Indian Bank Business Loan

Interest Rates for Indian Bank Business Loans

MSME Loan Products (accounts for which internal RAM rating is not mandatory)

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MSME Loan Products

Agriculture Loan Products

Indian Bank Business Loan Fees and Charges

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Types of Indian Bank Business Loan

MSME Loan Products

IB Tradewell Loan

Purpose: IB Tradewell is offered as a term loan facility to meet the working capital requirements of the applicants and for acquisition of fixed assets, modernization of business place/office, etc.

Loan Amount:

Minimum Loan Amount- Rs 0.10 crore

Maximum Loan Amount-

Term Loan: Rs 5 crore

Working Capital: Secured overdraft/Open Cash Credit/Packing Credit: Up to Rs 2 crore

Open Cash Credit/Packing Credit: Above Rs 2 crore

Margin:

Working Capital –

Stock and Book Debts- 15%

Term Loan-

25% on cost of equipments to be purchased

Secured OD:

Up to Rs 0.50 crore- 33% on immovable property

Our Bank Deposits/NSC- 10%

Above Rs 0.50 crore and up to Rs 2 crore- 40% on immovable property

Our Bank Deposits/NSC- 25%

Government Securities- 20%

Tenure: Up to 7 years (excluding holiday period of 6 months)

Security:

Primary Security-

• Secured OD: Equitable Mortgage of properties
• Other tangible security, i.e., Our Bank Deposits/NSC etc.
• Open cash Credit: Hypothecation of stocks and book debts up to 3 months
• Term Loan: Machine/Building- Hypothecation/Equitable Mortgage of assets created out of term loan
• For Non-Fund Based Facility: Portion uncovered with cash margin shall be covered with realizable sale value of Equitable Mortgage property/liquid securities

Collateral Security-

Secured OD: Hypothecation of stocks and book debts equal to the limit sanctioned

Others: Immovable property (primary and collateral) and/or liquid security value should be at least 50% of sanctioned limit

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IND SME Secure Loan

Purpose: IND SME Secure is offered to MSME units in the service and manufacturing segments to fulfil their working capital requirements, construction of building, purchase of fixed assets, etc.

Nature of Loan Facility:

• Working capital in the form of Secured Overdraft/Open Cash Credit/Packing Credit/Bill Purchase, etc.
• Term Loan
• Non Fund based facilities: Letter of Credit/Bank Guarantee

Loan Amount:

Minimum Loan Amount: Above Rs 10 lakh

Maximum Loan Amount: No ceiling

Margin:

• 25% on stocks and book debts
• 25% on plant and machinery in case of second hand machines
• 30% on building construction estimate (subject to conditions)

Tenure: Up to 15 years

Security:

Primary Security-

• Secured OD- Mortgage of immovable property
• Open Cash Credit- Hypothecation of stocks and book debts
• Term Loan- Machine/Building-Hypothecation/mortgage of assets created out of term loan
• Letter of Credit/Bank Guarantee/IBN/FBN- As per guidelines set by the bank

Collateral Security-

• Secured OD- Hypothecation of stocks and book debts
• Others- Mortgage properties

IB Micro Loan

Purpose: IB Micro Loan is offered to micro enterprises (including those in the priority sector) to fulfil their term loan requirements plus working capital requirements (composite loan) of the applicants

Loan Amount: Up to Rs 20 lakh

Tenure: Up to 5 years after holiday period of 6 months

Nature of Loan Facility: Composite Loans

Security:

• Assets created out of loan
• CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) cover to be taken (mandatory)

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IND-SME E-Vaahan Loan

Purpose:

IND-SME E-Vaahan is offered for the purchase of 2/3/4 wheeler electric vehicles (new vehicles) by MSMEs for their business purposes

Nature of Loan Facility: Fund based term loan

Loan Amount:

Maximum- No ceiling

More than one vehicle per borrower can also be considered

Tenure:

For 2/3 wheelers- Up to 4 years (total tenure including holiday period)

For 4 wheelers- Up to 5 years (total tenure including holiday period)

Margin: 15% “On road” cost of vehicle

Security:

Primary Security- Vehicles purchased from the loan proceeds

Collateral Security-

• Micro and Small Enterprises are covered under the CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) coverage if the loan amount is up to Rs 2 crore for manufacturing/services unit and if the loan amount for units engaged in trade is up to Rs 1 crore
• For loan portion beyond CGTMSE coverage, 100% collateral security in the form of immovable properties or liquid securities is required from the Micro and Small Enterprises
• No collateral security is required for loan amount of up to Rs 25 lakh sanctioned to medium enterprises
• For loans to medium enterprises above Rs 25 lakh, 100% collateral security is required in the form of liquid securities/immovable properties

Personal guarantee of partners/directors is required as per the guidelines set by the bank

IB Contractors Loan

Purpose: IB Contractors Business Loans are offered for contracts of Central/State Government departments, reputed corporates and PSUs for purchasing machinery and fulfilling other working capital requirements.

Loan Amount:

• Minimum Loan Amount: Above Rs 10 lakh per borrower
• Maximum Loan Amount: Up to Rs 10 crore per borrower (Fund Based and Non Fund Based); Up to Rs 20 crore per group (Fund Based and Non Fund Based)

Nature of Loan Facility:

• Fund Based: Open cash Credit/Secured Overdraft/ Term Loan/BP
• Non-fund based: Bank Guarantee/LC

Tenure: Up to 7 years

Margin:

• 50% on Equitable Mortgage property for Secured OD
• 20% on stock and book debts
• 20% on equipments/term loan
• 15% for Bill Finance
• 10% against Guarantees/Letter of Credit

Security:

Primary Security-

• Separation of Duty (SOD)- Equitable Mortgage of property (min 200% of the limit)
• Open Cash Credit (OCC)- Stock and book debts
• Money Transfer License- Hypothecation of equipments purchased by availing Money Transfer License
• Bank Guarantee (BG) provided by the applicant
• Cash margin through Fixed Deposit Receipt (portion uncovered by cash margin should be covered with value of security)
• Letter of Credit- Cash margin by way of Fixed Deposit Receipt and hypothecation of stocks procured against Letter of Credit
• BP- Undertaking from the debtors to make payment directly to the bank

Collateral Security-

100% collateral security to be submitted in the form of immovable property/liquid security, in case of Open Cash Credit (OCC)

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IB My Own Shop

Purpose: This loan facility can be offered to all the MSMEs, individuals, professionals, self-employed and firms for the following purposes:

• For purchasing new commercial space/shop
• For second hand shop/commercial space provided that its residual life is more than the actual repayment period plus 2 years.
• For construction or renovation of business premises

Loan Amount: Up to Rs 10 crore

Nature of Loan Facility: Term Loan

Tenure: As per MSME policy of bank

Margin: At least 25% of the property cost

Security:

• Equitable Mortgage on commercial property to be acquired can be submitted as security
• Personal guarantee of partners/directors in individual capacity can also be provided as security to the bank

IB Doctor Plus Loan

Purpose: IB Doctor Plus loan facility is offered to individual doctors, registered partnership firms, limited companies and MSMEs for the following purposes:

• To finance working capital requirements
• For purchase/construction of hospital
• For setting up a clinic, clinic cum residence, nursing home (Allopathy, Homeopathy, Ayurveda, etc.)
• To purchase machinery/equipments

The bank does not provide finance for second hand machinery.

Loan Amount:

• Minimum Loan Amount- Rs 1 lakh
• Maximum Loan Amount- No ceiling
• For fresh passed out students- Up to Rs 2 crore

Type of Loan Facility:

• Fund based- Working Capital/Term Loan
• Non-Fund Based- Letter of Credit (LC)

Tenure: Up to 10 years including moratorium of up to 1 year or stabilization of cash flows from the project whichever is earlier.

