IOB Business Loan Interest Rate Jun 2018

Last Updated 20th Jun 2018

Indian Overseas Bank Business Loan Interest Rates India

Indian Overseas Bank offers Business Loan starting at interest rate of 14.90%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

IOB Business Loan Features
Indian Overseas Bank Business Loan Rate
Loan for Self Employed Features
Processing Fee Rs. 204 per lakh
Tenure From 12 months to 60 months
Lowest EMI per lakh Rs. 2,374
Loan Amount Min Rs. 50,000 and Max Rs. 10 Lakh
Part Prepayment, Charges Allowed after 1 EMI's,
Early Foreclosure, Charges Allowed after 1 EMI's, Nil prepayment charges
Apply Business Loan @ 13.50%*
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Indian Overseas Bank Business Loan

Indian Overseas Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Indian Overseas Bank:

  • You can prepay part of your loan anytime after paying 1 % prepayment charges
  • You can foreclose your entire Business loan anytime after paying 1 EMI's at foreclosure charges - Nil prepayment charges
  • Indian Overseas Bank has been rated NAN/5.0 by customers for its service quality on MyLoanCare
  • Indian Overseas Bank has over 3,388 branches in India where you can avail service

Indian Overseas Bank Business Loan Interest Rate Calculator

There are multiple factors on which basis bank calculates your interest rate. Some of these factors are -

  • Loan amount: Business loan rate in Indian Overseas Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum Rs. 50,000 to upto Rs. 10 Lakh. Interest rate for high loan amount can be lower resulting in lower EMIs.
  • CIBIL Score: Indian Overseas Bank offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Indian Overseas Bank, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
  • Revenue: Indian Overseas Bank will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least Rs. 0 .
  • Time in Business: Indian Overseas Bank offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Indian Overseas Bank is 0 months.

Indian Overseas Bank Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria Description
Age: 21 to 58 years
Minimum Turnover Rs. 0
Business Existence (in months) 0 months
ITR (months) 0 months
Loan Amount Rs. 50,000 to Rs. 10 Lakh
Loan Tenure 60 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

Indian Overseas Bank Business Loan Eligibility Calculator

Eligibility of Business loan in Indian Overseas Bank relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. Indian Overseas Bank offers loan to those who are at least 21 years old at the time of loan approval and maximum 58 years at the time of loan maturity.
  • Loan Amount: Based on the loan amount eligibility, bank gives you loan ranging from Rs. 50,000 to Rs. 10 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. Indian Overseas Bank requires profit for minimum 2 years and minimum business turnover of Rs. 0 .
  • Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Indian Overseas Bank requires minimum business track record of 0 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get loan.
  • ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 0 months and bank statement for minimum 0 months will be required by Indian Overseas Bank.
  • CIBIL Score: When checking loan eligibility, Indian Overseas Bank will look at the complete CIBIL report. Indian Overseas Bank will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

Indian Overseas Bank Business Loan EMI Calculator

Indian Overseas Bank Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by Indian Overseas Bank is Rs. 2,374 per lakh loan amount. EMI of Indian Overseas Bank depends on factors like:

  • Interest Rate: Higher the interest rate, higher will be the EMI. For a 60 months loan from Indian Overseas Bank at an interest rate of 14.90% per annum, EMI will be Rs. 2,374 per Rs. one lakh loan amount. At an interest rate of 15.25% for the same loan, the EMI will be Rs. 2,392 .
  • Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 14.90% per annum, the EMI on Indian Overseas Bank business loan would range from Rs. 9,021 to Rs. 2,374 for loan tenure ranging from 12 to 60 months.
  • Amount Borrowed: Indian Overseas Bank Loan EMI will be high if you apply for a high loan amount. For amount borrowed Rs. 50,000 , the EMI at 14.90% for 60 months would be Rs. 1,187 . Similarly for amount borrowed Rs. 10 Lakh, the EMI at 14.90% for 60 months would be Rs. 23,737 .
What are the benefits of calculating business loan EMI?
  • Business loan EMI calculator of Indian Overseas Bank helps you to calculate your monthly EMI at different rate of interest
  • Indian Overseas Bank EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Business Loan Products

Indian Overseas Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Other Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Indian Overseas Bank allows prepayment of loan after paying 1 EMI’s with prepayment charges - Nil prepayment charges
  • Processing Fee- Indian Overseas Bank asks for a processing fee of Rs. 204 per lakh with applicable service tax
Documents required
  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

Compare Indian Overseas Bank Business Loan with other banks

FAQs on Business Loan Indian Overseas Bank

Why to take business loan from Indian Overseas Bank ?

Bank offers loan at 14.90% rate with the lowest EMI of Rs. 2,374 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Indian Overseas Bank.

What is the interest charged on Indian Overseas Bank business loan?

Interest rates on Business loan in Indian Overseas Bank are very attractive starting from 14.90% to 15.25%. Bank offer various offer for self employed professionals to get loan at very low rate of interest.

What is the lowest EMI per lakh on business loan from Indian Overseas Bank ?

If you apply for loan from Indian Overseas Bank, your lowest EMI per lakh will be Rs. 2,374 .

