

• Proof of residence: Aadhaar Card, recent telephone bill, electricity bill, property tax receipt, Passport, or Voter ID of the proprietor, partner, or director (for companies)

• Proof of business address

• Certificate of registration, incorporation, or establishment, as applicable

• Memorandum and Articles of Association for companies or Partnership Deed for partnership firms

• Assets and liabilities statement of promoters and guarantors, along with the latest income tax returns

Additional documents based on business activity include:

• MSME/SSI registration or Udyam/Udyam Assist Number, as applicable

• Projected balance sheets for the next two years in case of working capital limits, or for the loan tenure in case of term loans

• The last three years' balance sheets of the firm or company, if available

• Copies of lease deeds or title deeds of properties offered as primary or collateral security

• Certificate of Incorporation from the Registrar of Companies, including CIN and DIN numbers of directors, where applicable

• Bank account details, including outstanding loan or limit information, if applicable

• GST Number and statements, if applicable

• Legal Entity Identifier (LEI), if applicable

Additional licences, permissions, or regulatory documents may be required depending on the nature of the business. These may include manufacturing, trading, export-import, IT, or services.

You can apply for a Bank of India business loan online as well as offline. Here are the steps you need to follow to apply online:

• Step 1: Visit the official website of the Bank of India

• Step 2: Click on ‘Business’ from the main tab and choose the suitable scheme

• Step 3: Go to the scheme page and click on ‘Apply Now’

• Step 4: Click on 'Apply Online' and fill in the required information 

Once you submit the details, the bank officials will contact you regarding the next steps. You can also visit the nearest branch of the Bank of India to apply offline. 

The information and suggestions provided by BFDL hereinabove is related to the Non-Partnered Banks/ NBFCs and is just for the purpose of information and under no circumstances the information provided hereinabove is intended to be source of advice or recommending any financial advice or endorsement of any sort. 

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