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.
|IndusInd Bank Business Loan – Features & Eligibility – 2020|
|Interest Rate||Depends on the applicant’s profile & business requirements|
|Age Criteria||Min. 25 years – Max. 70 years|
|Loan Amount||Min. Rs. 10 lakh & Max. Rs. 50 lakh|
|Repayment Tenure||From 12 months – 36 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|
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.
IndusInd Business Loans – Types & Features – 2020
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
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 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 IndusInd Bank Business Loan
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
Toll-Free Numbers: 1860-500-5004 / 022-44066666
Documents Required for Loan Application
Following are the documents required for applying for IndusInd Bank Business Loan:
- 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
- Applicant(s) should never have defaulted with any Bank or Financial Institution
- For loans above Rupees 2 lakhs, need to furnish balance sheets for last three years along with Sales Tax/ Income Tax returns. For loans below Rupees 25 lakhs, in case of unavailability of audited balance sheets, unaudited version will do with instruction from the bank
- 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 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 takeover of advances
- VAT return copy, if applicable.
Q1. What is the current IndusInd Bank business loan rate?
Ans. The interest rate offered by IndusInd Bank depends on the applicant’s profile and business requirements.
Q2. What is the minimum and maximum tenure of IndusInd Bank business loan?
Ans. The repayment tenure of business loan ranges between 12 months – 36 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 maximum is 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.