What is the minimum and maximum tenure of business loan in Indian Overseas Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 60 months.

How much business loan amount I can borrow from Indian Overseas Bank?

Indian Overseas Bank offers you loan if you need a minimum amount of Rs. 50,000 to a maximum amount of 10 Lakh.

What is the processing fee charged by Indian Overseas Bank on business loan?

Indian Overseas Bank charges a processing fee of Rs. 204 per lakh with applicable tax.

Is age an eligibility factor to get loan for business from Indian Overseas Bank ?

Yes, age is an important eligibility factor to get loan as you should be at least 21 years old at loan approval time and 58 years old at loan maturity time.

What are the prepayment charges on business loan from Indian Overseas Bank?

Bank charges a fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by Indian Overseas Bank is Nil prepayment charges .

Indian Overseas Bank Business Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra 1800-425-4445/ 044-2851 9639
Ahmedabad 1800-425-4445/ 044-2851 9639
Ambala 1800-425-4445/ 044-2851 9639
Anand 1800-425-4445/ 044-2851 9639
Aurangabad 1800-425-4445/ 044-2851 9639
Bangalore 1800-425-4445/ 044-2851 9639
Bhilai 1800-425-4445/ 044-2851 9639
Bhilwara 1800-425-4445/ 044-2851 9639
Bhiwadi 1800-425-4445/ 044-2851 9639
Bhopal 1800-425-4445/ 044-2851 9639
Bhubaneswar Cuttack 1800-425-4445/ 044-2851 9639
Bikaner 1800-425-4445/ 044-2851 9639
Chandigarh 1800-425-4445/ 044-2851 9639
Chennai 1800-425-4445/ 044-2851 9639
Cochin 1800-425-4445/ 044-2851 9639
Coimbatore 1800-425-4445/ 044-2851 9639
Dehradun 1800-425-4445/ 044-2851 9639
Delhi 1800-425-4445/ 044-2851 9639
Durg 1800-425-4445/ 044-2851 9639
Faridabad 1800-425-4445/ 044-2851 9639
Gandhinagar 1800-425-4445/ 044-2851 9639
Ghaziabad 1800-425-4445/ 044-2851 9639
Goa 1800-425-4445/ 044-2851 9639
Greater Noida 1800-425-4445/ 044-2851 9639
Gurgaon 1800-425-4445/ 044-2851 9639
Guwahati 1800-425-4445/ 044-2851 9639
Gwalior 1800-425-4445/ 044-2851 9639
Hyderabad 1800-425-4445/ 044-2851 9639
Indore 1800-425-4445/ 044-2851 9639
Jabalpur 1800-425-4445/ 044-2851 9639
Jaipur 1800-425-4445/ 044-2851 9639
Jalandhar 1800-425-4445/ 044-2851 9639
Jodhpur 1800-425-4445/ 044-2851 9639
Kanpur 1800-425-4445/ 044-2851 9639
Karnal 1800-425-4445/ 044-2851 9639
Kolhapur 1800-425-4445/ 044-2851 9639
Kolkata 1800-425-4445/ 044-2851 9639
Kota 1800-425-4445/ 044-2851 9639
Kozhikode 1800-425-4445/ 044-2851 9639
Lucknow 1800-425-4445/ 044-2851 9639
Ludhiana 1800-425-4445/ 044-2851 9639
Madurai 1800-425-4445/ 044-2851 9639
Meerut 1800-425-4445/ 044-2851 9639
Mehsana 1800-425-4445/ 044-2851 9639
Mohali Sas Nagar 1800-425-4445/ 044-2851 9639
Mumbai 1800-425-4445/ 044-2851 9639
Mussoorie 1800-425-4445/ 044-2851 9639
Nagpur 1800-425-4445/ 044-2851 9639
Nashik 1800-425-4445/ 044-2851 9639
Noida 1800-425-4445/ 044-2851 9639
Noida Extn 1800-425-4445/ 044-2851 9639
Panipat 1800-425-4445/ 044-2851 9639
Patna 1800-425-4445/ 044-2851 9639
Pondicherry 1800-425-4445/ 044-2851 9639
Pune 1800-425-4445/ 044-2851 9639
Raipur 1800-425-4445/ 044-2851 9639
Rajkot 1800-425-4445/ 044-2851 9639
Ranchi 1800-425-4445/ 044-2851 9639
Rohtak 1800-425-4445/ 044-2851 9639
Roorkee 1800-425-4445/ 044-2851 9639
Salem 1800-425-4445/ 044-2851 9639
Shimla 1800-425-4445/ 044-2851 9639
Sonepat 1800-425-4445/ 044-2851 9639
Surat 1800-425-4445/ 044-2851 9639
Trichy 1800-425-4445/ 044-2851 9639
Udaipur 1800-425-4445/ 044-2851 9639
Vadodara 1800-425-4445/ 044-2851 9639
Varanasi 1800-425-4445/ 044-2851 9639
Vijaywada 1800-425-4445/ 044-2851 9639
Vizag 1800-425-4445/ 044-2851 9639

IOB Business Loan News - Jun 2018
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