Bank Of India Business Loan Interest Rate at 10.20% to 12.95%

Note: Updated on 10 Feb 2023, for latest interest rates, please visit bank website.

About Bank Of India

Bank Of India is a public sector bank in india established on Sept. 7, 1906. It has headquarter in Mumbai and address is BANK OF INDIA STAR HOUSE C - 5, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051.. It has 4892 branches across the state 6771 and ATMs across India.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Bank Of India Business Loan Interest Rates, Business Loan at 10.20% to 12.95% Updated on 12 Sep 2024. Apply for Business Loans Online. Find purpos, Eligibility, Margin, Repayment of Business Loan ,Security, Documents Required for Business Loan below.

Other Products of Bank Of India:

Bank Of India Business Loan Purpose

To extend Demand/Term Loan to Micro & Small Enterprises in rural, semi urban, urban and metro branches to purchase Plant & Machinery/ Equipment/ Other Moveable Assets..

Bank Of India Business Loan Document Required

1. Completely Filled Business Loan Application Form
2. PAN Card - For Individual / Partnership Firm / Company
3. Identity Proof - Any one (e.g. Voter ID / Driving License / Passport / Aadhar Card)
4. Address Proof - Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
5. Ownership proof of either residence or office either in the name of applicant or jointly with family members
6. Business Continuity Proof - Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
7. Proof of Vintage eg. Shops & Establishment certificate/VAT/Sales Tax Registration Certificate, etc
8. KYC documents of Applicant/ Co-Applicant/ Promoters/ Guarantor
9. Passport Size Photographs of all applicants and co-applicants
10. Financial Projection for 2 years
11. Last 3 year Financial Statement including latest 2 years Audited Statements along with all schedules
12. Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
13. Any other document as required by the bank based on the status of the applicant.

Bank Of India Business Loan Amount

1. Rural Areas: Rs.5,00,000/-
2. Semi-urban Areas: Rs.10,00,000/-
3. Urban Areas: Rs.50,00,000/-
4. Metro Areas:Rs.100,00,000/-

Bank Of India Business Loan Margin

margins

Bank Of India Business Loan Repayment

Loan is to be repaid in maximum 5 years with a moratorium of 3 to 6 months to be determined on the merits of each case.

Bank Of India Business Loan Security

• Hypothecation of Assets created out of bank finance as well as existing unencumbered assets of the MSE unit.
• Equitable Mortgage of Land/ Land & Building which is part of the business activity such as business premises.
• No collateral security/ third party guarantee to be obtained.

Bank Of India Business Loan Particular

Processing

Simplified Application cum Proposal Forms given in the annexure to be used.
Turnaround time for sanction of limits upto Rs.5 lacs will be 5 working days and for limits above Rs.5 lacs, 7 working days after all relevant information is obtained.

How to Manage your Business Loan Properly?

1. Follow a financially disciplined attitude. You also need to manage your income and expenses well.
2. Switch to loan having Lower Rate of Interest. Always be watchful about what rate of interest other lenders are charging. If you find considerable difference in the interest charge, you must think of switching you existing loan to the lender who is offering the loan at lower interest rate.
3. Pay Higher EMI in case you are able to do so with ease and currently having no monetary issue. It will lower down you Business Loan amount and also lower your interest outgo.
4. Opt for Partial Pre-payment. Whenever you receive extra funds by any means, you must try to make partial pre-payment of loan. It will reduce your debt marginally.
5. Do not Avail Unnecessary Loan. If you can manage some small expenses out of the funds in your hand then you must not opt for any kind of loan.
6. Pay your EMIs on Time. Do not make any delay in payment of your loan EMI and never ever miss your EMI. Delay in payment may attract penalty or extra charges. Also it will impact your credit score negatively.
7. Make higher down payment. In that case, you will need lower loan which you can manager efficiently by repaying it on time and with ease.
8. Try to repay other small loans, if possible. It will reduce your debt burden and so as your interest cost.

Tax Benefits Available in Business Loan

Interest paid on a business loan is tax deductible expense which means interest paid is an expense for the business and is deducted from gross income. However, the principal amount is not tax deductible because repayment of principal means paying back the money borrowed, hence cannot be considered an expense.

As the tax is paid on the net income earned by a businessman in a financial year. So the interest can be subtracted from the gross income in order to compute the net income. After deducting the interest expenses from the gross income, net income is arrived at, on which the income tax is paid.

As after deduction of interest from the gross income of the business, the net taxable income, on which tax is to be paid, reduces and hence the businessman needs to pay less income tax.

Contact details of Bank Of India, Bank Of India SMS balance check number, Bank Of India SMS banking, Bank Of India mobile banking, Bank Of India toll free number,Bank Of India toll free number 24*7, Bank Of India miss call number.

• MISSED CALL NUMBERS - 9015135135
• CUSTOMER CARE NUMBERS - 1800220229, 18001031906, 022-40919191
• CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229

Bank Of India Contact Details

• BANK OFFICIAL WEBSITE - https://www.bankofindia.co.in
• CONTACT NUMBERS - 022-66684444, 18001031906, 1800220229
• EMAIL ID - [email protected]
• MISSED CALL NO. - 9015135135
• CUSTOMER CARE NO. - 1800220229, 18001031906, 022-40919191
• TOTAL BRANCHES - 4892
• TOTAL ATMS - 6771
• HEADQUARTER - Mumbai
• BANK ADDRESS - BANK OF INDIA STAR HOUSE C - 5, "G" Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051.

Bank Of India EMI Calculator  Bank Of India Branches  
Bank Of India Business Loan FAQs  Business Loan Document Required

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