Indian Bank Business Loan

If you are seeking to meet the working capital requirements of your business but running short of funds, you can consider obtaining a business loan. This way, you will be able to fund your business requirements at ease, without exhausting your finances.

In this regard, Indian Bank offers business loans at attractive interest rates. You can utilise an Indian Bank business loan for various purposes, such as business expansion, plant and machinery purchase, paying salaries and much more. Read on to get more details on business loans offered by Indian Bank.

Indian Bank offers business loans at attractive interest rates. This makes the overall cost of borrowing extremely affordable. Go through the table below to know Indian Bank business loan interest rate and charges:

Note that the interest rates mentioned above are subject to changes. Consider having a clear talk with the lender before applying for a loan.

A business loan could be a great tool to finance the urgent capital requirements of a business. However, improper financial planning could lead to loan defaulting, which will lower your credit score. To avoid falling into such a situation, it is advisable to use an EMI calculator. 

This online tool displays instant results pertaining to your Indian bank business loan monthly repayments. By knowing your EMI obligations, you will be able to devise a proper financial plan, which will help you repay your loan faster. 

Moreover, this calculator displays the amortisation schedule, which can help you make informed decisions relating to loan foreclosure or balance transfer.

You can obtain a business loan from Indian Bank with easy eligibility. Find Indian Bank business loan eligibility parameters below:

• Age of the applicant must be at least 25 years at the time of application and 65 years at the time of loan maturity.

• The minimum turnover of the business must be Rs. 60 Lakhs.

• The business loan is provided to self-employed, partnership firms and companies.

Note that it is extremely crucial for you to meet these eligibility parameters, as they form the primary deciding factor for loan application approval. Furthermore, on meeting these criteria and showing a healthy credit score, you may negotiate with the lender for lower interest rates.

Being a state-owned bank, a business loan from Indian Bank comes with various features and benefits. Find about them below:

• Substantial loan amount

The bank offers business loans of up to Rs. 25 Crores, which can be used for various business-related requirements. Consider meeting the eligibility parameters to enhance your loan amount.

• Minimal documentation

With Indian Bank, you can obtain a business loan with minimal documentation. You need to submit a few documents pertaining to personal identification and a few business-related documents on time for quick loan approval.

• Flexible tenure

Indian Bank offers a flexible tenure of 120 months for loan repayment. Consider planning your repayment beforehand with an EMI calculator for a smooth and hassle-free borrowing experience.

• Transparent terms and conditions

The bank offers business loans with transparent terms and conditions, which leaves no room for any hidden charges. However, consider going through the entire terms and conditions of the bank before making a decision.

To meet various requirements of business owners, Indian Bank offers a wide range of business loan solutions. Find the types of Indian Bank business loans below:

1. IB Tradewell, IND SME Secure, IB Micro

Obtain this loan to meet your working capital requirements. You can utilise this loan amount for the acquisition of fixed assets, business place modernisation and more.

2. IND-SME E-VAAHAN

You can obtain this loan to purchase 2-4 wheeler electric vehicles for your business.

3. IB Contractors

The primary aim of this credit is to finance contractors carrying out work orders from various Central/State Government departments. It covers all aspects, including machinery purchase, working capital requirements, and so on.

4. IB My Own Shop

The purpose of this credit is to help individuals purchase new commercial space. It also includes renovation or expansion of the business premises.

5. IB Doctor Plus

This loan looks after the working capital requirements towards setting up a clinic or nursing home. It also finances the purchase of machinery and equipment for the set up.

Before you make a borrowing decision, it is crucial that you conduct a thorough research by comparing the loan offers extended by different lenders on the Bajaj Markets platform. The below table will help you compare the business loans offered by various lenders in the country:

Note that the interest rates mentioned above may change at the discretion of the lender. You must have a clear understanding of the same before applying for a loan.

You can, thus, consider visiting a diversified marketplace like Bajaj Markets for a thorough comparison between different business loan offers. View the terms and conditions of different banks and financial institutions through this platform and make an informed borrowing decision.

As a prospective business loan borrower, you must be well-versed with the various factors that might affect your loan interest rate. Find about them below:

• The creditworthiness of your business

One of the primary factors that lenders consider before approving a loan application is the credit score. Thus, consider maintaining a healthy CIBIL score to obtain financing at lower interest rates.

• Business financials

Your business’ financials are another crucial factor that decides the interest you pay towards your Indian Bank business loan. In this regard, a business with strong financial will receive financing at a lower interest rate and vice versa.

• Loan tenure

The loan tenure you choose is directly proportional to interest amount. In simple terms, longer loan tenure brings in more interest. On the other hand, a longer tenure also reduces the EMI payments drastically.

You can consider reaching out to the bank on 1800 4250 0000 for any online assistance.