Beginning or growing a business can be an arduous journey with many challenges. One big challenge is getting enough money to start or expand. If you’re a business owner in India, IndusInd Bank can help with their business loans. These loans are designed to meet different financial needs. Let’s explore why you might want to consider an IndusInd Bank business loan for your business financing.
IndusInd Bank Business Loan
IndusInd Bank knows that every business is different, so they make their business loans flexible. They can provide up to ₹50 lakhs for people who want to grow their business, get money for daily operations, buy new equipment, or manage regular expenses. You can take up to 4 years to repay the loan, making it easier for businesses to manage their finances without too much stress.
IndusInd Bank Business Loan Highlights
| Loan Amount | Repayment Tenure | Interest Rates Range |
|---|---|---|
| Up to ₹50 lakhs | Up to 4 years | 13% p.a. – 22% p.a. |
Features and Benefits
IndusInd Bank business loans come with many advantages, making them a top choice for businesses. Here are the main features and benefits of getting a business loan from IndusInd Bank:
Loan Amount: You can get up to Rs. 50 lakh.
Repayment Tenure: You have up to 4 years to pay it back, and you can choose a schedule that works for you.
Simple Documentation: The paperwork is easy, and you can get approval quickly.
Versatility: You can use the loan to grow your business, get capital, or handle everyday expenses.
Convenient Services: You can apply for the loan without leaving your home – they come to you.
Eligibility Criteria
Let’s discuss the eligibility criteria for a business loan from IndusInd Bank. Note that the variables may vary according to the specific loan type and other factors.
| Criteria | Details |
| Age of eligibility | 25-70 years (for 2nd gen businessmen, the minimum entitled age is 21 years) |
| Minimum operational period | 3 years |
| Past payment history | 12 months of good standing for at least a loan of Rs.4 lakh |
| Ownership | Ownership of property is required |
| Profitability | Positive PBDT in the last 3 years |
| Total capital paid | Over Rs.10 lakh |
| Minimum turnover | Rs.1 crore in the most recent financial year with three years’ worth of audited financials |
Interest Rate
IndusInd Bank provides business loans with interest rates that can be between 13% and 22%. If your loan gets approved, the bank charges a fee of up to 3% on the approved amount, plus any taxes that apply. Remember, these interest rates can change depending on how the market is doing.
Necessary Documentation
To apply for a business loan at IndusInd Bank, you’ll need to provide the following documents:
- A filled-out application form with a photo.
- KYC documents showing proof of your identity, address, date of birth, and signature.
- Documents proving your business is ongoing, like the company’s PAN card, GST registration, and Shop and Establishment registration.
- Documents related to the type of business, such as those for a sole proprietorship, partnership, or company.
- Proof of ownership of your business.
- Banking details, including the latest 6 months’ statements from all your accounts.
- Financial statements, including copies of your tax returns for the last three years, financial statements with complete schedules, and an audit report.
You may also want to read Canara Bank Business Loan
Applying for IndusInd Bank Business Loan Online
To apply for an IndusInd Bank business loan, follow the easy steps outlined below:
- Navigate to IndusInd Bank’s official website.
- Select the ‘Business’ category featured in the banner on the homepage.
- Move your cursor to the ‘Products’ section and proceed to ‘Business Loans’.
- From the options presented, choose ‘Unsecured business loan’.
- Click on ‘Apply now’, which you will find on the page.
- Complete the application form with the necessary details and upload the required documents.
- Submit your application by clicking on the designated submit button.
- A customer service associate will reach out to you to provide assistance and guidance throughout the application process.
Please note that during this process, you’ll be prompted to create an account on the website using your mobile number and email address, along with additional pieces of information, before you can submit your online loan application.
Applying for IndusInd Bank Business Loan offline
- Locate and visit your nearest IndusInd Bank branch.
- Ask for the Business Loan application form.
- Complete the form and fill in all the required information.
- Submit the completed form and accompany it with the necessary documents.
- Your loan application will be processed following verification of the provided details.
Fees and Charges
To be well-versed with the cost implications, here’s a neat table detailing the essential fee structure associated with IndusInd Bank’s business loan:
| Charges | Amount |
| Processing Fees | Up to 3% of the loan amount |
| Interest Rate | Between 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 |
Conclusion
In conclusion, the IndusInd Bank’s business loan provides an all-encompassing financial service for businesses seeking monetary support. Their competitive edge in cost-effectiveness and client-oriented service makes them a worthy consideration for your next business expansion.
Frequently Asked Questions (FAQs)
You can apply for a business loan with IndusInd Bank either by visiting the nearest branch or applying online through their official website.
No, IndusInd Bank’s business loan offerings are typically unsecured, which means collateral or security is not usually required.
Business owners can avail of a maximum loan amount of up to Rs. 50 lakh from IndusInd Bank.
The repayment tenure for IndusInd Bank’s business loan can go up to 4 years.
The primary eligibility criteria include the applicant’s age (25-70 years, 21 for second-generation entrepreneurs), minimum operational period (3 years), past payment history (12 months of a good standing loan of Rs. 4 lahks), ownership of property, positive PBDT in the last 3 years, total capital paid (over Rs.10 lakh), with a turnover of Rs. 1 crore in the most recent year.
The interest rates for IndusInd Bank business loan range from 13% p.a to 22% p.a.
You must submit your KYC documents, proof of business continuity, constitutional documents, proof of ownership, banking history, and financial statements for three years with schedules and audit reports.
Yes, foreclosure charges of up to 5.5% may apply depending on the scheme and the tenure completed.
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