IndusInd Bank Business Loan Interest rates in Vizag
| Up To 15,00,000 | 15,00,000 Above | |
|---|---|---|
| Manufacturer | 18.50% | 18.00% |
| Service Provider | 18.50% | 18.00% |
| Trader/Distributor | 18.50% | 18.00% |
Features of IndusInd Bank Business Loan Vizag
| Type | Features |
|---|---|
| Processing Fee | Upto 2.0% |
| Pre Closure Charges | Allowed after 12 EMI's |
| Part Payment Charges | Nil |
| Min Tenure | 1 Years |
| Max Tenure | 5 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.5,00,000/- |
| Max Loan Amount | Rs.30,00,000/- |
IndusInd Bank Business Loan Vizag Charges
| Type | Charges |
|---|
Documentation For Business Loan
For Proprietorship Firm
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Last 2 years of Income Tax Documents
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photographs
- 6 months Bank Statements
- Latest year business performance related documents.
- Other loansanction letters and their Track (If existed)
For Partnership Firm
- Filled Application Form
- Partnership deed
- Firm PAN Card & Address Proof
- All Partners Identity Proof
- All Partners Address Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
Private Limited And Limited Companies
- Filled Application Form
- MOA/AOA and Incorporation certificate
- Commencement of operation (if it is a Public Ltd Company)
- Company PAN Card & Address Proof
- All Directors Identity Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
- Other loansanction letters and their Track (If existed)
Identity Proof Of Partners/Directors
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof Of Partners/Directors
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Personal Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Income Proof Of Partners/Directors
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Banking History For Business Loan
- Bank statements of latest 2 months
- 3 months bank passbook
IndusInd Bank Business Loan FAQ's
About IndusInd Bank
Indusind Bank has 800 branches, and 1500 ATMs as of April 2016"
IndusInd Bank Highlights
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Why Business Loans?
Owning a business is an exciting journey. When starting off there are many odds and ends to be met, once the business is set things will begin to takeoff. However nothing is possible in the business world without the right financing. Many business owners will review the financing options available to them, Business Loans are the best suitable for kind of your requirements.
As a business owner, your most difficult task is finding the money to operate your business. Taking the necessary steps to prepare for a small business loan can minimize the difficulty.
Learn what you need to know to clinch the loan deal.
You can get a loan for your business by proper preparation. The main requirements of attaining a business loan are your credit history, business plan, experience, education, and feasibility of the business you are expanding.
The most important task to obtain a business loan is to improve the business. Your business plan must answer the questions, a lending institution would ask for following.
The factors which will affect your business loan eligibility and rate of interest:
Interest rates
Rate of Interest will be based on bank/financial Institutions internal policies and terms. Generally Bank account conduct, reputation of the entity, repayment capability, credit history, Promoters Back ground and other credit related factors which can be evolve for Business Loans.
Tenor: from min of 12 months to Max of 48 months.
Interest Rate: from min 16(percent) to 22 (percent) .
Age: Min of 24 years to max of 55 years.
Repayment: Monthly EMI to be paid till the loan closure.
Repayment mode: By way of PDC, ECS or Standing Instructions.
Pre-Closure Charges: Will be applicable as per bank norms.
Expert Advice
Best Practices for Business Loan
Things not to do for Business Loan
Important points to be remember for Business Loans
Business Loans Vs Working Capital Facilities
| Business Loans | Working Capital Facilities |
|---|---|
| Generally Business Loan are small tenor unsecured loans offered by the bank based on the requirement, conduct and credit history of the entity. | Working Capital loans are related to business day to day operations, there is no limitation for the working capital facilities as per the entities financial performance and collateral capacity. |
| Business Loans are by nature it is a loan and need to repay the regular instalment till the loan will be cleared. | Working capital Facility is a facility you can avail the regular day to day transactions for your business purpose, generally WCF will be sanctioned for 12 months tenor. |
| Business Loans can be used for any related works, and there is no restriction for usage of funds. | WCF will be used only for business and business related purpose, there is a restriction on usage for facilities. |
| Business Loans will be only provide the fund based limits. | Working capital facilities can be sanctioned for fund based or non fund based requirement. |
| Only one type of facility can be availed from the Business Loans from the bank | Various types of facilities can be offered by the bank under WCF facilities. |
| Business Loans can be availed by small business owners. | WCF facilities can be availed by small business owner to big corporate. |
| Maximum tenor of loan is 48 months offered by the banks. | Maximum tenor will be 12 months based on the facility requirement. |
| Business Loans are costly than the WCF loans. Generally interest rates will be very from 18% to 21%. | WCF are relatively cheaper than the Business Loans. Generally interest rates will be vary 13% to 15% as per bank internal policy. |
| Minimum of 3 years vintage will be required for the business loans. | Min of 1 year vintage for calculation of eligibility will require for WCF. |
| Generally Business Loans will be used for unexpected requirement in business.. | WCF will be used for regular activities of business. |
| Loan disbursement will be max 7-15 days from the date of application. | Min of 15 days to max of 90 days will require for process the WCF request from the date of application. |
| Banks/Financial Institutions will prefer to provide the business loans to WCF customers. | Banks will prefer to take more collateral to fund the WCF. |
| Interest will be on total loan outstanding and will be calculated on monthly basis. | Interest will be calculated on daily basis outstanding and will be debited in account on monthly basis. |
About Vizag
Visakhapatnam is the largest city, both in terms of area and population in the Indian state of Andhra Pradesh. It is located on the coast of Bay of Bengal in the north eastern region of the state. The City is a harmonious blend of the magical past and the bustling present with a breath taking panorama of golden beaches, lush green fields, verdant valleys and splendid monuments from a historically rich and religious heritage.
Matchless in beauty and landscape, Visakhapatnam is said to have derived its name from the deity 'Visaka' ( the God of Valour). The history of the town can be traced back to Ashoka the Great (272-232 B.C) when this was a small fishing village of the Kalinga Empire. Later on this Port town successively passed on from the Andhra Kings of Vengi to the Pallavas, Cholas and the Gangas and then later in the 15th century Visakhapatnam became a part of the Vijaya Nagar Empire. The British took charge of this beautiful land and transformed it into a busy and flourishing Port town.
Places To Be Visited In Vizag
Rushikonda
This beach is just 8kms from Vizag and has goden sand and surf with sea and has hill cottages overlooking the grand ocean.
Borra Caves
At a distance of about 90-95-km from Vishakhapatnam are the Borra Caves, which attained historical and religious importance.
Kailasagiri Hill
A charming hill on the northern side of the city, Kailasagiri offers a spectacular view of the long shoreline and the cityspace of Vizag.
Ramakrishna Beach
The Rama Krishna Mission Beach is one of the most popular beach parks in vizag. It gets its name from the Ramakrishna Mission ashrama across the Beach Road from the park.
Appikonda
Appikonda is a small village located 18-kms from Visakhapatnam which houses the Appikonda temple whose presiding deity is Lord Shiva. Records tells that it was in this place Kapila Maha Muni has installed the idol of Somalingeswara Swamy and thus the name - Kapilakonda which was over the ages changed to Apillakonda and further to Appikonda.
Araku Valley
The natural beauty of the place is what attracts tourists from all over the world to the hill station. The Anantagiri Reserved Forest and Sunkrimetta Reserved Forest are a part of the Araku Valley.