IDBI Bank Business Loan
Last Updated : Oct. 25, 2016, 7:31 a.m.
IDBI bank answers to all your business need by providing the business loans for the maximum amount of up to Rs. 35 lakhs. The candidates can take a loan for the expansion of the running business entity or to meet the working capital requirements. The loan is available for the maximum tenure of 4 years. The eligible candidates can apply for the loan online or by visiting the nearest branch.
IDBI Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rates | As applicable by the bank |
| Loan Amount | Up to 35,00,000 |
| Tenure | 4 years |
How To Apply
The application process is simple and quick. You can apply for the IDBI Bank business loan through any of the following channels :
- Visit the nearest bank branch
- Apply online by clicking on the quick link available on the bank’s official website
IDBI Business Loan EMI Calculator
Avoid tiring process of EMI calculation by using the Business Loan EMI Calculator that is designed to help the customers. It makes the calculation effortless and speedy. The result is computed in a very less time. You just put the required values in the calculator ( loan amount, tenure and rate of interest) to know your EMI.
For instance, if I avail the loan of Rs. 35,00,000 for the tenure of 4 years at the prevailing rate of interest which is 13% p.a – 14% p.a then your EMI will be
Table Showing EMI, Total Interest Amount, Total Repayment Amount
| Loan Amount | Loan Tenure | Interest Rate | EMI | Total Interest Outgo | Total Amount (EMI+Interest) |
|---|---|---|---|---|---|
| Rs. 35,00,000 | 1 year | 13% p.a – 14% p.a | Rs. 3,12,610 - Rs. 3,14,255 | Rs. 2,51,326 - Rs. 2,71,059 | Rs. 37,51,326 - Rs. 37,71,059 |
| Rs. 35,00,000 | 2 years | 13% p.a – 14% p.a | Rs. 1,66,396 - Rs. 1,68,045 | Rs. 4,93,513 - Rs. 5,33,082 | Rs. 39,93,513 - Rs. 40,33,082 |
| Rs. 35,00,000 | 3 years | 13% p.a – 14% p.a | Rs. 1,17,929 - Rs. 1,19,622 | Rs. 7,45,438 - Rs. 8,06,381 | Rs. 42,45,438 - Rs. 43,06,381 |
| Rs. 35,00,000 | 4 years | 13% p.a – 14% p.a | Rs. 93,896 - Rs. 95,643 | Rs. 10,07,019 - Rs. 10,90,848 | Rs. 45,07,019 - Rs. 45,90,848 |
Amortization Table
| Year | Principal Payment | Interest Outgo | Balance Amount |
|---|---|---|---|
| 1 | Rs. 701,606 - Rs. 713,259 | Rs. 413,493- Rs. 446,110 | Rs. 2,786,741- Rs. 2,798,394 |
| 2 | Rs. 806,385 - Rs. 811,710 | Rs. 315,042- Rs. 341,331 | Rs. 1,975,031- Rs. 1,992,009 |
| 3 | Rs. 923,755- Rs. 926,811 | Rs. 202,997- Rs. 220,905 | Rs. 1,051,276- Rs. 1,065,198 |
| 4 | Rs. 1,052,282- Rs. 1,066,301 | Rs. 75,489- Rs. 82,493 | Rs. 0 |
Features And Benefits
- Loans provided at attractive rate of interest
- Quick disbursal
- Hassle free process
- Loan available up to Rs. 35,00,00
IDBI Business Loan Eligibility Criteria
The candidates with business registration under following categories are eligible to apply for the business loan-
- Proprietorship Firm
- Partnership
- Limited Liability Partnership
- Pvt Ltd. Companies
The applicant must be of age between 21 years to 65 years . The business vintage of minimum 3 years is essential along with annual turnover ranging from Rs. 30 lakhs to 10 crores .
IDBI Business Loan Application Form
You can fill an online application form or download the application form the bank’s official website. You can avail the loan application form from the IDBI Bank branch as well.
Documentation Required :
- Application form with passport sized photograph
- KYC documents
- PAN Card/ Form 60 For All Applicant/Co- applicant/Guarantor
- Last 2 years Income Tax Return document
- Bank statements for the last 6 months
- 2-year financials including Profit & Loss (P&L) statement and balance sheet
- Documents related to establishment of entity, identity and address proof documents
IDBI Bank Business Loan Status
You can track the loan status online. Tracking will help you know the current position of your application. You can even contact the customer care services to know the loan status.