Bank of India Business Loan

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Bank of India offers various business loan schemes that can help you finance the day-to-day business operations to ensure everything runs smoothly. You can use the funds to purchase or update machinery, cover payroll, pay office rent and utility bills, purchase raw materials, and more.

Bank of India Business Loan Interest Rate & Charges

Check out the interest rates and charges associated with the Bank of India business loans:

Interest rate	9.35% onwards
Processing charges	Up to ₹1 Lakh: NIL >₹1 Lakh to ₹100 Lakhs: 1% of sanction limit >₹100 Lakhs to ₹1,000 Lakhs: 0.50% of sanction limit >₹1,000 Lakhs: 0.35% of sanction limit ₹145 per Lakh or part thereof (https://bankofindia.co.in/credit/foreign-currency-swing-limit)
Loan amount	Up to ₹15 Crores
Maximum tenure	15 years

**Disclaimer: The above rates and terms may vary as per the loan type and at the bank’s discretion.

Bank of India Business Loan EMI Calculator

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Year	EMI	Principal	Interest	Balance

Features and Benefits of the Bank of India Business Loan

Here are a few attributes and advantages of Bank of India business loans:

Ample Funding

You can apply for high loan amounts of up to ₹15 Crores to cover your business requirements.

Covers Various Expenses

You can utilise the borrowed amount to cover various expenses like renting a workspace, covering payroll, purchasing raw materials, and more.

Flexible Repayment Duration

You enjoy a repayment tenure of up to 15 years and repay the borrowed amount as per your convenience.

Bank of India Business Loan Eligibility

You need to meet the following eligibility criteria when applying for a Bank of India business loan:

Business must be operating for at least 3 years
Business must be earning profit for the last 2 years
Business must possess a GSTIN
The entry-level credit rating must be SBS 5

Star MSME GST Plus: Business must be engaged in trading or manufacturing activities
Star MSME Education Plus: Approval from educational institutions with audited financial for 3 years and profit-making record of 2 consecutive years
Star Laghu Udyami: All micro and small enterprises are eligible to apply
Star Channel Credit: Sponsor Corporate, who is an existing customer or Corporates with an external rating of A, can apply
Star Start Up: All entities matching the startup criteria set by the bank can apply
Pradhan Mantri Mudra Yojana: Any individual can apply, including women, proprietors, partnership firms and private companies

Documents Required

Here are the documents that you need to submit to get a Bank of India business loan:

Goods and Services Tax Network (GSTN) registration proof
Income Tax Returns filed in XML file
Bank account statements for the last 6 months in a PDF file
Personal, educational, and ownership details of owners and directors of the business
A letter from owners and directors of the business
Any other proofs and documents, as requested by Bank of India

Types of Business Loan Schemes Offered by Bank of India

Here are the various types of business loan schemes that Bank of India offers:

Star MSME GST Plus

The Star MSME GST Plus scheme helps in meeting the working capital requirements of businesses involved in trading, services, and manufacturing. The scheme offers fund-based or non-fund-based working capital.

Star SME Education Plus

With this scheme, the funds can be used for constructing and renovating educational buildings, like schools and colleges. You can also use these funds to purchase furniture, computers, etc.

Star Laghu Udyami

Star Laghu Udyami targets micro and small enterprises that need working capital to cover their business expenses.

Star Channel Credit

Star Channel Credit is best suited for suppliers, vendors, dealers, distributors, and firms. They can get funds under this scheme at competitive interest rates.

Star Startup Scheme

Startups can access funds with this scheme. They can use the loan amount for development, innovation, commercialisation of their products and services, and more.

How to Apply for a Bank of India Business Loan

You can apply for a Bank of India business loan online as well as offline. Here are the steps you need to follow to apply online:

Step 1: Visit the official website of the Bank of India
Step 2: Click on ‘Business’ from the main tab and choose the suitable scheme
Step 3: Go to the scheme page and click on ‘Apply Now’
Step 4: Click on 'Apply Online' and fill in the required information

Once you submit the details, the bank officials will contact you regarding the next steps. You can also visit the nearest branch of Bank of India to apply offline.

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