IndusInd Bank offers unsecured business loan at fixed interest rate of 13% – 22% p.a. for business purposes, such as business expansion, meeting medium/long-term working capital requirements. The loan amount offered is maximum up to Rs. 50 lakh with a repayment tenure of up to 4 years. The loan is sanctioned on the basis of the company’s 3 years of audited financials and business vintage.
IndusInd Bank Business Loans Highlights
| Interest Rate | 13% to 22% p.a. (Fixed) |
| Purpose | For business purposes, including expansion and to meet medium and long-term working capital requirements |
| Loan Amount | Up to Rs. 50 lakh |
| Repayment Tenure | Up to 48 months |
| Doorstep Delivery | Available |
Comparison of Business Loan offered by IndusInd vs other Banks/NBFCs
| Bank/NBFCs | Interest Rate | |
| Axis Bank | 10.75% p.a. onwards | Apply Now |
| Flexiloans | 1% per month onwards | Apply Now |
| HDB Financial Services Ltd. | 8% - 26% p.a. | Apply Now |
| HDFC Bank | 10.75% - 25% p.a. | Apply Now |
| IDFC First Bank | 10.50% p.a. onwards | Apply Now |
| Indifi | 1.50% per month onwards | Apply Now |
| Kotak Mahindra Bank | 16% - 26% p.a. | Apply Now |
| Lendingkart | 12% - 27% p.a. | Apply Now |
| Mcapital | 2% per month onwards | Apply Now |
| NeoGrowth Finance | 15% - 40% p.a. | Apply Now |
| Tata Capital | 12% p.a. onwards | Apply Now |
| UGRO Capital | 9% - 36% p.a. | Apply Now |
Best SME/MSME Loan offers are just a click away Apply Now
IndusInd Bank Business Loan Processing Fees & Charges
| Category | Charges |
| Processing Fee | Up to 3% (plus applicable taxes) of the facility amount for sanctioned cases only |
|
Foreclosure Charges |
Up to 5.5% depending upon scheme and tenure completed |
| Cheque Dishonour Charges | Rs. 500 + GST per instance |
| Stamp Duty/ statutory and other charges | As per applicable laws of the state |
Co-lending Partner
Blue Jay Finlease Limited (Zip Loans)
| Interest Rate (Fixed) | 21%-30% depending on ZipScore |
| Product type | Small size Business Loan (Unsecured) with Fixed Monthly EMI |
| Loan Amount | Up to 5 lakh for new customers, Up to 10 lakh for Top Up customers |
| Repayment Tenure | Up to 3 years |
Purpose of Business Installments Loan
- To meet working capital requirements
- To manage short term cash needs
- For business expansion or to acquire another business
- To add new inventory and pay salaries
- To pay vendors or buy new equipment
- For buying machinery/equipment and for timely vendor payment
- Bridge Funding for covering the gap caused by delays in credit limit increases
Eligibility for IndusInd Bank Business Loan
Financials:
- Minimum Turnover: Rs. 1 crore in latest financial year along with audited financials for 3 years
- Profitability: Positive Profit Before Depreciation and Tax (PBDT) in the last 3 years
- Paid up Capital should be more than or equal to Rs.10 lakh
Non-Financials:
- Age: 25 years – 70 years (For 2nd generation business owner age 21 years)
- Business Tenure: Minimum 3 years
- Past Payment History: 12 months’ clean track for minimum Rs. 4 lakh loan
- Applicant should own a property
Documents Required for availing Business Loan
KYC Documents: Valid Identity, Address, Date of Birth and Signature Proof
Business Continuity Proofs: Company PAN card, GST registration, Shop & establishment registration, Excise registration, SSI certificate, Last 3 years’ ITR showing business income and any other Govt. Issued Certificate establishing business existence
Ownership Proof: Copy of Sales Deed/ EC/ Govt. Leased Deed/ Latest Property tax receipt/ Water bill along with Latest Paid Electricity bill
Banking: Latest 6 months’ bank statements of all CA/ SA/ CC/ OD account (Self-attested)
Financials:
- Copy of the Latest 3 years’ ITR along with Computation and Acknowledgement
- 3 years financials with full schedules &audit report (Form 3CD & 3CB)
- Details of all running loans
Constitutional Documents
- Proprietary Concern: Bank statement infirm name along with any of the document, as mentioned in Business Continuity Proof
- Partnership: Deed and PAN card of Firm
- Company: MOA / AOA / Certificate of Incorporation/ PAN Card
FAQs
What is the minimum and maximum tenure of IndusInd Bank business loan?
Ans. The repayment tenure of business loan ranges between 12 months – 48 months
How much IndusInd Bank business loan amount can I avail?
Ans. The minimum loan amount that can be availed is Rs. 10 lakh and the maximum are up to Rs. 50 lakh
What security do I need to provide to avail IndusInd Bank Business loan?
Ans. Being an unsecured loan, there is no need to submit any security or collateral.