Compare & Choose from the Best Business Loan Offers 
Please Note: Indian Bank is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
Indian Bank is a state-owned banking and financial entity that specialised in providing business loans at an interest rate of 8.75% onwards. Business loans offered by Indian bank can be used for business expansion, buying plant & machinery, purchasing raw materials, for paying salaries, hiring and training new staff, etc.
Indian Bank – Types, Features, Interest Rates & Eligibility Criteria – 2021
The following table describes the interest rate, eligibility criteria, fees and charges of the respective loans.
| Type of Loan | Interest Rate (2021) | Eligibility Criteria |
| IB My Own Shop | 10.55%-14.75% | Proof existence in the same field since last three years The age of the borrower is not to be more than 50 years Remaining time for the shop or commercial place cannot be lesser than the original time of the reimbursement time of two years. (Loan Amount up to Rs. 50 lakh) |
| IB Doctor Plus | 9.95%-14.25% | Min. loan amount Rs. 1 lakh and max. is with no ceiling |
| IB Contractors | 9.75%-14.75% | Loan Amount – Min. Rs. 10 lakh & Max. Rs. 5 crore |
| Trade Well | 9.65%-14.75% | Loan Amount – Min. Rs. 10 lakh & Max. Rs. 5 crore |
| IND SME Secure | 9.75%-14.25% | Loan Amount – Min. Rs. 10 lakh & Max. is with no ceiling |
| IB Micro | 8.75%-10.75% | Max. loan amount up to Rs. 20 lakh |
| IND SME Mortgage | 9.85%-11.25% | New customer Rs. 10 lakh and more Existing customer Rs. 1 lakh and max. loan amount Rs. 5 crore |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges. Effective 3 Aug 2021, bank’s 1 year MCLR rate is 7.35%.
Check and Compare – Business Loan Interest Rate of Top Banks
Apply for Business Loan @ 14.99% onwards per annum Apply Now
Documents Required for Loan Application
In order to avail any loan facility one needs to provide certain documents for approval of loan. Some of the documents are as follows:
- Duly filled application form along with passport-sized photographs
- PAN Card, Aadhaar Card, Voter’s ID, etc.
- Identity, Age, Income and Residential Proofs
- Firm’s Address, establishment and vintage proof
- Balance Sheet of last 3 years
- Last years’ IT Returns
- Any additional document required by the bank
Calculate how much EMI/monthly instalment you will have to pay for your business loan: Click here
Features of Loan schemes under Indian Bank
Some features that these loans hold are as follows:
- IB My Own Shop: Loan amount is Rs. 50 Lakh with repayment time of 120 months and the security availed by bank is the equal collateral on the corporate property is acquired with some personal collateral too
- IB Doctor Plus: Loan amount provided here is Rs. 1 lakh without any boundaries with again the reimbursement time to be 120 months. The collateral is decided as per the loan amount if the loan amount is till Rs. 10 Lakh
- IB Contractors: The loan amount starts from Rs. 10 Lakh till Rs. 5 Crore with 84 months of reimbursement of amount and security for bank on collateral with worth not less than 200%
- Tradewell: The loan amount for this loan is Rs. 0.10 Crore till Rs. 5 Crore with 60 months of reimbursement amount. The security that the bank needs here is divided in two categories, primary security and collateral security
- IND SME Secure: Loan amount for this loan starts from Rs. 10.00 Lakh with 120 months of time period for reimbursement. The collateral here being the stocks and debts books is used for the profits
- IB Micro: 20 Lakh is the amount provided under this loan with repayment period to be of 60 months. The collateral/security is collected by the bank, as per the loan amount
- IND SME Mortgage: For new lender the amount is Rs. 10 Lakh and for existing lender Rs. 1 Lakh, with repayment tenure of 120 months. It takes the security from lender of fixed property in the name of the lender. Processing charge is 1.18% of the loan amount
Also Read: How to get a loan to start a business from the government
Apply for SME/MSME Loan at attractive Interest Rates Apply Now
Frequently Asked Questions
Ques. What is the general interest rate for the business loan?
Ans. A general start of the business loan is 8.75% going up till 14.55% as per the sector of the organisation.
Ques. Why are business loans required?
Ans. Business loans are required to fulfil various needs of an organisation like salary of the employees or need of any other equipment or products.
Ques. What are the sectors in which Indian Bank Provides business loans?
Ans. Indian bank provides loans for owning a shop, for Doctors, Contractors, and Trade Well and SME sector, etc.
Ques. How to avail Indian Bank MSME loan in 59 minutes?
Ans. To avail Indian Bank MSME loan, you need to visit psbloansin59minutes.com and fill in and submit the required details. Further, you can select Indian bank from the other listed banks to choose the loan deal and proceed with the loan formalities.
Also Read: How to apply for an MSME Business loan online and get approval in 59 minutes
Ques. What is the interest rate for an MSME loan?
Ans. The interest rate offered by Indian bank shall depend on the applicant’s profile and business requirements.
Ques. What are the processing charges payable for MSME loans?
Ans. The processing charges shall depend on the required loan amount, interest rate and repayment tenure as chosen by the applicant. Processing charges can also be pre-defined by the banks or NBFCs.
Ques. What is the customer care number of Indian bank for business loan?
Ans. Indian Bank customers can call on the below-mentioned numbers to get their queries resolved:
Toll Free No: 1800-425-00000