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:

**Disclaimer: The above rates and terms may vary as per the loan type and at the bank’s discretion.

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:

• 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 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 Laghu Udyami

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

•  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.

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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