Margin:

• Open Cash Credit (OCC)- 20%
• Term Loan- 25%

Security:

Primary Security-

Hypothecation of assets created out of the loan proceeds

Collateral Security for loans up to Rs 10 lakh-

• No collateral security/third party guarantee is required as loans up to Rs 10 lakh are covered under CGTMSE.
• If primary security is held in the form of immovable properties with 100% coverage, no CGTMSE coverage is needed
• If primary security is held in the form of immovable properties with less than 100% coverage, CGTMSE (Credit Guarantee Fund Trust for Micro and Small Enterprises) with hybrid security can be considered

For loans above Rs 10 lakh to Rs 2 crore-

• If primary security and collateral security is held in the form of immovable properties with 100% coverage, CGTMSE cover is not required
• If primary security and collateral security is held in the form of immovable property with less than 100% coverage, CGTMSE with hybrid security can be obtained

For Medium Enterprises, security coverage should be at a minimum of 100% in the form of immovable properties (primary and collateral security)

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IND MSME Vehicle Loan

Purpose: IND MSME Vehicle Loans are offered to MSMEs for purchase of new vehicle (LMV/HMV)

Loan Amount: Up to Rs 2 crore

Nature of Loan Facility: Term Loans

Tenure:

• In case of Light Motor Vehicles: Up to 5 years
• In case of Heavy Motor Vehicles: Up to 5 years (Principal in equal Monthly Instalments and Monthly interest is to be serviced then and there)

Margin: 15%

Security:

Primary Security-

Hypothecation of vehicles purchased out of the loan proceeds

Collateral Security-

• CGTMSE coverage for eligible applicants
• Immovable properties with a minimum RSV of 50% is submitted as security, for accounts other than CGTMSE
• Guarantors are provided wherever required

IND-SME Ease Loan

Purpose: IND-SME Ease loan facility is offered to meet the working capital requirements of MSMEs as per the definition of the Government.

Loan Amount: Above Rs 10 lakh-Rs 50 lakh

Tenure: Composite Loan- up to 10 years excluding holiday period

Margin: NIL

Security:

Primary Security-

Hypothecation of stock and book debts-based on the declaration submitted by the borrower before availing the limit and at the time of review/renewal of limits

Collateral Security (Immovable properties/liquid securities)-

• For micro and small units- Loans may be considered with or without collateral security. CGTMSE coverage is mandatory for collateral free loans. Unsecured portion can also be covered under CGTMSE as partial security. The borrower has to bear the guarantee fee
• For Medium Enterprises, 100% collateral security is offered

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IND-Surya Shakti Loan

Purpose: IND-Surya Shakti is a term loan facility offered for setting up power plants for captive consumption, as per the technical standards issued by MNRE (Ministry of New and Renewable Energy) or Central Electricity Authority

Loan Amount: No ceiling

Tenure: Up to 15 years including holiday period

Moratorium Period:

Roof Top Solar- Up to 6 months

Others- Up to 12 months

Margin: 25% on the cost of equipments and erection charges

Security:

Primary Assets- Assets purchased through the loan proceeds

Collateral Security-

• Equitable Mortgage of the property on which solar plant is installed
• If property is mortgaged with other banks or NBFCs, NOC has to be obtained from respective banks and NBFCs

INDSME Sanjeevini Loan

Purpose: This finance facility is offered to suppliers and manufacturers of medical oxygen and oxygen cylinders, and hospitals and nursing homes for the following purposes:

• Setting up of medical oxygen plants in the hospitals for medical purposes
• To fulfil the working capital requirements of these units
• To purchase units engaged in manufacturing of liquid oxygen, oxygen cylinders, etc.

Loan Amount: Up to Rs 2 crore

Nature of Loan Facility:

• Working Capital
• Term Loan
• Non-fund based (Letter of Credit/Bank Guarantee)

Tenure:

Term Loan- Up to 5 years including moratorium of up to 6 months

Working Capital- Up to 1 year (renewable on annual basis)

Margin:

• Term Loan and Working Capital- 15%
• Non-Fund Based limits (cash margin) – 10% for Letter of Credit and Band Guarantee; 25% for Money Guarantee

Security:

• Primary Security for Fund Based limits- Hypothecation of assets purchased or created through the loan
• Primary Security for Non-Fund Based limits- Hypothecation of assets purchased or created through the loan proceeds and Cash Margin

INDSME Arogyam Loan

Purpose: INDSME Arogyam is offered to new and existing MSMEs operating in healthcare sectors for the following purposes:

