IndusInd Bank Business Loan
Based on 157 Customer Reviews
Published on: January 24, 2018
Based on 157 Customer Reviews
Published on: January 24, 2018
About the bank
IndusInd Bank Limited is a Mumbai based India’s 6th most committed private bank, which offers commercial, transactional and electronic products and services in the banking sector. It has been recognized for its exceeding services and high end-products which befit all the sections of the society and their needs. The bank was established in 1994 and inaugurated by our then Union Finance Minister Manmohan Singh. As on 30th June 2016, IndusInd bank has a network of over 1,004 branches and 1886 ATM’s across 625 locations of the country. It also has representative branches in London, Dubai and Abu Dhabi. IndusInd Bank Limited is considered as the first among the new generation private banks established in India.
IndusInd bank business loan
IndusInd business loan plays predominant importance to its customer representatives so that a maximum level of customer satisfaction is achieved. IndusInd bank business loans in India are introduced keeping in mind the sole proprietorship firms and private and partnership firms. Under a business loan, an entrepreneur can borrow the loan amount to use it for business growth and expansions or to fund a start-up venture. IndusInd business loans have become a popular choice for many business ventures due to its simplified documentation, flexible tenures, and lower interest rates. IndusInd Bank business loans are quick in processing, competitive and customized to suit each of your business needs. Afinoz.com has an exclusive collaboration with the IndusInd bank. So, applying for an IndusInd business loan with Afinoz.com makes the process of application and approval of loans from IndusInd much quicker and easier. By availing of the benefits of IndusInd business loans with Afinoz.com, applicants may achieve their dreams of taking their business to a new level of success by getting a prompt approval with ascertained satisfaction.
What is Afinoz.com?
Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +918795021552 or by emailing at firstname.lastname@example.org. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.
Features and benefit of IndusInd business loan
IndusInd Bank has attractive benefits from quick approval of loans, to attractive interest rates along with longer loan tenures. Quantum of business loan offered by the IndusInd bank to customers depends on a lot of factors (profits generated by the business in the last 3 years, amount of tax paid and occurring in ITR filed over the past 2-3 years, credit history etc.) including their requirements and repayment history. Here are some features and benefits of IndusInd bank business loan:
- Quick online eligibility check and disbursal service: Check your eligibility for business loan from IndusInd bank online within a minute on our website Afinoz.com. Loans are usually disbursed within 3 to 4 working days of the approval based on your credit history.
- Flexible repayment period of business loans ranging from 1 to 5 years.
- Fast processing of loans
- Simple documentation
- Women professionals can avail a customized offer on business loans as specified by IndusInd bank called women entrepreneur business loans.
- The takeover of your existing loans at competitive rates. You can enjoy lower EMIs by transferring your existing business loan to IndusInd Bank and save on your interest payments.
- No collateral/security/guarantor for loans up to 10 lakhs
- Pay interest only on the amount that has been utilized
- Very less pre-payment charges
- Secured natural/accident cover: All of your loan amount will be covered by insurance in case of death of the borrower. In these cases, the disbursed loan amount is evaluated to calculate the insurance premium.
- Low processing fee
- Existing IndusInd Bank customers can avail special offers, attractive interest rates, and charges on loans
- Complete transparency
- You can borrow loans up to Rs 50 lakhs for business consumption from IndusInd bank
- Zero hidden charges
IndusInd Bank business loan eligibility and IndusInd Bank business loan interest rates can be easily evaluated through and seen on Afinoz. If there is any query about IndusInd Bank business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at email@example.com and get all the solutions at one go.
IndusInd Bank Business loan eligibility criteria
Any individual who is an Indian citizen with a residual income and the ability to repay the loans is eligible for IndusInd business loans. The other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan are mentioned below:
- Profile of the borrowers who are eligible to apply for IndusInd business loans:
- Self-employed Professionals (Individuals who hold degree or diploma in any of the fields like engineering, medicine, accounting, company secretaries or designers who are in a profession and are either the sole proprietors, partners or directors of the company)
- Private Limited Companies
- Partnership Firms
- Closely held Public Limited Firms (Not listed in any of the stock-exchange)
- Age of the borrower: Minimum age of the applicant at the time of applying for loan should be 22 years and no more than 60 years at the time of maturity of the loan
- Minimum turnover of the company or business should be at least Rs. 2 crore
- Income: Should have a minimum of Rs. 1.5 lakhs as annual income in case of Self-employed Professionals/Non-professionals
- Work experience: Borrower should be in the current business for a minimum of 3 years or have 5 years of total business experience
- Business/Firm should have a minimum net worth of Rs. 10 lakhs
- CIBIL score: Loan approval will be difficult if your CIBIL score is low. Usually, the loans that are approved have a score of 600-750. In some cases, if your credit score is low, but your business is doing good in recent times then your loan application might get approved and you might have to pay a high-interest rate and will offered many unfavorable terms and conditions on your loan
- IndusInd Bank business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.
