Apply for Bank of India Business Loan | Lowest Interest Rate
Bank of India offers various business loan schemes that can help you finance the day-to-day business operations to ensure everything runs smoothly. You can use the funds to purchase or update machinery, cover payroll, pay office rent and utility bills, purchase raw materials, and more.
Check out the interest rates and charges associated with the Bank of India business loans:
Interest rate |
9.35% onwards |
Processing charges |
|
Loan amount |
Up to ₹15 Crores |
Maximum tenure |
15 years |
**Disclaimer: The above rates and terms may vary as per the loan type and at the bank’s discretion.
Here are a few attributes and advantages of Bank of India business loans:
You can apply for high loan amounts of up to ₹15 Crores to cover your business requirements.
You can utilise the borrowed amount to cover various expenses like renting a workspace, covering payroll, purchasing raw materials, and more.
You enjoy a repayment tenure of up to 15 years and repay the borrowed amount as per your convenience.
Here are the documents that you need to submit to get a Bank of India business loan:
Goods and Services Tax Network (GSTN) registration proof
Income Tax Returns filed in XML file
Bank account statements for the last 6 months in a PDF file
Personal, educational, and ownership details of owners and directors of the business
A letter from owners and directors of the business
Any other proofs and documents, as requested by Bank of India
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 Bank of India to apply offline.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
Yes, you can apply for a business loan for new as well as existing businesses.
Yes, the business must be operating for at least 3 years to be eligible to apply for a business loan.
The maximum business loan amount that you can apply for is ₹15 Crores. However, this also depends on the type of loan and your credit profile.
Yes, the bank allows you to apply for business loans online as well as offline.