IOB Business Loan

Looking to take your business to the next level? IOB (Indian Overseas Bank) Business Loan is here to empower your entrepreneurial journey with flexible financing and competitive rates. Cover all your business needs with an IOB Business Loan, from equipment purchase to business expansion.

IOB Business Loan Interest Rates & Charges

IOB business loans provide reliable financing for business expansion and investment, but understanding the interest rates and charges is crucial to determining the overall cost of borrowing.

Here are the key highlights of IOB business loan:

Loan amount Up to ₹10 Crore
Purpose Business expansion loan, working capital loan, equipment purchase loan, and more.
Interest rates Varies based on business requirements
Repayment tenure Up to 7 years
Processing Fees 0.25% to 4% of the loan amount
Foreclosure Charges Up to 5% of the outstanding loan amount
Note: Please note that the interest rates and processing fees are subject to change as per the market risks and the economic conditions. Please visit HDFC Bank's Website for current updates.

Looking for a Business Loan?

Standard Chartered Bank Business Loan Interest Rates & Charges

Standard Chartered Bank provides business loans with competitive interest rates that depend on the loan type, creditworthiness, loan amount, and tenure. Here’s an overview:

Interest Rate 17.25% p.a.* (for Business Installment Loan)
Processing Fees 2% of tde loan amount
Prepayment Penalty 5% of tde principal outstanding
EMI Bounce Charges ₹495 per instance
Penal Interest 24% p.a.
Note: Please note that the interest rates and processing fees are subject to change as per the market risks and the economic conditions. Please visit HDFC Bank's Website for current updates.

Looking for a Business Loan?

IOB Bank Business Loans Eligibility Criteria

To be eligible for an IOB Bank business loan, applicants typically need to meet specific criteria that may vary based on the loan type and amount requested:

  • Business vintage: The business should have been in operation for a certain period, usually a minimum of 3 years.
  • Turnover: The business should have a minimum annual turnover as specified by the bank.
  • Profitability: The business should demonstrate a certain level of profitability.
  • Credit score: A good credit score is usually required for loan approval.
  • Age of the applicant: The age of the applicant should typically fall within a specified range.
  • Legal status: The business should be a legal entity with all necessary registrations and compliances in place.

Note: These are general eligibility criteria, and specific requirements may vary as per the loan type.

Documents Required for IOB Business Loans

To apply for a IOB business loan, you typically need the following documents:

  • PAN Card: Individual, partnership firm, or company
  • Identity Proof: Voter ID, Driving License, Passport, Aadhar Card
  • Address Proof: Voter ID, Driving License, Passport, Utility bill (phone, electricity), Registered lease/sale agreement, Bank statement
  • Ownership Proof: Proof of residence or office ownership (personal or joint with family)
  • Business Continuity Proof: Document proving at least 5 years of business activity (Bank statement, Sales tax challans, IT returns, Shop & establishment certificate, Incorporation certificate, Partnership deed)
  • Passport-sized photographs.

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Types of Business Loans Offered By IOB

Indian Overseas Bank offers various types of business loans for the diverse financial needs of businesses. Some of the common types of business loans offered by IOB may include:

Loan Type Purpose Loan Amount
SME Schemes IOB CA SCHEMES: For Chartered accountants ₹10 lacs to ₹125 lacs
IOB Micro One: For Micro businesses (traders, shopkeepers) Up to ₹50 Lakh
IOB MSE PLUS: For Micro and small enterprises Up to ₹100 Lakhs
MSME Schemes IOB-Guarantee-Plus: Purchase of machineries, construction, repair, upgradation, Fresh & additional working capital in form of LC/LG, WCTL. Up to ₹10 crore.
IOB-Mahila-Samriddhi: For GenNext women entrepreneurs. Up to ₹10 crore.

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Apart from the above mentioned types, IOB also offers business loans such as:

  • Mudra loan: Loans up to Rs. 10 lakh are available through three categorized loan schemes called Shishu, Kishor, and Tarun.
  • Term Loan: Utilized for establishing new industrial units or expanding/upgrading existing units. Margin: Up to 75% of the fixed asset value.
  • Working Capital Loan: No collateral needed for credit limit up to Rs. 10 lakh for SME borrowers. However, collateral may be waived for amounts up to Rs. 200 lakh under CGTMSE.
  • Standup India Scheme Loans
  • Loans for Self-Employed Professionals: Includes engineers, accountants, medical practitioners, dental surgeons, craftsmen, construction contractors, management consultants, etc.

In need of a business loan?

Curious to know more on the different types of MSME business loan offered?
Check more on equipment purchase loan, medical equipment loan, construction equipment loan and commercial vehicle loans from the linked pages.

How to Apply for IOB Business Loan Online

Here's a step-by-step guide to apply for Indian Overseas Bank Business Loan online:

  1. Visit IOB Bank Website and locate the "MSME" section.
  2. Click on the "Application Forms" and select “Apply MSME Online”.
  3. Fill out the application form including business details, loan purpose, and financial statements.
  4. Submit scanned copies of the documents listed on the website.
  5. Review your application details for accuracy and Submit.

IOB Business Loan Customer Care Number

You can contact the customer service for your loan application, existing loan, or any other questions you may have.

Customer Service Numbers

  • Phone: +91-044-28889352
  • Toll Free: 1800 890 4445 | 1800 425 4445

Digital Banking Support Helpdesk: 044-24371120

Cyber Fraud Complaints: 044-28584890


Steps to Apply for Business Loan on Buddy Loan

Apply for a business loan on Buddy Loan, a leading loan service provider that helps you select the best loan options from RBI-approved lenders.

Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).

Step 2: Open the business loan application page. Enter your mobile number and OTP.

Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.

Step 4: Choose if you have a Business Proof (Yes/ No)

  • If ‘Yes’ (If you have a business proof), enter your business and personal details.
  • If ‘No’ (If you do not have a business proof), choose the profession type and enter your personal details.

Step 5: Provide income details and Click the ‘Submit’ button.

Get a business loan now!

Frequently Asked Questions

The interest rates for IOB business loans vary based on factors such as loan amount, tenure, and creditworthiness.

The maximum loan amount is up to ₹10 crore and depends on various factors, including your business profile, creditworthiness, and the type of loan.

You can use online EMI calculators to calculate your EMI for the business loan amount.

The maximum tenure for an Indian Overseas Bank business loan is typically up to 7 years.

The processing fee on IOB business loan is up to 4% of the loan amount.

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