Idbi Bank Business Loan
IDBI Bank is amongst the leading banks today and provides multiple financial products to its customers. The bank has never failed to keep the trust and provide the best financial services to its customers. IDBI Bank provides a business loan to almost all type of organizations as well as for starting up your own business.
You can easily get huge amount of funds to meet your financial requirements or start your own business with IDBI Business Loan. The bank provides the business loan at low-interest rates with minimal documentation and quick disbursal of funds. Multiple different types of loans are provided by the bank to perfectly suit your financial requirements.
Why to Apply for IDBI Business Loan?
IDBI Bank business loan is instantly available at quite an affordable interest rate, so you can easily meet your urgent financial needs with IDBI. Here are some other benefits of IDBI Business Loan; have a look:-
- Different loan schemes
- Affordable interest rates
- Hassel-free application process
- Processing fee only up to 1%
- Loan available up to 10lac
- Easy repayment in low EMIs
- Instant disbursal of funds
- Minimal documentation
- Basic eligibility criteria
Idbi Bank Business Loan Interest Rate
Loan Amount
Starting From Rs. 50,000 up to Rs. 25 lakhs
Interest Rate |
10.99% - 20.00% |
Loan Tenure |
12 to 60 months |
Processing Fee |
2.50%, Minimum Rs. 1,000 Maximum Rs. 25,000 |
Foreclosure Charges |
Allowed after 12 EMIs, Prepayment charges vary by year: 2nd year - 4%; 3rd year - 3%, after 3 years - 2% |
Age |
21 years up to 60 years |
Know the Features of IDBI Business Loan
IDBI offers hassle-free loan procedure and makes the business loan instantly available to the borrowers in just a few days. There are multiple loan schemes which are specially provided by the bank to promote entrepreneurship. These schemes reduce the rate of interest as well as offer multiple other benefits to the borrowers.
If you are planning to start a new business or expand your old business then IDBI Bank business loan can prove to be one of the best loan options. Here are some of the key features of the business loan provided by IDBI; know in detail:-
Competitive Interest rate
The interest rates charged by IDBI Bank are comparatively low and starts from 11% only, so it is amongst one of the most affordable loan options.
Easy loan process
You can easily apply for the loan in just a few clicks as the entire loan procedure is completed online, so you need not to travel to the bank and stand in long queues to apply for the loan.
Get high quantum loan instantly
You can easily get huge funds in just a span of a few days as IDBI provides loan up to 10lac instantly without any collateral.
Affordable processing fee
The loan processing fee charged by the bank ranges only up to 1%, so you need not make heavy payments for the approval of your IDBI Business Loan.
Repay in low EMIs
You can decide your monthly EMIs depending upon your future income as you can repay the loan up to 60 months. The minimum monthly EMI can be 1700 only, so you can easily repay the loan.
Instant disbursal of loan amount
The loans amount is disbursed in your account within 2 days after your loan application gets approved. So, you can also meet your instant fund requirement with IDBI Business Loan.
Multiple loan schemes
The bank offers numerous different loan schemes to encourage entrepreneurship, so you can easily get a high quantum loan at low rate of interest.
Hassle-free documentation
The documentation process is also hassle-free as the documents are submitted and verified online only. In addition, the documents required are also quite basic which are easily available with every individual.
Pre-payment and foreclosure
If you have funds available in bulk, then you can also repay the loan in a go. IDBI also offers pre-payment and foreclosure of the loan.
Idbi Bank Business Loan Fees & Charges
| Loan Processing Fees | Up to 2.50% of loan amount, Rs 1,000 to 25,000 |
|---|---|
| Pre-payment Charges | 4% of principal outstanding - 13 to 24 months, 3% of principal outstanding – 25 to 36 months 2% of principal outstanding - >36 months |
| Penalty for late EMI payment | 24% per year on outstanding amount From default date |
Check your Eligibility for IDBI Business Loan
There are some basic eligibility criteria which you need to meet in order to apply for the business loan from IDBI Bank. Let’s check are you eligible for the loan:-
If you are applying for IDBI Business Loan then your minimum age at the time of applying for the loan should be 22 years and your maximum age should be 65 years at maturity of the loan.
Your business should be registered as a Partnership firm, Proprietorship Firm, Pvt Ltd. Companies or a Limited Liability Partnership.
You annual business turnover should be more than the minimum turnover requirement of the bank which is 30lac.
Your current business should be in existence from more than 36 months.
Documents Required for IDBI Business Loan
As a loan applicant, you are required to provide some of the basic documents to get your business loan approved by IDBI Bank. Here is the list of required documents; take a look:-
KYC Documents – Passport/Driving License/Aadhaar Card/Identity Card
Loan Application– You need to provide a properly filled loan application form
PAN Card – You are required to provide PAN Card for firm/Individual
Bank Statement – Previous 6 months statement of bank
Proof of Income – ITR with the balance sheet and P&L account
Reasons to apply for IDBI Business Loan at Rupee Station
Rupee Station is an online loan platform dedicated to making the loan instantly available to the borrowers at the lowest rate of interest. We work closely with the bank to make the loan easily available to our customers. With us, you just need to fill an online loan application form and our financial experts take care of the further process.
We enjoy exclusive collaboration with IDBI Bank, and thus make the best loan schemes available to the borrowers. With Rupee Station, you can easily apply for the IDBI Business Loan instantly in just a few clicks and enjoy the quick disbursal of funds. In addition, there are multiple other benefits of applying for a business loan at Rupee Station, some of them are listed below:-
Tailor-made loan solutions
The requirements of funds vary from one business to another, so in order to meet the varying requirements of our customers, we provide customized loan solutions.
Apply for loan in a minute
At Rupee Station, you just need a minute to apply for the loan as you are only required to fill an online loan application form at our website.
Quick loan approval
We understand that funds are urgently required, and thus we take every loan application on the priority basis and get your loan approved instantly in just a few days.
Assistance of financial experts
We have a dedicated team of highly experienced financial experts who will review your application and will offer you the well-suited loan option as well as the best financial advice.
Paperless documentation
Our aim is to make the loan process paperless, so you can easily submit your documents online and get the verification completed in just a few clicks.
Know the Steps to Apply for Loan at Rupee Station
If you want to enjoy hassle-free loan process and get the loan instantly then apply for a loan at Rupee Station in just 3 simple steps listed below –
Step 1
Fill your basic details in our online loan application form and submit.
Step 2
Our financial experts will review your loan application and will call you to get some more details.
Step 3
Receive the funds in your account within two days after the approval of your application.
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