✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now! Apply Now

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. 

Bank of India Business Loan Interest Rate & Charges

Check out the interest rates and charges associated with the Bank of India business loans:

Interest rate

9.35% onwards

Processing charges

  • Up to ₹1 Lakh: NIL

  • >₹1 Lakh to ₹100 Lakhs: 1% of sanction limit

  • >₹100 Lakhs to ₹1,000 Lakhs: 0.50% of sanction limit

  • >₹1,000 Lakhs: 0.35% of sanction limit

  • ₹145 per Lakh or part thereof (https://bankofindia.co.in/credit/foreign-currency-swing-limit)

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.

Bank of India Business Loan EMI Calculator

Loan Amount
Tenure
Months
Rate of Interest
Business Loan
Your Monthly Business Loan EMI
Principal Amount
Total Interest
Total Amount Payable
Amortization Schedule
Download
Year EMI Principal Interest Balance

Features and Benefits of the Bank of India Business Loan

Here are a few attributes and advantages of Bank of India business loans:

Ample Funding

You can apply for high loan amounts of up to ₹15 Crores to cover your business requirements.

Covers Various Expenses

You can utilise the borrowed amount to cover various expenses like renting a workspace, covering payroll, purchasing raw materials, and more.

Flexible Repayment Duration

You enjoy a repayment tenure of up to 15 years and repay the borrowed amount as per your convenience.

Bank of India Business Loan Eligibility

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

Read More

Documents Required

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

Types of Business Loan Schemes Offered 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.

Read More

How to Apply for a Bank of India Business Loan

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. 

DISCLAIMER

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. 

The information including interest rates or fees, loan amount and other charges with regard to any product, provided on this website is gathered through publicly available sources over the internet and is considered as accurate and reliable to the best of our knowledge. BFDL disclaims any responsibility or liability regarding inaccuracies, omissions, mistakes etc. as well as offers by the Non-Partnered Banks or NBFCs. The use of information set out is entirely at the User’s own risk and User should exercise due care prior taking of any decision, on the basis of information mentioned hereinabove. You are advised to visit/ contact the respective Banks/ NBFCs to verify the information before making any application or opening an account. Further, BFDL does not undertake any responsibility or liability to update this information. YOU ARE SOLELY RESPONSIBLE FOR ANY LIABILITY OR DAMAGE YOU INCUR THROUGH ACCESS TO OR USE OF THE SITE OR SUCH INFORMATION OR MATERIALS EXCEPT WHERE THE LAWS AND REGULATIONS OF A PARTICULAR JURISDICTION CONCERNING WARRANTIES CANNOT BE WAIVED. Additionally, display of any trademarks, tradenames, logo and other subject matters of intellectual property owners. Display of such Intellectual Property along with the related product information does not imply BFDL’s partnership with the owner of the Intellectual Property of such products.

Read More

FAQs on the Bank of India Business Loan

Can I get financing for an existing business through the Bank of India?

Yes, you can apply for a business loan for new as well as existing businesses.

Does the Bank of India consider business vintage for business loans?

Yes, the business must be operating for at least 3 years to be eligible to apply for a business loan.

What is the maximum business loan amount that I can get from the Bank of India?

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.

Can I apply for a business loan from Bank of India online?

Yes, the bank allows you to apply for business loans online as well as offline.

Home
active_tab
Loan Offer
active_tab
Download App
active_tab
Credit Score
active_tab