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 offers MSME loans and business loans at an interest rate of 8.75% p.a. onwards. Business loans offered by the Indian Bank can be used for business expansion purposes, buying plant & machinery, purchasing raw materials, paying salaries, hiring and training new staff, etc.
Indian Bank – Types, Interest Rates & Features – August 2022
The following table describes the interest rate, eligibility criteria, fees and charges of the respective loans.
|Type of Loan||Interest Rate (p.a.)||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. 10 crore)
|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|
|IB 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: With effect from 3rd August 2022, the Benchmark Prime Lending Rate is 12.95 % p. a. & With effect from 8th August 2022, Bank’s 1 year MCLR stands at 7.75%.
Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
|HDFC Bank||10.00% – 22.50% p.a.||Apply Now|
|FlexiLoans||1% per month onwards||Apply Now|
|ZipLoan||1% – 1.5% per month (Flat ROI)|
|Axis Bank||14.25% – 18.50% p.a.||Apply Now|
|IDFC First Bank||14.50% onwards|
|Kotak Mahindra Bank||16% – 19.99%||Apply Now|
|Fullerton Finance||17% – 21%|
|Bajaj Finserv||17% p.a. onwards||Apply Now|
|RBL Bank||17.50% – 25% p.a.||Apply Now|
|ICICI Bank||17% onwards|
|Indifi Finance||1.5% per month onwards||Apply Now|
|Lendingkart Finance||1.5% – 2% per month||Apply Now|
|Tata Capital Finance||19% p.a. onwards||Apply Now|
|NeoGrowth Finance||19% – 24% p.a.||Apply Now|
|Hero FinCorp||Up to 26% p.a.||Apply Now|
Note: Business loan interest rates are updated as on August 2022.
Apply for Business Loan @ 16% p.a. onwards Apply Now
MSME Loan Types & Features
Some features that these loans hold are as follows:
- IB My Own Shop: Loan amount is Rs. 10 crore 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 repayment 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%
- IB 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 and No upper loan amount ceiling with 120 months of repayment tenure. 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, can be extended up to 180 months as per case to case. The maximum loan amount offered is up to Rs. 5 crore. It takes the security from lender of fixed property in the name of the lender. Processing charge is 1.18% of the loan amount
Apply for SME/MSME Loan at attractive Interest Rates Apply Now
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
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.
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