• To finance qualified medical practitioners for setting up clinics/nursing homes/hospitals/pathologies/Diagnostic Centre
• To purchase medical equipments including ancillary equipment
• For expansion/renovation of existing hospitals, nursing homes, clinics, etc.
• To import vaccines
• For setting up oxygen plant along with power back up for medical use
• For manufacturing healthcare products, for meeting the working capital requirements and for acquiring fixed assets
• To manufacture permitted drugs, vaccines, PPE kits, ICU beds, ventilators, inhalation masks, etc.
• To provide funds to logistic firms engaged in healthcare activities, purchase of ambulance vehicles, cryogenic trucks, etc.
• Build-up of current assets like stocking of vaccines, medicines, consumables, etc.
• To finance receivables of hospitals empanelled under ABPM-JAY (Ayushman Bharat Pradhan Mantri Jan Arogya Yojana)

Loan Amount: Up to Rs 100 crore (Fund Based + Non-Fund Based)

Nature of Loan Facility:

• Working Capital
• Term Loan
• Non-Fund Based (Letter of Credit/Bank Guarantee)

Tenure:

• Term Loan- Up to 10 years (including moratorium period up to 18 months, if construction is involved; and moratorium up to 6 months for others)
• Working Capital- 1 year (renewal on annual basis)

Margin:

• Term Loan and Working Capita Loan- 25%
• Non-Fund Based Limits (Cash Margin)- 10% for LC and Performance ; 25% for Money Guarantee

Security:

• Primary Security for Fund Based Limits- Hypothecation of assets purchased or created out of loan proceeds
• Primary Security for Non-Fund Based Limits- Hypothecation of assets purchased or created out of loan proceeds and 10% (cash margin)

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Online Shishu Mudra Loan

Purpose: Instant MSME Loans offered to pre-selected existing customers for any bonafide business purpose including new business (Service/Trading/Manufacturing activities)

Loan Amount: Rs 10,000 to Rs 50,000

Tenure: 2 years to 5 years

Nature of Loan Facility: Term Loans

Margin: NIL

Pre-payment/Foreclosure Charges: NIL

Indian Bank Agriculture Loan Products

Indian Bank Agricultural Godowns and Cold Storage Loan

Purpose: Loan facility for construction of new agriculture godowns or cold storages, market yards and expansion or modernization of existing units

Loan Amount:

• Term Loan- Based on the project cost
• Working Capital Requirement- Cash budget method to assess the working capital irrespective of the limits

Nature of Loan Facility: Term Loan and Cash Credit

Tenure: Up to 9 years including holiday period of up to 2 years

Margin:

• Term Loan- Minimum 25%
• Working Capital- Minimum 30%

Security:

• Hypothecation of assets created out of loan proceeds (stock of cold storage owner)
• Mortgage of land and building of cold storage constructed
• Collateral security value equivalent to 100% loan amount to be obtained, wherever, working capital limit is sanctioned for the purpose of on-lending to farmers
• Assignment of receivables or book debt arising out of advances to farmers for storage of agricultural commodities
• Collateral security in the form of LIC policies, FD, NSC, equitable mortgage of immovable properties as per credit rating of borrower
• Personal guarantee of partners and directors
• Minimum security coverage ratio of 1.2 should be maintained at all times

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Indian Bank Dairy Loan

Purpose: Indian Bank Dairy Loans allow farmers and businesses operating in dairy sector to set up dairy units including purchase of high milk yielding animals, construction of shed, cultivation of green fodder, purchase of equipments and initial concentrate feed during the first month of lactation.

It also offers cash credit facility to meet the working capital requirements under KCC animal husbandry model.

Loan Amount:

• Term Loan- Based on unit cost fixed by NABARD/individual project cost
• Cash Credit- Limit to be arrived based on scale of finance fixed by DLTC
• MUDRA- Term loan or working capital up to Rs 10 lakh

Tenure:

• Term Loan- Up to 6 years including gestation period of 1 month; holiday period of up to 1 year wherever construction of shed is involved
• Cash Credit- The entire cash generated to be routed through cash credit only

Margin:

• For Loan Amount up to Rs 1.60 lakh- NIL
• For Loan Amount above Rs 1.60 lakh- 15%-25% of project cost
• Under MUDRA- Shishu: NIL, Kishore: 10%, Tarun: 15%

Indian Bank Food and Agro Processing Loan

Purpose: Indian Bank Food and Agro processing Loans provide finance to individuals and businesses engaged in food and agro processing sectors, for processing and preserving fruits, vegetables, meat, crustaceans, fish and molluscs and for manufacturing dairy products, animal and vegetable oils, fats, animal feed, grain mill product, starch products, etc.

