indian-overseas-bank-business-loan

a. Age – 18 to 65 Years

b. Credit score: 750 or above

You need to submit the following documents while applying for a business loan with IOB:

• Mudra Loan Form
• Identity Proof
• Proof of Residency
• Passport size photographs
• Business Plan
• ITR of previous 1 year
• Bank Statement of 6 months
• Copy of Profit & Loss Account
• Proof of business establishment
• Proof of Signature Authenticity

Identity Proof

• Aadhar Card
• Driving License
• Defence Card
• PAN Card
• Passport
• Voter ID

Proof of Residential Address

• Aadhaar Card
• Ration Card
• Electricity Bill
• Telephone Bill
• Water Bill

The loan verification proceeds in the following stages:

1. Fill the Indian Overseas Bank business loan form and upload it on the official website or wherever required. Submit copies of all the relevant documents required for application verification. It can be quickly done by signing up on apnapaisa.com.

2. One of our customer care representatives will get back to you within 24 hours and schedule visits for collecting document copies (in case you chose offline submission of documents).

3. The concerned officials at IOB verify the documents and the details there. They may visit the property if necessary.

4. Once your application for a business loan is approved, the loan amount will be disbursed to your account, and you will get a copy of the duly signed loan agreement containing details of loan interest, tenure, loan amount, charges, and penalties.

There are two reference rate systems linked to Indian Overseas Bank business loan interest rate-

• MCLR Rate
• Repo Rate

Other than the rates mentioned above, interest rates may also vary depending on factors like collateral, loan amount, type of business, and type of loan.