Bank of India Business Loan

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Bank of India Business Loan

Bank of India Business Loan Key Features

Bank of India Interest Rate 13.55%
Tenure From 12 months to 84 months
Lowest EMI per lakh ₹ 1,849
Loan Amount Min ₹ 2 Lakh and Max ₹ 5 Cr
Part Prepayment, Charges Nil prepayment charges
Early Foreclosure, Charges Nil Foreclosure charges
Bank of India Processing Charges 1% of the loan amount
Prepayment Charges Nil
Repayment Period Secured Term /Demand loan repayable in a maximum of 7 years
Prepayment Condition No pre-payment permitted until repayment of 6 EMIs
Collateral Equitable mortgage of land/building, Term Deposit, LIC policy, National Savings Certificates

Interest Rate, Fees, and Charges (Self Employed Non-Professional)

Facility Charges
Interest Rate Charges 13.55%
Loan Processing Charges 1% of the loan amount + GST as applicable
Prepayment No pre-payment permitted until repayment of 6 EMIs
No Due Certificate / No Objection Certificate (NOC) NIL
Duplicate no due certificate / NOC NIL
Solvency Certificate Not applicable
Charges for late payment of EMI @ 24%  p.a.
Charges for changing from fixed to floating rate of interest Not applicable
Charges for changing from floating to a fixed rate of interest Not applicable
Stamp Duty & other statutory charges As per applicable laws of the state
Credit assessment charges Not applicable
Nonstandard repayment charges Not applicable
Cheque swapping charges ₹ 500/-
Amortization Schedule charges ₹ 200/-
Loan cancellation charges NIL (However Interest would be charged for the interim period between the date of loan disbursement and date of loan cancellation and processing fees would be retained)
Cheque Bounce Charges ₹ 550/- per cheque bounce
Legal / incidental charges At actual
CIBIL Report Copy Charges ₹ 50 Per Copy

Advantages of Bank of India Business Loan

Bank of India Business Loan

Bank of India provides its customers with customized products so that it fits the requirements of their specific customer segments. Bank of India also offers:

  1. No interference by the bank with how the applicant’s business is running.
  2. Unlimited free ATM transactions at Tamilnad Mercantile Bank and another bank VISA ATMs in India.
  3. No charges on NEFT/RTGS transactions and demand drafts.
  4. Convenient and easy to access funds once the loan gets approved.
  5. Reimbursement account – a separate current account for seamless reimbursement management.
  6. Staff assisted the digital account opening with Instant Welcome Packs (IWP).
  7. Reasonable interest rates to applicants with a rich relationship with the bank.
  8. Preferential rates on Personal and Home Loans.

Bank of India Business Loan Eligibility Criteria

Eligibility Criteria Description
Age 21 to 60 years
Minimum Turnover ₹ 0
Business Existence (in months) 12 months
ITR (months) 0 months
Loan Amount ₹ 2 Lakh to ₹ 5 Cr
Loan Tenure 84 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

Bank of India Business Loan Documents Required

Common Documents:

  • Copy of  Bank Statement
  • Latest ITR and statement of computation of Income for the last 2 yrs.
  • Proof of continuity of business
  • Other Mandatory Documents that are Sole Proprietorship Declaration, Certified copy of Memorandum & Articles of Association certified by a director
  • Original Board resolution
  •  Financials audited/ certified  by a CA
  • Valid Proof for Identity: Passport / Ration card / Electricity Bill/ Lease agreement  / Sales Tax certificate/Trade licence / Voter ID card / Passport / Driving License/ PAN Card and MAPIN card
  •  Residence Proof: Lease agreement/ Electricity Bill / Passport / Trade license / Sales Tax Certificate
  • Age Proof: Passport / PAN card / Voter’s identity card
  • Financial Documents: Copy of IT returns for the last two years and the latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.

* (If Pvt ltd Co. Then Partnership Authorization Letter/ co-borrower if partnership firm just a co-borrower

Self Employed (Private Ltd. Co. and Partnership Firms)

  • Identity proof of the company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum
  • Proof of identity: To be submitted with two authorized signatories such as 2 Directors including the managing director, with (any one of the following): PAN card, Voter’s identity card, Passport, and Driving license
  • Financial Documents: Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years audited by a C.A

Self Employed Individuals – Professionals

  •  Identity Proof for Sole Proprietorship: PAN ID / IT return of the concern or Municipal tax, Water bill, and electricity bill in the name of the concern.
  • Identity proof for the Sole Proprietor: Passport, Voter’s identity card, Driving license, PAN card.
  • Address Proof for the Sole Proprietor: Driving license, Voter’s identity card, Ration card, Passport
  • Financial Documents: Copies of IT returns for the last two years and Bank statements for the last 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A

Self Employed Individuals – Non Professionals:

  • Identity proof: Documents to be submitted for the sole proprietorship as well as for the individual’s (owner) identity.
  • Copy of periodic stock, age-wise book-debt and creditors-statement for latest three months
  • Copy of bank statement of main banker/copy of bank statement for the term loan for last  months
  • Financial Documents: Profit and Loss balance sheet for the last two years audited by a C.A, Sales tax returns for a minimum of 3 years, and the Copies of IT returns for the last three years.

Business Loan EMI Calculator for Bank of India

The following is the EMI calculated table for the Bank of India Business loan:

Loan Amount 10 Year Loan 15 Year Loan 25 Year Loan
₹ 20 Lakh ₹ 24,958 ₹ 19,871 ₹ 16,307
₹ 30 Lakh ₹ 37,437 ₹ 29,807 ₹ 24,461
₹ 50 Lakh ₹ 62,395 ₹ 49,678 ₹ 40,768

Calculate EMIs with the help of Dialabank’s fast and accurate EMI Calculator!