IndusInd business loan documents required
The business loan entails the simplest form of documents which can be categorized broadly into two classes as: -
- Documents for Self-employed Professionals/Non-professionals
- Identity proof:(Any one of the following) Copy of Aadhaar Card/PAN card/Passport/Voter's ID/Driving license
- Address proof:(Any one of the following) Copy of Aadhaar Card/Passport/ Electricity bill/Lease agreement/sales tax certificate/Trade license in name of the sole proprietor
- Cheque of Processing Fee
- Bank statement: Last 12 months bank statements of savings account along with current account
- Financial documents: Copies of the IT returns/P & L and balance sheet of the last 2 years audited and certified by chartered accountant
- Copy of Memorandum & Articles of Association certificate
- Documents for Private Ltd. Companies and Partnership Firms
- PAN card of the Company/Firm
- Age proof of all the Partners/Directors: (Any one of the following) PAN card/Passport/Aadhaar Card
- Residence proof of all the Partners/Directors: (Any one of the following) Utility bills/Passport/Bank Statement/ Registered Rent Agreement
- Proof of Business: Shop and Establishment Certificate/Service Tax Certificate/Vat Registration Certificate
- Last 3 years IT returns/ P & L and balance sheet certificates authorized and certified by CA
- MOA, AOA, List Of Directors, Share Holding Partners of the Company
- Profile of the business on the Letter Head of the Company
- Letter of the existing loan sanction with repayment history record of the company and individual Directors
- Copy of partnership deed of the firm, trade license, certificate of practice, registration certificate as issued by SEBI, RBI
IndusInd Bank business loan interest rates
11.99% to 23%*
1 year to 5 years
1% of the total loan amount + Service Tax
Subject to a minimum of Rs 1000 and maximum of Rs.25000
No prepayment permitted until the repayment of 12 EMI’s
2 to 3% of the remaining loan amount + Service tax
No due certificate/ No Objection Certificate(NOC)
Duplicate No due certificate/ NOC
Special Note:*Rates are subject to periodic change. Business loan interest rates in IndusInd Bank & other fees and charges are subject to regular review and can vary with each customer. IndusInd Bank business loan interest rates can differ depending on your creditworthiness & other factors. The final interest rate will be based on different criteria including the bank’s internal policies & applicable rates at the time of approval.
Why should you apply for an IndusInd bank business loan through Afinoz?
Afinoz.com is India's leading personalized financial marketplace. We have created a business loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.
- Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
- Real-time application tracking–Keep track of your application’s status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
- Online eligibility check - Do all your dealings with the bank online. You have to provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from an IndusInd bank for financing your business.
- Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
- 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
- No third-party agent –Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz without approaching any agent.
- Free quotations – Get the best online deals on IndusInd bank business loans and free unbiased quotes on business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.
How to apply for IndusInd bank business Loan on Afinoz?
IndusInd Bank has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.
Business owners can apply for a loan in IndusInd bank through Afinoz.com in the following three simple steps:
- Check your eligibility for the loan:-Firstly, you need to make sure you meet IndusInd bank’s business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and get's you a quick quotation on the best business loan options available to you immediately.
- Select the loan amount and tenure: - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
- Upload and submit documents:-In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from the IndusInd bank. The bank then verifies the applicant's information and starts processing the loan for disbursement.
At each step of the application process, Afinoz.com allows it's applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become a popular option among a large number of business owners.
Query-How to calculate the eligibility of IndusInd business loan on Afinoz.com?
Reply-Afinoz.com provides you with an EMI calculator called business loan eligibility calculator which you can use to determine your eligibility for a business loan application.
Query-What are the current IndusInd Bank business loan rates?
Reply- IndusInd business loan interest rate today ranges from 11.99% to 23% for self-employed professionals and private/partnership firms.
Query-How much loan amount can I avail?
Reply-You can avail a maximum amount of Rs.15 lakhs to Rs.25 lakhs from IndusInd bank depending on your eligibility and your requirements.
Query-What is the minimum and maximum tenure of IndusInd Bank business loan?
Reply-You can repay your business loan from IndusInd Bank in a period of 1 to 5 years.
Query-Is there a processing fee charged by IndusInd Bank on the business loan?
Reply-Yes, a small processing fee of 1% of the total loan amount is charged by the bank to the borrower.
Query-Is it safe to share my personal data online?
Reply-Afinoz.com is a premier financial portal which does not share any of its client data with any third party other than the concerned financial institution. Data is sent online in an encrypted format making it safe and secured.
Query-How do I repay my Business loan?
Reply- You have to repay your loan in equated monthly installments (EMI). You can either opt for post-dated cheques or for direct debit of your EMI payments from your IndusInd Bank account.
Query-What security do I need to provide to avail a Business loan?
Reply-No security or collateral is required while applying for business loans upto Rs. 10 lakhs.
Reply-If all of your documents are up-to-date and you have by-passed the bank’s eligibility criteria, then you can expect to get the loan approved within 3 to 4 working days of loan application submission.
Query-How can I track my loan application?
Reply- You will get a unique transaction ID when you first sign up with business loan application on Afinoz.com. You can use this ID to track down your application on www.afinoz.com. In addition to this transaction ID, we also send alerts via SMS and email to our customer on their registered mobile number and mail ID’s informing them about the progress of their application in real-time.
For any query about IndusInd Bank business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at firstname.lastname@example.org.