IndusInd Bank business loan: Eligibility, interest rate, documents, how to apply

IndusInd Bank is a private sector bank that offers business loans for companies established in India. IndusInd Bank business loan is a popular loan product among businesses as it provides unsecured loans to meet medium/long-term working capital requirements.

IndusInd Bank business loan

IndusInd Bank’s business loans are called Business Installment Loans. These are unsecured loans given based on 3 years audited financials and business vintage.

The business loan offers funding for numerous business activities including:

• Working capital requirements
• Short term finance needs
• Funding for business expansion or to acquire another business
• New inventory
• Salary payments
• Vendor payment
• Purchase of new equipment
• Bridge funding to cover the gap in delayed credit limit enhancement

Benefits and features

These are the features of IndusInd bank business loan:

• Loan amounts up to ₹50 Lakh
• Loan tenure up to 48 months
• Easy documentation and speedy processing
• Doorstep service
• Collateral free loans

Eligibility requirements

Given below are the criteria to satisfy for IndusInd bank business loan eligibility:

• Age of the applicant must be 25 to 70 years
• Business should have been in operation for a minimum of three years
• Minimum turnover must be ₹1 Crore in latest financial year with audited financials for 3 years
• Profit before depreciation and tax must be positive for the last three years
• The paid-up capital must be greater than or equal to ₹10 Lakh
• The property of the business establishment must be under the name of the entrepreneur who owns the business

Documents required

Here are the documents required for the application:

• KYC documents
• Company PAN card/ GST registration/Shop and establishment registration/Excise registration/SSI certificate/three years old tax returns showing business income/any other govt. issued certificate to prove business existence
• In the case of proprietary concern, bank statement issued with the name of the company
• In the case of partnership, the partnership deed and PAN card of firm
• In the case of a private limited company: MOA/AOA/Certificate of Incorporation/PAN Card
• Ownership proof: Copy of sales deed/govt. Leased deed/latest property tax receipt/water bill along with latest copy of a paid electricity bill
• Self-attested copies of bank statements from the last six months of all current accounts, savings account, cash credit account, overdraft account.
• Books of accounts of the past three years with full schedules and audit report
• Details of all current loans

Rate of interest

The IndusInd Bank business loan interest rate is between 13% to 22%. The banks will charge up to 3% (plus applicable taxes) if the loan is sanctioned. The bank can modify the interest rate according to prevailing market conditions. You will be notified of any modifications made via mail or SMS.

How to apply?

Follow the steps below to apply for the IndusInd Bank business loan:

1. Visit the official website of IndusInd Bank
2. Click on ‘Business’ option given on the banner of the home page
3. Hover your mouse on products and navigate to ‘Business Loans’
4. Click on ‘Unsecured business loan’ from the drop-down menu
5. Click on the ‘Apply now’ option given on the page
6. Fill the application forms and attach requested documents
7. Click on submit

Do note that you will be asked to register on the website with your phone number and email address along with a few other details before you can apply online for the loan.

If you are having any problems with your application, you can contact the IndusInd Bank business loan customer care by clicking on the ‘Reach us’ option on the home page of the website and clicking on the ‘Contact us’ button.

IndusInd Bank MSME loan

IndusInd bank also offers MSME loans that are unsecured business loans for the MSME segment, primarily targeting rural, semi-urban and urban customers. Have a look at the benefits and features of the MSME loan:

• Customised loans
• Doorstep service
• Tenure of maximum 36 months
• Repayment frequency can be set as per the convenience of the MSME

Here are the eligibility requirements for the MSME loan:

• Age of the applicant must be 18-65 years
• Should be doing the activity for which loan is being applied
• Residing within the operational area of bank

The final loan eligibility will be determined by the loan eligibility criteria set for the specific product. The rate of interest charged for MSME loan is between 18% and 26%.

There are other loan products from private sector banks like HDFC Bank business loan, YES Bank MSME loan, etc., that businesses and MSMEs can explore for funding. Alternatively, you can visit Tata nexarc’s Business Loans platform to get online business loans from reputable lenders of India. We provide unsecured business loans up to ₹30 Lakh with interest rates starting at 13%.