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.
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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.
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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. | |
| SME-GOLD: Jewel Loans for all business needs, using jewels as primary security. | Up to ₹25 lakhs. | |
| IOB-Tejas: To install Solar Rooftop / Ground Mounted grid-connected systems. | Up to ₹9 crore. | |
| IOB-SME-Easy: Working capital for operations, term loans for creation/purchase of fixed assets/Demand loan for short term expenses. | Minimum above ₹10 Lakh onwards | |
| MSME-INSTA-FUND: To meet out WC requirements of urgent bulk/ additional orders over and above the regular orders of Micro, Small, Medium Enterprises. | Up to ₹25 crore. | |
| IOB-Merchant-Credit-Card-M-Card: Working Capital requirement and for promoting digital payment among GST and/ or URP registered MSME units. | 10% of Fund Based WC limit or ₹5 Lakhs whichever is lower. |
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.
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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:
- Visit IOB Bank Website and locate the “MSME” section.
- Click on the “Application Forms” and select “Apply MSME Online”.
- Fill out the application form including business details, loan purpose, and financial statements.
- Submit scanned copies of the documents listed on the website.
- Review your application details for accuracy and Submit.
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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
Email: csd@iobnet.co.in
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 verified lenders.
Step 1: Visit buddyloan.com 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.
Or - 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.
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