Loan Amount:

Term Loan- Based on project cost

Working capital Requirement-

• As per credit policy guidelines
• Up to Rs 5 crore- Turnover method
• Above Rs 5 crore- MPBF II Method/Cash Budget Method
• NFB Facilities- Need based

Tenure:

• Term Loans- Up to 15 years
• Working capital- 1 year with yearly renewal
• Repayment for commercial activity to be fixed based on life cycle of the project, on cash flows, ballooning basis, or as bullet payment or in EMI

Margin:

Term Loan- 25% for new machinery and 30% for landed property and building

Working Capital Requirement –

Stocks:

• For loan amount less than Rs 1 crore- 20%
• For loan amount of Rs 1 crore and above- 25%

Book Debts: 25% (Up to 90 days duration)

Security:

Primary security- Hypothecation of stocks/book debts/machineries/equitable mortgage of land and building/charge on credit created out of Bank Finance

Collateral-

• No collateral for loan amount up to Rs 10 lakh
• Minimum security coverage ratio of 1.20 should be maintained at all times

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IB Star Agro Mills Loan

Purpose: IB Star Agro Mills Loan is a term loan and cash credit facility offered to all new and existing rice/dhal/oil/flour mills for purchase of new machinery, building or renovation of factories and fulfilling working capital

Loan Amount: Based on the project cost

Tenure:

• Term Loans- Up to 7 years with holiday period of up to 1 year
• Working Capital- 1 year with yearly renewal

Margin:

Term Loan- 25% for new machinery and 30% of landed property and building

Working Capital Requirement –

Stock of Goods:

• For loan amount less than Rs 1 crore- 20%
• For loan amount of Rs 1 crore and above- 25%

Book Debts: 25% (up to 90 days duration) NFB (non-fund based) margin- as per norms

Security:

Primary Security- Hypothecation of stocks/book debts/machineries/equitable mortgage of factory land and building/charge on assets created out of bank finance

Collateral-

• No collateral for loan amount up to Rs 10 lakh
• For loan amount above Rs 10 lakh: Additional security cover by way of equitable mortgage/in the form of NSC/FD/LIC/MMD, etc. belonging to the borrower/guarantor for limits sanctioned (Fund Based and Non-Fund Based) should be 100% of loan amount

Credit Guarantee-

Credit guarantee coverage will be available for eligible borrowers from this financing facility under CGTMSE for loan amount of up to Rs 2 crore. The fees for this coverage is borne by the government. In case of FPOs (Farmer Producer Organization), credit guarantee may be availed from facility created under FPO promotion scheme of DACFW (Department of Agriculture, Cooperation and Farmers Welfare).

IND Kisan Saur Shakthi (PM Kusum)

Purpose: PM Kusum Yojna scheme is offered to individual farmers, groups of farmers, Farmer Producer Organizations, panchayats cooperatives and for Water User Associations with the following features:

• Farmers, group of farmers, panchayats and co-operative societies can apply for installation of solar pumps
• The total cost of the scheme is divided into 3 categories in which the government will help the farmers. A subsidy of 60% is provided to farmers by the government and 30% of the cost will be given by bank in the form of loans. Farmers will only have to pay 10% of the total cost of the project
• Farmers can use the electricity generated from the solar panels for other purposes including business purposes for monetary benefits

Margin: At least 10%

Tenure: Up to 5 years

Security:

• Primary Security- Hypothecation of charges on assets created out of bank finance
• Collateral- No collateral for loan amount of up to Rs 1.60 lakh; minimum security coverage ratio of 1.20 should be maintained at all times
• Guarantee- Suitable third party guarantee obtained depending on the loan amount

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IND-Krishi Infra Fund (Agriculture Infra Fund)