Compare Bank of India Business Loan With Other Banks

Particulars Bank of India Allahabad Bank 
Interest Rate 13.55% 14.50%
Processing Fee 1.5%, Min Rs. 500 Rs. 229 – per lac, Min Rs. 2,038 Max Rs. 22,928
Tenure From 12 months to 84 months From 12 months to 84 months
Lowest EMI per lakh ₹ 1,849 ₹ 1,902
Loan Amount Min ₹ 2 Lakh and Max ₹ 5 Cr Min ₹ 1 Lakh and Max ₹ 20 Lakh

More Banks to compare with Bank of India Business Loan:

Barclays Bank Canara Bank ICICI Bank ING Vysya Bank
HSBC Citibank Kotak Mahindra Bank

Purpose of Business Loan from Bank of India

Availing a Business Loan from the Bank of India can cover and help with:

  • Maintaining a healthy cash flow to make payments to the suppliers on time.
  • Instant availability of liquidity to finance the everyday needs of the business.
  • The loan amount can be used to cover up all the expenses related to business expansion.
  • Covers the cost of buying new or upgrading machinery or equipment.
  • Covers the cost of purchasing new inventories.

EMIs of Several Banks and NBFCs for Different Tenures

The following table shows the approximate values of EMI’s offered by banks and NBFC’s other than the Bank of India:

Total Loan Amount Loan Tenure
Loan Amount (Rs.) 10 years 15 years 25 years
2,500,000 ₹ 31,197 ₹ 24,839 20,384
5,000,000 ₹ 62,395 ₹ 49,678 40,768
7,500,000 ₹ 93,592 ₹ 74,516 61,152
10,000,000 ₹ 1.25 Lakh ₹ 99,355 81,536

Other Loan Products from Bank of India

Personal Loan Gold Loan
Car Loan Education Loan

Why should you apply for the Bank of India Business Loan at Dialabank?

Dialabank is India’s first online banking helpline service. It works as a bridge between you and your preferred bank choice by minimizing the complex paperwork and application process. Sorting out the best offer as per your requirements is Dialabank’s main master card as it has successfully delivered all the promised terms to all its customers without any fail.

Dialabank has been approved by its own customers and other authorized bodies and that is why it is placed on the top of its competitor’s leaderboard. Know more about Dialabank by visiting us online or by calling on 9878981166.

How to calculate EMI for Bank of India Business Loan?

Table Showing EMI, Interest Outgo, and Total Repayment Amount

₹ 3,00,000 14.10% 1 ₹ 26,555 ₹ 18,661 ₹ 3,18,661
₹ 3,00,000 14.10% 2 ₹ 14,023 ₹ 36,547 ₹ 3,36,547
₹ 3,00,000 14.10% 3 ₹ 9863 ₹ 55,063 ₹ 3,55,063
₹ 3,00,000 14.10% 4 ₹ 7796 ₹ 74,207 ₹ 3,74,207
₹ 3,00,000 14.10% 5 ₹ 6566 ₹ 93,972 ₹ 3,93,972

You can also calculate the specific loan amount EMIs on Dialabank’s EMI Calculator.

Benefits of Bank of India Business Loan

Bank of India offers Business loans to self-employed (both professionals and non-professionals) and businessmen for financing the expansion or working capital requirements of their business. There are many benefits of availing loan from the Bank of India:

  • Dropline Overdraft to save interest.
  • High loan amount up to Rs. 75 Lakh.
  • No collateral or guarantor is required.
  • The balance transfer option is available.
  • Flexible tenure and easy process.
  • Fast Approvals and disbursals.
  • Low and flexible interest rates.
  • Simple and minimum paperwork required.

Bank of India Business Loan Processing Time

For loan applications for Commercial Banking customers, the Bank will take 30 working days to communicate the decision, once all the information required by the Bank is submitted by the customer as per the norms.

Bank of India Business Loan Preclosure

Bank of India’s Business Loan Preclosure charges is 1% Loan amount at the time of the disbursals’.

Pre Calculated EMI Table for Bank of India Business Loan

The Loan EMI in the Bank of India depends upon the occupation (businessmen, self-employed, salaried), loan amount, loan tenure, and interest rate.

Loan Amount 5 Year Loan 7 Year Loan 15 Year Loan
₹ 20 Lakh ₹ 42,298 ₹ 32,996 ₹ 21,248
₹ 30 Lakh ₹ 63,446 ₹ 49,494 ₹ 31,872
₹ 50 Lakh ₹ 1,05,744 ₹ 82,490 ₹ 53,120

How to Apply for Bank of India Business Loan Online?

  1. Visit Dialabank.
  2. Go to the loan section and click on the Business Loan link.
  3. Check the eligibility criteria for the Business loan offered by the Bank of India and fill a user-friendly online application form for Business Loan.
  4. One of our relationship managers will soon get in touch with you for further process
  5. For more information and free guidance, you may call on 9878981166.

Bank of India Business Loan Status

You can find the loan status by Calling at 9878981166 or by visiting the Main Bank of India Site.

Dialabank Bank of India Business Loan Customer Care Number

To find the solution to your queries regarding a business loan, give a call at 9878981166.

Dialabank helps you to find the best option of Banks and NBFCs with a detailed market comparison of different banks.

Bank of India Business Loan FAQs

✅ Is a guarantor required for the Bank of India Business Loan?

No form of security is required while applying for Bank of India’s Business Loan.

 How do I repay my business loan?

It should be repaid through EMIs via standing instructions and post-dated cheques.

What are the minimum and maximum tenure of business loans in the Bank of India?

These loans are shorter tenure loans. You can repay your loan in a flexible period of a minimum of 12 months to a maximum of 84 months.

How much business loan amount can I borrow from the Bank of India?

Bank of India offers you a loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 75 Lakh.