IndusInd Bank Business Loan
Last Updated : Nov. 1, 2016, 7:19 a.m.
IndusInd Bank business loan is the perfect choice for meeting the capital deficit in business. The loan amount can be used for any business purpose like the purchase of new office or extension of the old building. The minimum loan amount credited by the bank is Rs.50,000 and the maximum loan amount is fixed to Rs.15,00,000. The loan is provided for the period ranging from 12 – 60 months. The maximum tenure limit is 5 years. The rate ranges from 14% -23% p.a. The bank charges interest on the basis of the loan amount disbursed, tenure and the nature of business. Pre-payment is not allowed until 6 EMIs are paid and after 6 months the loan can be closed off earlier at the penal rates. The penal rates and other necessary loan details are given below :
IndusInd Bank Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rates | As applicable by the bank |
| Minimum Amount | Rs.50,000 |
| Maximum Amount | Rs.15,00,000 |
| Loan Repayment Tenure | 12 months to 60 months |
| Maximum Loan Tenure | 5 years |
| Processing Fee | 0.5% - 2% |
| Pre-payment charges | - Not permitted till 6 months - After 6 months 4% of the remaining amount |
How to Apply:
To apply for IndusInd Bank business loan visit the nearest bank branch. Fill in the application form and submit the necessary documents. After verification of application and documents, the authorities will inform you regarding the further process.
IndusInd Bank Business Loan EMI Calculator
Is calculation of EMI a hectic task? Use the business loan calculator to make it easy for you. With the help of a calculator you can calculate the installment amount in the fraction of seconds. The calculator reveals the accurate results and makes the comparison of EMI and total repayment on different rate of interest easy. Just enter the loan amount, tenure & interest rate, and the calculator will tell you your EMI. It will also compute the total interest amount and loan maturity amount including interest and principal.
Let’s pick up an example for better understanding. If a person avails the loan of Rs.15,00,000 for the tenure of 5 years than his /her EMI at the current rate of interest will be ranging from Rs. 34,902 – Rs. 42,286. The total repayment amount will vary from Rs. 20,94,143 – Rs. 25,37,142.
Table Showing EMI, Total Interest Outgo and Total Amount
| Loan Amount | Rate Of Interest (p.a.) | Tenor | EMI | Total Interest Amount | Total Amount (Principal + Interest) |
|---|---|---|---|---|---|
| Rs.15,00,000 | 14% –23% | 1 year | Rs. 1,34,681 - Rs. 1,41,114 | Rs. 1,16,168 - Rs. 1,93,374 | Rs. 16,16,168 - Rs. 16,93,374 |
| Rs.15,00,000 | 14% –23% | 2 years | Rs. 72,019 - Rs. 78,560 | Rs. 2,28,464 - Rs. 3,85,439 | Rs. 17,28,464 - Rs. 18,85,439 |
| Rs.15,00,000 | 14% –23% | 3 years | Rs. 51,266 - Rs. 58,065 | Rs. 3,45,592 - Rs. 5,90,325 | Rs. 18,45,592 - Rs. 20,90,325 |
| Rs.15,00,000 | 14% –23% | 4 years | Rs. 40,990 - Rs. 48,077 | Rs. 4,67,506 - Rs. 8,07,706 | Rs. 19,67,506 - Rs. 23,07,706 |
| Rs.15,00,000 | 14% –23% | 5 years | Rs. 34,902 - Rs. 42,286 | Rs. 5,94,143 - Rs. 10,37,142 | Rs. 20,94,143 - Rs. 25,37,142 |
Amortization Table
| Year | Principal Payment | Interest Outgo | Balance Amount |
|---|---|---|---|
| 1 | Rs. 222,757 - Rs. 180,697 | Rs. 196,067 - Rs. 326,735 | Rs. 1,277,243 - Rs. 1,319,303 |
| 2 | Rs. 256,027 - Rs. 226,931 | Rs. 162,797 - Rs. 280,501 | Rs. 1,021,216 - Rs. 1,092,372 |
| 3 | Rs. 294,260 - Rs. 284,995 | Rs. 124,564 - Rs. 222,437 | Rs. 726,956 - Rs. 807,377 |
| 4 | Rs. 338,206 - Rs. 357,915 | Rs. 80,618 - Rs. 149,517 | Rs. 388,750 - Rs. 449,462 |
| 5 | Rs. 389,153 - Rs. 450,257 | Rs. 30,109 - Rs. 57,941 | Rs. 0 |
Features and Benefits
The benefits of availing a business loan from IndusInd Bank are as follows :
- Fast Processing
- Competitive Rate of Interest
- Easy Documentation
- Quick Disbursal
- Reliable service offered
- Regular and all time customer care service available
IndusInd Bank Business Loan Eligibility Criteria:
- Salaried individuals
- Self-employed individuals/ professionals
- Sole entrepreneurs
- Partnership firms
Documents Required:
- PAN Card
- Identity Proof
- Address Proof
- Passport Size Photographs of all applicants and co-applicants
Financial Documents Required
| Category | List of Documents |
|---|---|
| Self-Employed Individuals / Sole Proprietorships | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet |
| For Self-Employed Professionals | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.) |
| For Partnership Firms / Private Limited Companies | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Partnership Deed and partnership authority letter for partnership firms - Memorandum and Articles of Association and Board Resolution from the company - Certificate of Incorporation (COI) for companies - Latest shareholding patterns for Private Ltd. / Public Ltd. companies |
Factors Affecting Business Loan Eligibility
Following factors impact the loan eligibility of the candidate :
- Loan Repayment track
- Credit Performance / Credit Bureau Update
- Debt servicing ability of the customer
- Business Vintage
- Financial Ratios
- Existing relationship
IndusInd Bank Business Loan Interest Rate
The rate of interest depends on the amount of deposit and the tenure of the deposit. Nature of business also affects the rate of interest. IndusInd bank offers business loan at the rate of interest ranging from 14%p.a to 23%p.a. To know the rate of interest on your loan contact the concerned authorities.
IndusInd Bank Customer Care Toll-Free Number
The bank cares for its customers hence, allows them to directly talk to the product experts and get the best advice. The bank has set up the customer care cell to address the grievances of the people. The customers can contact the customer care executive on the toll-free number 1860 500 5004 and verify all doubts and queries.