IndusInd Bank Business Loan
You can apply for a business loan from IndusInd so that you can have working capital to expand your business. The process to apply for a business loan is simple and hassle-free. You can avail a business loan of up to Rs.50 lakh with a repayment tenure of up to 4 years.
IndusInd Bank Business Loan Details
Loan amount | Up to Rs.50 lakh |
Repayment Tenure | Up to 4 years |
Interest Rate | 13% p.a. - 22% p.a. |
Why Should you Apply for a Business Loan from IndusInd Bank?
Given below are some of the reasons you must consider applying for a business loan from IndusInd Bank:
- Necessary operational capital
- Needs for immediate cash in the near future
- Funding for business expansion or the purchase of another company
- Acquisition of fresh inventory
- Obligations pertaining to pay for employees
- Timely supplier payments or the acquisition of new equipment
- To deal with delays in credit limit increases, bridge funding
Features and Benefits of IndusInd Bank Business Loan
Some of the features and benefits of IndusInd Bank business loan are given below:
- Avail loan amount of up to Rs.50 lakh.
- Repayment tenure of up to 4 years.
- The documentation process is fast and easy.
- Avail yourself of a business loan for expansion of business and meet long-term capital needs.
- Avail the services of availing the business loan at your doorsteps.
Eligibility Criteria
The eligibility criteria to apply for a business loan from IndusInd Bank are given below:
Age of eligibility | 25 years - 70 years (for 2nd generation businessmen, the minimum eligible age is 21 years) |
Minimum period for which business must be operational | Minimum of 3 years |
History of past payment | 12 months of good standing for a minimum loan of Rs.4 lakh |
Ownership | Ownership of property is required |
Profitability | Positive PBDT in the last 3 years |
Total capital paid | More than Rs.10 lakh |
Minimum turnover | Rs.1 crore in the most recent financial year and three years' worth of audited financials |
Documents Required to Apply for IndusInd Business Loan
You will have to submit the following documents to apply for a business loan from IndusInd Bank:
Application form | Application form with photograph |
KYC Documents | Proo of valid identity, address, date of birth, and signature |
Proof of Business Continuity | Company Pan cardGST registrationShop and establishment registrationExciseregistrationSSI certificate3 years old ITRshowing business incomeAny other certificate issued by the Government of India establishing existence of business |
Constitutional Documents | Proprietary Concern:Along with any of the documents listed in the Business Continuity Proof, include a bank statement infirm name.Partnership: Firm company’s deed and PAN cardCompany: MOA /AOA /Certificate of Incorporation, and PAN Card |
Proof of ownership | Copy of Sales Deed, ECGovernmentleased deedReceipt of the latest property tax Water bill along with the latest cleared electricity bill |
Banking | Latest 6 months bank statements of allCA/SA/CC/OD account. All documents must be self-attested |
Financials | Copy of most recent three years' worth of tax returns, with calculations and acknowledgements Financial statements for the last three years with complete schedules and an audit report (Forms 3CD & 3CB). Information about all active loans |
Fees and Charges
Type of Charges | Fees Charged |
Processing Fees | Up to 3% of the loan amount |
Interest Rate | 13% p.a. and 22% p.a. |
Foreclosure Charges | Up to 5.5% depending upon scheme and tenure completed |
Cheque dishonour Charges | Rs.500 + GST |
Stamp Duty, statutory and other charges | As per applicable laws of the state |
Co-lending Partners
Type of product | Small ticket Business Loan with fixed monthly EMI |
Loan Amount | Up to Rs.5 lakh for new customers, and up to Rs.10 lakh for top up customers |
Loan Tenue | Up to 3 years |
Interest Rate | Fixed rate of interest between 21% and 30% depending on ZipScore |
How to Apply for a business loan from IndusInd Bank?
The steps to apply for a business loan from IndusInd Bank are given below:
- Click on the link https://www.indusind.com/in/en/business/loans/unsecured-business-loans.html.
- On the page, click on the ‘Apply Now’ button.
- Provide your personal details and click on ‘Submit’.
- A representative from the bank will get in touch with you and will help you further with the application process.
Additionally, you can apply for a business loan from IndusInd Bank by going to the nearby IndusInd Bank location with all the required paperwork. They can be submitted and confirmed. IndusInd Bank will accept the application for a business loan if all the information is accurate.
FAQs on IndusInd Bank Business Loan
- How long does it take for an application for a business loan to be processed by IndusInd Bank?
Although processing times can vary, IndusInd Bank works hard to expeditiously handle loan applications. The precise time frame will depend on a number of variables, including the type of loan and how detailed your application is.
- Are IndusInd business loans subject to any tax advantages?
Certain business loans, such as term loans for capital expenditures, may be eligible for tax benefits. For thorough information on the tax advantages associated with your company loan, it is essential to speak with a tax advisor.
- Can I avail a business loan from IndusInd Bank to purchase new equipment for my business?
Yes, you can avail a business loan from IndusInd Bank to purchase new equipment for your business.
- Can I avail a business loan from IndusInd Bank to expand my business?
Yes, you can avail a business loan from IndusInd Bank to expand your business.
- I want to apply for a business loan, but do I need a current account with IndusInd Bank?
Although it may be advantageous, applying for a business loan does not always need having a current account with a bank. When requesting a loan, you can talk to the bank about your preferred accounts.
- Is there a minimum credit score needed to be eligible for an IndusInd Bank business loan?
Having a strong credit score is generally a benefit, although the exact requirements can change depending on the loan type and other variables. It's best to go over your eligibility and credit score with the bank.
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