Indian Bank Business Loan

Indian Bank offers business loans customised as per the enterprises’ size and sector for their fixed and working capital requirements. These also include specialised credit for micro and small, as well as new entities. The quantum of these loans ranges from ₹10,000 to ₹150 Crores.

Read more to learn about Indian Bank business loans, their features, eligibility requirements, and so on.

The following table presents interest rates and charges applicable to business loans from Indian Bank:

Here are some of the basic eligibility requirements:

• Several Indian Bank loan options require the applicant to be over 18 years old up to 65 years (at loan maturity)

• The applicant can be a self-employed individual

• Registered partnership firms, sole proprietorship firms, limited companies, and MSMEs can apply for these loans

• Some Indian Bank business loans also require the business to be running for the last 3 years

• Certain loan facilities require GST and Udyam Registration Certificate

When applying for a business loan, you need to furnish certain documents along with the duly filled application form. Here’s the list:

• Proof of identity

• Proof of residence

• Business address proof

• Proof of business’ existence and continuity

• Business financials

• Sales tax and Income Tax Returns (ITR) records

Here are some of the business loan schemes that Indian Bank offers in two categories:

MSME

These are some of the MSME business loans available with the Indian Bank:

• IB Tradewell: Traders with an experience of a year or more can avail of these loans of up to ₹5 Crores

• IND SME Secure: This product includes term loan and overdraft facilities for acquiring a commercial asset or business expansion

• IND GST Advantage: With this product, MSMEs can avail of loans provided that they have GST registration

• IND Micro: This lending option caters to priority sector micro enterprises with amount of up to ₹20 Lakhs for a maximum of 5 years

• IND SME Secure: This product includes term loan and overdraft facilities for acquiring a commercial asset or business expansion

• IND GST Advantage: With this product, MSMEs can avail of loans provided that they have GST registration

• IND Micro: This lending option caters to priority sector micro enterprises with amount of up to ₹20 Lakhs for a maximum of 5 years

Corporate

Here is a list of lending products under the ‘Corporate’ segment:

• Open Term Loan: It caters to the high rated borrowers or corporates to meet their small, mid, and long-term needs

• Corporate Loan: Get up to ₹1 Crore and more for a period extending up to 5 years

• Corporate Credit: This credit facility helps mid and large businesses to meet their capital requirements between ₹25 Crores to ₹150 Crores and more

• Working Capital: The bank also extends overdraft, open cash credit, and letters of credit facilities to businesses for their working capital requirements

To apply for an Indian Bank business loan, follow these simple steps:

• Visit the official Indian Bank website and navigate to the products section
• Under the ‘Loan Products’ option, choose between ‘MSME’ and ‘Corporate categories of loans 
• Choose between different loan facilities and click on the preferred one
• Hit the ‘Apply Now’ button to begin your application process
• Fill in your relevant documents, attach the required documents, and click on ‘Submit’ 

To contact customer care services for your business loan-related query, you can check the ‘Contact Us’ page on the Indian Bank website. Moreover, you can call 1800-425-0000 to reach the Indian Bank customer service centre. 

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