Purpose: IND-Krishi Infra Fund scheme is offered to Primary Agriculture Cooperative Societies, Farmer Producer Organizations, Self Help Groups, Agriculture Entrepreneurs, Start-ups, Joint Liability Groups and Central/State Agency for the following purposes:

Post-Harvest Management Projects:

• Supply chain services including e-marketing platforms
• Warehouse
• Silos
• Pack houses
• Assaying units
• Sorting and Grading units
• Cold chains
• Logistic facilities
• Primary processing centers
• Ripening Chambers

Viable projects for building community farming assets:

• Organic inputs production
• Bio-stimulant production units
• Projects promoted by Central/State/Local government or their agencies under PPP for building community farming assets or post-harvest management projects
• Infrastructure for smart and precision agriculture
• Projects identified for providing supply chain infrastructure for clusters of crops including export clusters

Loan Amount: Based on project cost

Margin:

Term Loan- Minimum 25%

Tenure: Up to 7 years including holiday period of up to 2 years

Security:

• Hypothecation of assets created out of bank finance
• Equitable mortgage of immovable properties
• Mortgage of building and land
• Credit guarantee cover is mandatory
• Collateral security in the form of FD/LIC Policies/NSC
• Personal guarantee of partners and directors

IND-Pashudhan Mitra- Animal Husbandry Infrastructure Development Fund (AHIDF)

Purpose: IND Pashudhan Mitra is a term loan facility offered to individual entrepreneurs, MSMEs, private companies, FPOs and Section 8 Companies (non-profit entities) for dairy processing, meat processing and value addition facilities, value added dairy product manufacturing and animal feed manufacturing units.

Loan Amount:

• Based on project cost
• Loan under AHIDF shall not be provided for land acquisition in any manner such as transfer, purchase, lease, accession/addition, etc.

Margin:

• Micro and small units- 10%
• Medium Enterprises- 15%
• Other categories- 25%

Tenure: Up to 10 years including holiday period of up to 2 years

Security:

• Hypothecation of assets created out of bank finance
• Collateral in the form of LIC policies/FD/NSC
• Equitable mortgage of immovable properties/land and building
• Personal guarantee of partners and directors
• Credit guarantee cover available for 25% of credit facility under this AHIDF scheme

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IND Micro Food Processing Enterprises (PMFME)

Purpose: This loan facility can be availed by individual Micro Food Processing Enterprises, self-help groups, farmer producer organizations for the following purposes:

• Increased access to credit by existing micro food processing entrepreneurs, self-help groups, FPOs and co-operatives
• Strengthening research and training institutions in the food processing sectors, and increased access to professional and technical support for enterprises
• Integration with organized supply chain by strengthening branding and marketing
• To enhance competitiveness of existing individual micro enterprises in the unorganized segment of food processing industry, to promote formalization of the sector and to support Farmer Producer Organization (FPOs), Self-help Groups, and Producers Cooperatives along their entire value chain
• Increased access to common services like laboratories, common processing facility, packaging, storage, marketing and incubation services.

Margin: Minimum 10%

Tenure:

Term Loans- Up to 15 years

Security:

Primary-

• Hypothecation of charge on assets created out of bank finance
• Hypothecation of machineries, equitable mortgage of land and building

Collateral-

• No collateral; for loan amount of up to Rs 10 lakh
• Minimum security coverage ratio of 1.20 should be maintained at all times

Guarantee- Suitable third party guarantee obtained depending on the loan amount

Eligibility Criteria for Indian Bank Business Loan Applicants

For MSME Loan Products

IB Trade Well Loan

Traders with at least 1 year of experience with good standing in market are eligible for such loans

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IND SME Secure Loan

Such loans are offered to Micro, Small and Medium Enterprises (Manufacturing and Service Sectors)

IB Micro Loan

IB Micro loans can be availed by all micro units (manufacturing and service sector – priority sector- existing units with good track record) and fresh units with satisfactory track record and experience of the promoters in the field and viable project.

