Are you looking for a business loan to expand your business, meet your working capital needs, or acquire another business? If yes, then you might want to consider IndusInd Bank Business Loan as one of your options.
IndusInd Bank is one of the leading private sector banks in India that offers various types of business loans to suit different needs of entrepreneurs and business owners. In this blog post, we will give you a complete guide on IndusInd Bank Business Loan, including its types, interest rates, eligibility criteria, documents required, and how to apply online. Read on to find out more.
What is IndusInd Bank Business Loan?
IndusInd Bank Business Loan is an unsecured loan that is given to businesses for various purposes, such as business expansion, meeting medium/long-term working capital requirements, acquiring another business, buying new equipment, or bridging the gap in delayed credit limit enhancement.
The loan amount provided is up to Rs. 50 lakh with a repayment tenure of up to 4 years. The interest rate ranges from 13% to 22% per annum, depending on the loan amount, tenure, credit score, and other factors. The loan is disbursed quickly and easily with minimal documentation and doorstep service.
What are the Types of IndusInd Bank Business Loan?
IndusInd Bank offers two types of business loans: Business Installment Loan and MSME Loan.
Business Installment Loan
Business Installment Loan is a loan that is given to businesses based on their audited financials and business vintage. The loan amount ranges from Rs. 10 lakh to Rs. 50 lakh with a tenure of up to 48 months.
The loan can be used for any business purpose, such as working capital, business expansion, or acquisition. The interest rate is fixed and starts from 13% per annum. The loan is processed quickly and requires minimal documentation.
MSME Loan
MSME Loan is a loan that is given to micro, small, and medium enterprises (MSMEs) that are primarily operating in rural, semi-urban, and urban areas. The loan amount ranges from Rs. 50,000 to Rs. 10 lakh with a tenure of up to 36 months.
The loan can be used for capital and working capital needs of the MSMEs. The interest rate is fixed and starts from 18% per annum. The loan is disbursed through business correspondents and requires easy documentation and doorstep service.
Interest Rate of IndusInd Bank Business Loan?
The interest rates of IndusInd Bank Business Loan vary depending on the type of loan, loan amount, tenure, credit score, and other factors. The table below shows the indicative interest rates of both types of loans.
| Type of Loan | Loan Amount | Tenure | Interest Rate |
| Business Installment Loan | Rs. 10 lakh to Rs. 50 lakh | Up to 48 months | 13% to 22% p.a. |
| MSME Loan | Rs. 50,000 to Rs. 10 lakh | Up to 36 months | 18% p.a. |
Note: The interest rates are subject to change and may differ from product variant/scheme selected by the customers and may differ from business correspondent to business correspondent.
How to Use IndusInd Bank Business Loan EMI Calculator?
If you want to know how much EMI you will have to pay for your IndusInd Bank Business Loan, you can use the IndusInd Bank Business Loan EMI Calculator. This is an online tool that helps you calculate your monthly installment based on the loan amount, tenure, and interest rate. To use the EMI calculator, you need to follow these steps:
- Visit the IndusInd Bank Business Loan EMI Calculator page.
- Enter the loan amount, tenure, and interest rate in the respective fields.
- Click on the “Calculate” button.
- The EMI calculator will display the monthly EMI, total interest payable, and total amount payable for your loan.
You can also change the loan amount, tenure, and interest rate to see how they affect your EMI. This will help you plan your budget and repayment accordingly.
How to Contact IndusInd Bank Business Loan Customer Care?
If you have any queries or complaints regarding your IndusInd Bank Business Loan, you can contact the IndusInd Bank Business Loan Customer Care through the following channels:
- Phone: You can call the toll-free number 1860 500 5004 or 022 44066666 from Monday to Saturday between 9:00 am to 6:00 pm (except national holidays).
- Email: You can write an email to reachus@indusind.com with your loan details and query or complaint.
- Branch: You can visit the nearest IndusInd Bank branch and speak to the customer service executive.
- Online: You can fill the online form on the IndusInd Bank website and submit your query or complaint.
How to Apply for IndusInd Bank Business Loan Online?
If you want to apply for IndusInd Bank Business Loan online, you can follow these steps:
- Visit the IndusInd Bank Business Loan page.
