✔️How do I apply for a Bank of India business loan offline?

Here are the steps to follow. Visit the nearest branch Fill in the application form Submit it along with the supporting documents In addition to the above-mentioned steps, you may also ask the bank officials to guide you throughout the process.

Bank of India Business Loan

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Bank of India, which was established on September 7th, 1906, has grown to be one of India's most recognized banks. It offers a variety of financing options, including business loans. Bank of India business loans come with a number of advantages, including affordable interest rates and simple application procedures. The need for company financing has been growing as the country embraces a startup culture. A business loan from Bank of India is one of the finest and most trustworthy ways in order to start a new firm or grow an existing one.

Let's take a closer look at its interest rate, features, and perks to get a better sense of what it has to offer.

Bank of India Business Loan Interest Rate & Charges

Bank of India offers business loans to individuals, sole proprietors, partnership businesses, and limited corporations in order to build or extend their existing operations. Here’s a closer look at the BOI business loan interest rate & other charges.

Interest rate	10.20% onwards
Processing charges	₹500 onwards
Loan amount	Up to ₹5 Crores
Maximum tenure	7 years

**Disclaimer: Interest rates are subject to market conditions and financial institutions’ discretion.

Bank of India Business Loan EMI Calculator

In order to make the process of BOI business loans more transparent, the institution offers an EMI calculator on its website. The main objective of Bank of India’s business loan EMI calculator is to give the details about the precise amount of monthly EMIs that a borrower needs to pay. It allows you to save time by providing you with the result within just a few seconds. Moreover, it eliminates the possibility of errors.

Since it’s a free tool, you can use it anytime and anywhere. With the help of Bank of India’s business loan calculator, you can plan your finances wisely. You are only required to provide details about the principal loan amount, interest rate, and repayment tenure. You can refer to the table below to understand this better.

Loan amount	Interest rate	Repayment tenure (in months)	EMI
₹10 Lakhs	10.20%	60	₹21346
₹10 Lakhs	10.20%	48	₹25459
₹10 Lakhs	10.20%	36	₹32361
₹10 Lakhs	10.20%	24	₹46237

Bank of India Business Loan Documents

Before applying for a Bank of India business loan, you must keep a few documents handy to avoid rejection and to ensure your loan application is processed faster. The following are details about the same.

Identity proof (Aadhaar card, Voter ID card, Driving licence, Passport)
Address proof (Aadhaar card, Ration card, Voter ID card, Driving licence, Utility bills)
Business proof
Borrower/co-borrower and guarantor photographs with signatures certified by their bankers
In the case of firms, the balance sheet and profit and loss statement for the previous two years
In the event of a partnership firm, a partnership letter is required
For limited firms, a copy of the memorandum, articles of association, business commencement, the fully certified certificates of incorporation, and a copy of the board resolution are required
A copy of the registration certificate for any automobiles that the borrowers currently own
A guarantee deed (If applicable)
A letter from the borrower that is legally signed and submitted to the insurance company directing them to pay claims to the bank

Bank of India Business Loan Eligibility

If you are considering applying for a BOI business loan, you must be aware of its eligibility criteria in order to save your time and avoid rejection. Here are the details about the same.

Micro & Small Enterprises (MSME) in rural, semi-urban, urban, and metro areas are eligible to apply for the loan.
Limited companies and proprietorship businesses should have been in operation for at least three years, and they must have audited financial statements.
The company should have generated profits during the previous two years.
The credit rating must satisfy the bank's standardised requirements.

Features and Benefits of Bank of India Business Loan

Flexible Repayment Options

You may pay back the loan in manageable EMI instalments since the bank offers repayment terms of up to 7 years.

Quick Approval

Within a few days, your business loan will be approved. You don't have to wait weeks for your loan to get processed.

Competitive Interest Rate

The Business loan interest rate of the Bank of India is another factor that makes this loan more attractive. It starts at 10.20% which makes it more affordable for people.

Nominal Processing Fees

The bank charges a minimal processing fee which starts at ₹500, making the loan acquiring process inexpensive.

Types of Business Loan Schemes offered by Bank of India

The organisation provides a variety of business financing programs so that new and established businesses may secure financing to develop and grow. Following are the details about the same:

Star Laghu Udyami Samekat Loan

The loan is a hybrid loan provided to small enterprises to meet their capital investment and operating capital needs with a 5-year maximum repayment term. ₹1 Crore is the highest sum that may be sanctioned under this.

Star SME Liquid Plus

It is a term loan granted to a sole proprietorship or partnership business that meets the criteria to be an SME. To be eligible for this loan, businesses must have been in operation for at least three years and have made a profit in the previous two years. Additionally, businesses must have an SBS 5 entry-level credit rating.

Under this, the minimum amount that can be given is ₹5 Lakhs and the maximum is ₹5 Crores.

Star SME Contractor Credit Line

This loan is provided to civil contractors, engineering contractors, mining contractors, transport contractors, etc. to cover their working capital requirements. Established sole proprietorship businesses, partnership businesses, limited corporations, etc. are eligible for this line of credit. The applicant firm must have been operating over the last three years and should have an SBS 5 entry-level credit rating. The lowest and highest amounts that can be awarded under this are ₹5 Lakhs and ₹5 Crores, respectively.

How to Apply for Bank of India Business Loan

You may visit your nearest branch and contact the officials. They will guide you throughout the application process. Furthermore, before visiting the bank, you can go through their website to learn about the solutions available for business loans.

Compare Bank of India with Other Banks/NBFCS

Apart from BOI, there are several banks that offer business loans. Here’s a closer look at their interest rates.

Our Partners	Interest Rate Range	Max Loan Amount/ Tenure	Avail Loan
Bajaj Finance Limited	17% onwards	72 months	Apply Now
Ambit Finvest	20% onwards	36 months	Apply Now
AYE Finance	28% onwards	36 months	Apply Now
FlexiLoans	12% onwards	36 months	Apply Now
IIFL Finance	18% onwards	60 months	Apply Now
InCred	20% onwards	48 months	Apply Now
Indifi	16% onwards	36 months	Apply Now
KreditBee	15% onwards	9 months	Apply Now
Lendingkart Finance Limited	15% onwards	36 months	Apply Now
Protium Finance Limited	1.25% p.m. onwards	72 months	Apply Now

**Disclaimer: Interest rates are subject to market conditions and financial institutions’ discretion.

Factors That Determine Your Business Loan Interest Rate

Several factors affect the Business loan interest rate of Bank of India. Hence, it is advisable to be informed about them so that you can maintain them carefully.

CIBIL Score

Your CIBIL score is the foremost thing that the institution takes into consideration while approving or rejecting your loan application. It is a three-digit number that ranges between 300 to 900. A score above 700 is deemed as good. It also helps in getting a loan at a low-interest rate.

Credit Report

Your financial health is another factor that influences the interest rate of a business loan. To get a fair idea, the bank checks your credit report as it displays your repayment history, credit history, and other financial obligations. This report determines whether you are good at managing your finances or not.

Earnings and Profit

Before determining the interest rate, the bank always looks at the earnings and profit of your company. You may be charged a higher interest rate if your profit is not meeting the criteria of the bank.

Bank of India Customer Care

You can contact the BOI official with the help of details given below:

Toll-free number	1800 220 229 1800 103 1906
Landline number	022 40919191
Email ID	bankofindiaantwerp@skynet.be
Fax number	0032 3231 8387

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