Bank of India Business Loan: In this article, we will provide you information about Bank of India business loan. If you want to start your own business or want to expand your business but you are short of money, in this situation if you have to take business loan in 2022 then you Bank of India Business Loan can join with.
in present time Bank of India Business Loan Interest Rate 9.70% p.a. starts from Under this loan, you can get a loan of up to Rs 1000 lakh. You can take this loan for a loan tenure of 5-7 years.
In this article, we will know in detail what is Bank of India Business Loan, what is the interest rate, eligibility, documents of this loan and how can we apply for this loan, etc., so you can read this article completely. read till
Bank of India Business Loan in Hindi 2022
Bank of India business loans are of both types Secured & Unsecured loan. Secured business loans are those in which you have to provide any security to the lender in exchange for the loan and you do not have to provide any security under unsecured business loans.
Your CIBIL Score should be very good to take BOI Business loan. Customers who have a very good credit history can take advantage of the bank’s attractive interest rates. Anyone can take a loan from Bank of India to start a business.
bank of india business loan You can apply for both online and offline. If you fulfill all the conditions of the bank, then you can get instant business loan.
You can take loan for micro, small and medium industries from Bank of India. Bank of India offers many types of loan schemes under MSME Loans.
You can get information about your loan EMI with the help of online Bank of India Business loan EMI calculator.
HIGHLIGHTS:
loan name | bank of india business loan 2022 |
name of lender | Bank of India |
loan tenure | 5-7 years |
Rate of interest | Starting at 9.70% p.a. |
processing fee | Up to Rs.1 lakh: Nil Above Rs 1 lakh: Rs 250 to Rs 300 |
loan amount | 1000 lakh rupees |
application mode | online / offline |
official website | www.bankofindia.co.in |
BOI Business loan interest rate 2022
Before applying for business loan, you need to know about business loan interest rate. Bank of India MSME Loans Interest rate 9.70% per annum starts from.
The loan interest rate will be as per the offered limit and credit rating as per the model given below:
Limitations | rating model in force |
1 lakh Rs. 10 lakh to Rs. until | no rating |
10 lakhs Rs. 5 crores to Rs. until | sbs |
5 crores 30 crores to Rs. until | M / s |
30 crores and more | high level committee |
BOI Business Loan Schemes
Bank of India offers various types of business loan schemes to the customers. The details of all business loan schemes are given below. You can see the information of the scheme by clicking on it:
- Star MSME GST Plus Scheme
- Star SME Education Plus
- BOI Star Doctors Plus
- Star SME Contractor Line of Credit
- Star SME Liquid Plus
- Star Laghu Udyami Samekit Loan
- Pradhan Mantri Credit Scheme
- Star Channel Credit
- Star MSME E-Rickshaw
- Star Weaver Mudra Scheme
- Star Startup Scheme
- Trade Receivables E-Discounting System (TReDS)
- Star SME Auto Express
- SRTO
- Technology Upgradation Fund Scheme
- BOI Star Trading
- Star Asset Backed Loan (BSABL)
Bank of India Business Loan Benefits and Features
- Any person can take a loan from the bank for any type of business, micro, small, medium industries.
- BOI Bank offers a variety of business loan schemes, you can apply for the loan scheme you want to avail.
- You can get a loan amount of up to Rs 1,000 lakh from the bank under this business loan.
- The loan tenure of Bank of India Business Loan is up to 5-7 years.
- You can avail this loan for your various businesses and to expand your business.
- The bank may or may not take collateral from you for this loan.
- Some are approved by the Government of India, in which you can also get the benefit of subsidy.
- You can use the loan amount taken under BOI Business Loan only to meet the expenses related to your business.
- For the people of rural area may be different than for the people of urban area which makes it easy for you to get loan.
- Processing fee is Nil up to Rs.1 lakh. If it is more than 1 lakh, a fee of up to Rs 300 may have to be paid.
Bank of India MSME Loan Eligibility
- Any person can take a loan to start his business, to expand his business or to fulfill any need related to his business.
- The age of the applicant should be between 25 to 60 years.
- The bank offers various types of business loan schemes with different eligibility criteria.
- You can take this loan for all types of micro, small and medium industries.
- Your CIBIL score should be very good.
- The bank can take collateral from you.
- For more information, you can visit your nearest Bank of India branch.
bank of india business loan documents required
- identity proof
- proof of residence
- GSTN Registration Proof
- Filing of XML file of Income Tax Return
- Last six months bank account statement in PDF format
- Personal, educational and ownership details of the directors and owners of the business
- A letter from all the directors/proprietors stating their consent for the loan
- Other documents required by the bank
How to Apply for Bank of India Business Loan?
If you fulfill all the conditions of this loan, then you can apply for it both online and offline. Follow the steps given below to apply:
bank of india business loan apply online
- MSME option will appear on the home page of the website, click on it.
- On the next page, all the business loan schemes will appear in front of you.
- Click on the loan scheme you want to avail.
- To apply, click on the option of Apply now.
- On the next page you will see the loan application form.
- Enter the information asked in it and submit the form.
- After this the bank employees will contact you and the loan process will be continued further.
How to Apply for Bank of India Business Loan Offline?
- To apply offline, you must first go to your nearest Bank of India branch.
- Go to the bank branch and contact the bank employee.
- He will provide you all the information related to business loan.
- Then you will be given an application form.
- Enter the information sought in the form, attach your documents and submit it there.
- In this way your application will be done.
BOI MSME Loan Customer Care Number
- Toll free : 1800 103 1906
- To install Mob. : 8010968334
conclusion
In this article we have given you BOI Business Loan 2022 Complete information about has been provided. Any person can apply for business loan from Bank of India by reading this article. If you want to get other information about the loan, then you can get the information by calling the customer care number of the bank.
FAQ:
The interest rate of this loan starts from 9.70% per annum.
1000 lakhs up to Rs.
From 5 to 7 years.