- On the up site right corner on the page click the “Apply Now” button.
- Fill in your personal and business details in the online application form.
- Upload the relevant documents according to with the checklist .
- Submit the application form and wait for the confirmation message.
- If you match the qualifying conditions, the bank will verify your information and papers and approve your loan.
- Within a few days, the loan money will be transferred to your bank account.
What are the Eligibility Criteria for IndusInd Bank Business Loan?
The eligibility criteria for IndusInd Bank Business Loan depend on the type of loan, loan amount, and other factors. The following are the general eligibility requirements:
For Business Installment Loan
- The applicant should be an Indian citizen and a resident of India.
- The applicant should be between 25 to 70 years of age (for second generation business, minimum age is 21 years).
- The candidate must have a minimum annual revenue of Rs. 1 crore in the latest financial year with audited financials for 3 years.
- The applicant should have a positive PBDT (profit before depreciation and tax) in the latest 3 years.
- The applicant’s paid-up capital must be at least Rs. 10 lakh.
- The applicant should have a minimum business vintage of 3 years.
- The applicant should have a clean past payment history for a minimum of Rs. 4 lakh loan.
- The applicant should have ownership of property.
For MSME Loan
- The applicant should be an individual between 18 to 65 years of age.
- The applicant should have officially valid documents as KYC (know your customer).
- The applicant should be doing the activity for which the loan is being applied.
- The applicant should be residing within the operational area of the bank through the business correspondent.
Documents Required for IndusInd Bank Business Loan?
The documents required for IndusInd Bank Business Loan vary depending on the type of loan, loan amount, and other factors.
For Business Installment Loan
- Application form with photograph
- KYC documents such as valid identity proof, address proof, date of birth proof, and signature proof
- Business continuity proof such as company PAN card, GST registration, shop and establishment registration, excise registration, SSI certificate, 3 years old ITR showing business income, or any other government issued certificate establishing business existence
- Constitutional documents such as proprietary concern, partnership deed and PAN card of firm, or MOA/AOA/certificate of incorporation/PAN card of company
- Ownership proof such as copy of sales deed, EC, government leased deed, latest property tax receipt, water bill along with latest paid electricity bill
- Banking details such as latest 6 months bank statements of all CA/SA/CC/OD accounts
- Financials such as copy of latest 3 years ITR along with computation and acknowledgement, 3 years financials with full schedules and audit report (form 3CD and 3CB), and details of all running loans
For MSME Loan
- Application form with photograph
- KYC documents such as valid identity proof, address proof, date of birth proof, and signature proof
- Business proof such as business registration certificate, GST registration, shop and establishment certificate, or any other document showing business existence
- Banking details such as latest 6 months bank statements of all CA/SA/CC/OD accounts
- Financials such as copy of latest ITR along with computation and acknowledgement, and details of all running loans
Conclusion
IndusInd Bank Business Loan is a good option for businesses that need funds for various purposes, such as business expansion, working capital, acquisition, or equipment purchase. The loan offers attractive interest rates, flexible repayment options, quick processing, and minimal documentation.
The loan is available in two types: Business Installment Loan and MSME Loan, catering to different segments and needs of businesses. You can apply for the loan online or offline and get the loan amount disbursed to your bank account within a few days. You can also use the EMI calculator to plan your budget and repayment.
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FAQs
Q: What is the maximum loan amount offered by IndusInd Bank Business Loan?
IndusInd Bank Business Loan offers a maximum loan amount of Rs. 50 lakh for Business Installment Loan and Rs. 10 lakh for MSME Loan.
Q: What is the interest rate of IndusInd Bank Business Loan?
The interest rate of IndusInd Bank Business Loan ranges from 13% to 22% per annum for Business Installment Loan and 18% per annum for MSME Loan.
Q: What is the repayment tenure of IndusInd Bank Business Loan?
The repayment tenure of IndusInd Bank Business Loan is up to 48 months for Business Installment Loan and up to 36 months for MSME Loan.
Q. What are the features of Business Installment Loan?
Business Installment Loan offers loan amounts from Rs. 10 lakh to Rs. 50 lakh, with a fixed interest rate starting from 13% per annum, quick processing, and minimal documentation requirements.