Bank of India Business Loan
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.
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.
You need to meet the following eligibility criteria when applying for a Bank of India business loan:
Business must be operating for at least 3 years
Business must be earning profit for the last 2 years
Business must possess a GSTIN
The entry-level credit rating must be SBS 5
Star MSME GST Plus: Business must be engaged in trading or manufacturing activities
Star MSME Education Plus: Approval from educational institutions with audited financial for 3 years and profit-making record of 2 consecutive years
Star Laghu Udyami: All micro and small enterprises are eligible to apply
Star Channel Credit: Sponsor Corporate, who is an existing customer or Corporates with an external rating of A, can apply
Star Start Up: All entities matching the startup criteria set by the bank can apply
Pradhan Mantri Mudra Yojana: Any individual can apply, including women, proprietors, partnership firms and private companies
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
Here are the various types of business loan schemes that Bank of India offers:
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.
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 Laghu Udyami targets micro and small enterprises that need working capital to cover their business expenses.
Star Channel Credit is best suited for suppliers, vendors, dealers, distributors, and firms. They can get funds under this scheme at competitive interest rates.
Startups can access funds with this scheme. They can use the loan amount for development, innovation, commercialisation of their products and services, and more.
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.
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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 offers the option to apply for business loans both online and offline. Having a strong CIBIL score can enhance your eligibility.