IND-SME E-Vaahan Loan

Individuals, Proprietorship firms, Private Limited Companies, Public Limited Companies, Trusts and Limited Liability Partnership Firms are eligible for IND-SME E-Vaahan Business Loans

IB Contractors Loan

• Individuals, proprietors, registered partnership, Limited Liability Partnership, Private and Public Limited Companies under MSME are eligible for IB Contractors Business Loans
• Sub-contractors can also avail this loan facility
• IB Contractors business loans are offered to well established contractors (civil, mechanical, electrical, etc.) performing contracts for Central/State Government/reputed PSUs/reputed corporates
• The borrower should have GST registration (mandatory)
• Applicant should be certified under MSME Act, 2006
• Contractors/sub-contractors should be in the line of business for 3 years and should have earned continuous profit for past 2 years

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IB My Own Shop

• Individuals, professionals, and self-employed people, firms (registered companies and partnership firms) and businessmen are eligible for such loans and should have been in the activity for at least 3 years
• Applicant should be at least 50 years old at the time of availing loan facility

IB Doctor Plus Loan

• Individuals/registered partnership firms/limited company/Trust, etc. (MSME) are eligible for IB Doctor Plus Business Loans
• Students who have completed the course in MBBS, BDS, BAMS, BUMS from approved colleges, planning to set up their own diagnostic centres or clinics in India are also eligible for such loans
• Key promoters or their spouse should be qualified medical practitioners with satisfactory track record

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IND MSME Vehicle Loan

• All MSMEs are eligible for IND MSME Vehicle Business Loans
• Applicants should have Road Permit issued by Competent Authority
• All existing MSME clients with satisfactory promoter’s track record, group affiliation and viable projects with or without credit facilities
• Applicant should have maintained satisfactorily operated account at least for the past 1 year

IND-SME Ease Loan

All MSMEs are eligible for availing IND-SME Ease business loans

IND-Surya Shakti Loan

All MSMEs, mid-corporates and large corporates are eligible for IND-Surya Shakti loans

INDSME Sanjeevini/ INDSME Arogyam Loan

• Such loans are provided for both existing and MSME units
• Applicant should have Udyam Registration Certificate (mandatory)

Online Shishu Mudra Loan

• The age of the applicant should be between 18 to 60 years
• Individuals and proprietorship firms other than staff and government salaried are eligible for Online Shishu Mudra Loan
• Applicant should be an existing customer of Indian Bank for at least 1 year
• The business account either Savings Bank or current account should be in open status and mode of operation of applicant should be single
• Customer account should be C-KYC/E-KYC complied
• CIF (Community Investment Fund) should not have taken any other business loan from Indian Bank on the date of application
• Asset status should be “NOT NPA” presently and in the past 2 years
• CIBIL Score should be at least 700 or more; or -1 with no credit history

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For Agriculture Loan Products

Indian Bank Agricultural Godowns/Cold Storage Loan

• Individuals and Group of individuals are eligible for such loans
• Cooperative firms, companies and association of persons can also avail such loans

Indian Bank Dairy Loan

The following groups are eligible for dairy loans:

• Individual farmers (including Self Help Groups and Joint Liability Groups)
• Corporates including farmer producer companies of individual farmers, partnership firms and co-operatives of farmers directly engaged in Agriculture and Allied activities

IB Star Agro Mills Loan

All new and existing rice mills, oil mills, flour mills, dhal mills are eligible for such loans

IND Kisaan Saur Shakti Loan

IND Kisaan Saur Shakti Loans are offered to:

• Individual farmers
• Cooperatives
• Group of Farmers
• Farmer Producer Organizations
• Water User Associations
• Partnership Firms
• Sole Proprietors

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IND Krishi Infra Fund

• Primary Agriculture Cooperative Societies
• Farmer Producer Organizations
• Marketing Cooperative Societies
• Agriculture Entrepreneurs
• Self Help Groups
• Farmers
• Joint Liability Groups
• Multipurpose Cooperative Societies
• Startups and Central/State Agency
• Local Body sponsored Public Private Partnership projects

IND Pashudhan Mitra- Animal Husbandry Infrastructure Development Fund

• Individual Entrepreneurs
• Private Companies
• MSME
• Farmer Producer Organizations
• Section 8 Companies (Non-profit entities)

Documents Required for Indian Bank Business Loan

Indian Bank has not specified the documents required for its business loan applicants. However, the documents would vary depending on the nature of business and the loan facility to be availed.

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