IndusInd Bank Business Loan is an appreciable financial product to finance your business at the perfect time. With IndusInd Bank unsecured business loan, you will not have to promise any of your assets to make sure the loan approval. Moreover, IndusInd Bank business loan interest rates are also quite attractive.
Now, without bothering you, let’s start with the things that the IndusInd Bank will ask you before sanctioning a Business Loan to you.
1. Collateral
IndusInd Bank extends both types of loans that are to say unsecured and secured business loans.
- Unsecured Business Loans
If you’re in search of an unsecured loan from the bank then it ranges between Rs. 10 lakhs and Rs. 50 lakhs and you are won’t need to worry about your collateral.
- Secured Business Loan
On the contrary, if you’re looking for a loan of more than Rs. 50 lakhs then you’ll be got to pledge some collateral in form of residential, commercial, industrial, and liquid securities.
So, in order to go for a secured business loan, your business must possess solid assets that it can promise against a business loan from IndusInd Bank. The bank keeps both of its eyes out to check out cautiously at your assets to ensure they eliminate the risk.
2. Business Plan
There are exceptions but the majority of lenders ask the business loan borrowers to show a business plan document. You will have to demonstrate a quick business plan alongside you need to ensure that it should comprise the quality summary of the product, market, team, financials, and corporate.
3. Financial Details of Business
Another thing the bank may ask you is the financial information of your business which should consist of all the current and past loans and debts acquired, investment accounts, all bank accounts, credit card accounts, along with the supporting details such as addresses, full contact details, and tax identification numbers.
4. Audited Financial Statements of Business
IndusInd Bank considers audited financial statements as the main factor before providing a business loan to a borrower.
The larger your business, the more likely the bank will consider looking upon your business’ audited statements. The records of your business should show all of your business assets, liabilities, and capital.
Audited statements mean you have paid a couple of thousand rupees to get an accountant to look upon your financial statements and make certain formal responsibilities for your precision. If a CA carries out a bad audit of financial statements of your business, s/he will get sued over it.
Contrarily, the bank will not always ask for the audited statements as they prefer collateral to mitigate the risk in case you default on repaying the loan.
5. Borrower’s Financial Details
Another thing that the IndusInd Bank asks from you against the business loan is your financial information means the business owner’s financial details.
The financial information of the business owner (s) comprises identity numbers, net worth, assets’ and liabilities’ information such as your auto loans, mortgages, homes, investments, vehicles, credit cards, etc.
6. Replica of ITRs
Copies of the past income tax returns are considered as one of the main factors that the IndusInd Bank demands to authenticate the credibility of the business. Generally, the bank asks for copies of ITRs of the business of the past 2 years.
How to Get Low IndusInd Bank Business Loan Interest Rate?
Keep the following in mind so as to ensure low-interest rate on IndusInd business loan:
- The most important factors that will help you to avail of the best IndusInd Bank business loan interest rate are your creditworthiness and your repayment history.
- If you already have any existing debt, you must first focus on repaying your debt obligations then walk further to apply for an IndusInd Bank business loan.
- This will boost your chances of meeting the IndusInd Bank business loan eligibility and acquire the loan at a low rate of interest.
- Moreover, you can repay the IndusInd Bank business loan seamlessly as you get flexible repayment options to settle on which range up to 5 years.
The End Line
To conclude, IndusInd Bank stands among the eminent commercial banks when it comes to finding the best bank for a business loan. The bank is popular for providing large business loans of both types viz. unsecured and secured business loans.
Moreover, there are multiple factors that you should consider including the rate of interest, loan tenor, additional charges such as processing fee and foreclosure charges, etc. before availing of the loan. To get the best deals on business loans, you can also visit the official portal of Afinoz or download the application from the Google Play Store as you will get multiple business loan options to look upon, compare, and then choose the one in accordance with your needs and circumstances.
