IndusInd Bank offers products and services that serves commercial and electronic banking sectors. Along with personal and corporate banking, the bank supports the initiation, expansion, and smooth running of various new and established MSMEs, corporates, and other business units. The bank also offers financial support to self-employed individuals and professionals to set up a new or expand an existing business venture at an affordable interest rate of 13% onwards.
IndusInd Bank Business Loan – Features & Eligibility – 2021
|Interest Rate||13% – 22%|
|Age Criteria||Min. 25 years – Max. 70 years|
|Loan Amount||Min. Rs. 10 lakh & Max. Rs. 50 lakh|
|Processing Fee||Up to 3% of the loan amount|
|Repayment Tenure||From 12 months – 48 months|
|Purpose of Loan||For business expansion and Medium-long-term working capital requirements|
|Business Vintage||Min. 3 years|
|Past Payment History||Clean record of the past 12 months for min. Rs. 4 lakh loan|
|Minimum Annual Turnover||At least Rs. 1 crore with audited financials for 3 years|
|Profitability||Positive in last 3 years|
|Paid-up Capital||More than or equal to Rs. 10 lakh|
|Foreclosure Charges||Up to 5.5% of the principal outstanding|
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. Interest rates are updated as on Oct 2021.
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IndusInd Business Loans – Types & Features
1. Working Capital Finance
IndusInd Bank provides a running account facility on a short-term basis, which is renewable as per the applicable terms and conditions. Other offerings under the IndusInd Bank working capital finance are as follows:
- Business inventory and receivable financing
- Flexible account operations. Operate account as per need.
- Reduced interest payment
Also Know: How to calculate working capital on a loan?
2. Export Finance
IndusInd Bank Business Loan provides exporters financial support on pre and post-shipment transactions. It includes:
- Funding based on transactions
- Funding in foreign currency, reducing the overall cost
3. Term Loan
These loans provide long-term financing to the entities that require funds for expanding their businesses.
- The term loan is offered in Indian Rupees (INR) and also in Foreign Currency (Foreign Currency Term Loans (FCTL))
- This loan is offered against collateral
- Existing loans are taken over at competitive interest rates
4. Trade Offerings
IndusInd Bank has trade offerings for the growth of your business
- For domestic purchases and import of goods, the bank offers a Letter of Credit
- Both performance and financials are guaranteed by the bank
5. Unsecured Business Loans
Trade offering for the growth of your business.
- The loan is given on the basis of business financials. No collateral is needed.
- The loan processing is quick
- Borrowers can choose to repay the loan amount in Equated Monthly installments (EMIs)
How to Apply for Business Loan with IndusInd Bank?
IndusInd Bank Business Loan Application Form is available at the bank branches as well as online on the bank’s official website. To download the application form, follow the link here
Related Post: How to apply for MSME loan for new business
Customer Care Number: 1860-267-7777
Documents Required for Loan Application
- Duly filled application form with passport-sized photographs
- Identity Proof – Voter’s ID/ Passport/ PAN Card/ Driving License/ Signature Identification by the present banker for Proprietor/ Partner/ Director (if Company)
- Residence Proof – Recent Telephone/ Electricity Bills, Voter ID, Passport, Property Tax receipt
- Business Address proof
- Memorandum/ Articles of Association (For Company) and/or Partnership Deed of the partners
- Assets-Liabilities Statements of Guarantors/Promoters plus most recent Income Tax return
- In case business is in rented premises, rental agreement needed
- Clearance required from Pollution Control Board (if applicable)
- Registration with SSI/ MSME (if applicable)
- Projected Balance sheet for next 2 years (for a loan over Rupees 2 lakhs)
- Photocopies of title deeds/ lease deeds of all properties offered as collaterals
- Account position from existing bankers
- Sanction letters of facilities for the takeover of advances
- VAT return a copy, if applicable.
Q1. What is the current IndusInd Bank business loan rate?
Ans. The interest rate offered by IndusInd Bank starts from 13% and exceeds up to 22%.
Q2. What is the minimum and maximum tenure of IndusInd Bank business loan?
Ans. The repayment tenure of business loan ranges between 12 months – 48 months
Q3. How much IndusInd Bank business loan amount can I avail?
Ans. The minimum loan amount that can be availed is Rs. 10 lakh and the maximum are up to Rs. 50 lakh
Q4. What security do I need to provide to avail IndusInd Bank Business loan?
Ans. Being an unsecured loan, there is no need to submit any security or collateral.