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As an entrepreneur you know the importance of funds at any point of the business life. Sometimes the need for a loan amount may be unexpected and required on an immediate basis. These can be stressful times and Indian Overseas Bank loan may be the perfect solution at your time of financial crisis. The flexible features and high loan amounts are what makes these loans so popular. The bank offers loans for Micro Small & Medium Enterprises (MSME).
Hassle Free Process: IOB is known for the transparency of its processes as well as quick processing and disbursement. Further, the friendly and helpful customer care service provided by the bank makes sure that you get your funds without any trouble, making IOB an easy choice over other banks.
High Loan Amounts Offered: Depending on the kind of business that you have, IOB offers some of the highest amounts as loan.
Enterprises are broadly categorized into two by the bank:
As a small business you may not have collateral that many banks require of you. Indian Overseas bank however, does not need enterprisers to provide collateral security for micro and small sector up to the loan amount of Rs.10 lakhs.
The classification of Micro Small & Medium Enterprises depends on the original investment in machinery and plant. This is in respect to the original investment in equipment with regard to services units and manufacture/production units.
Classification Of Micro Small & Medium Enterprises Sectors | ||
Sector | Manufacture / Service | Investment In |
P & M / Equipment | ||
SMALL | Service | Rs.10 lacs to Rs.200 lacs |
Manufacture | Rs.25 lacs to Rs.500 lacs | |
MEDIUM | Service | Rs.200 lacs to Rs.500 lacs |
Manufacture | Rs.500 lacs to Rs.1000 lacs | |
MICRO LEVEL-I | Manufacture | Up to Rs.5 lacs |
Service | Up to Rs.2 lacs | |
MICRO LEVEL-II | Service | Rs.2 lacs to Rs.10 lacs |
Manufacture | Rs.5 lacs to Rs.25 lacs |
Following are the application forms needed for Micro Small & Medium Enterprises Sector loans:
Indian Overseas Bank is a member of Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE)
Indian Overseas Bank is approving loans under CGTMSE scheme
Here are some of the features of CGTMSE scheme:
The classification of Micro, Small & Medium Enterprises depends on the original investment in machinery and plant. This is in respect to the original investment in equipment with regard to Services units and manufacture/production units.
Classification Of Micro Small & Medium Enterprises Sectors | ||
Sector | Manufacture / Service | Investment In |
P & M / Equipments | ||
SMALL | Service | Rs.10 lacs to Rs.200 lacs |
Manufacture. | Rs.25 lacs to Rs.500 lacs | |
MEDIUM | Service | Rs.200 lacs to Rs.500 lacs |
Manufacture. | Rs.500 lacs to Rs1000 lacs | |
MICRO LEVEL-I | Manufacture | Upto Rs.5 lacs |
Service | Upto Rs.2 lacs | |
MICRO LEVEL-II | Service | Rs.2 lacs to Rs.10 lacs |
Manufacture | Rs.5 lacs to Rs.25 lacs |
Indian Overseas bank does not need enterprisers to provide collateral Security for micro and small sector up to the loan amount of Rs.10 lakhs.
Here are some of the features of CGTMSE scheme:
Following are the application forms needed for Micro Small & Medium Enterprises Sector loans:
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