Bank of India is one of the best options for business users
A Bank of India business loan is the best form of commercial investment that any individual, group, or organization can make. The Bank of India loan will not only help you in establishing your business but also make it grow. Bank of India business does not require many funds but it is essential to have a sound financial background.
Bank of India business loan schemes at a different interest rate
Bank of India provides various types of loans at the lowest interest rates available in the market. They offer loans to businesses to purchase raw material, equipment, machinery, lands, buildings, and lands, etc. For further information about the Bank of India, you can go on their respective websites. Banks in India can provide the loan at competitive interest rates as compared to the rates offered by private money lenders.
|Comparison Criteria||Cent Kalyani (Central Bank of India)||Stree Shakti Package (SBI)||Shringaar / Annapurna (Bhartiya Mahila Bank)||Synd Mahila Shakthi (Canara Bank)||Shakti Scheme (Bank of Baroda)|
|Eligibility||Women more than the age of 18 years of age with no income ceiling for assistance||Women must own 51% or more for enterprise||Applicant age must be between 20 to 60 years for Shringaar, 18 to 60 years for Annapurna||Women entrepreneur must have adequate knowledge /experience of business activity||Women entrepreneur with less than 50% ownership of business enterprise|
|Max. Loan Amount||Maximum of Rs. 100 lakh||Maximum of Rs. 50 lakh||Maximum of Rs 10 Lakh for Shringaar/ Maximum of Rs. 50,000 for Annapurna||Maximum of Rs. 5 Crore||Maximum of Rs. 20 Lakh for retail trade, education, and housing. Rs. 50,000 under micro-credit schemes|
|Loan Term||1 year to 7 years||Varies based on the loan amount and other factors||7 years (Shringaar)/3 years (Annapurna)||Up to 10 years including moratorium period||Varies based on the loan amount and other factors|
|Interest Rates||7.40% onwards||0.50% below the Base rate if the loan amount exceeds Rs. 2 Lakh, otherwise as per the base rate of the bank||As per the bank’s criteria||0.25% below base rate for loans over Rs 10 Lakh, lesser amounts at a base rate||0.25% below base rates for women applicants who are majority stakeholders in the company.|
|Processing Fee||Nil||Varies based on the loan amount and other factors||Varies based on factors such as loan amount||Nil||Nil|
|Additional Features||No collateral/third party guarantee required
Hypothecation of all stocks and assets created from the bank’s fund is required as a security
|No security required for loans amount is to up to Rs. 5 lakh in the tiny sector
No interest concession for advances provided to retail traders
|Shringaar features tie-up with Naturals, Cavinkare, and Lakme Ltd.
Both Shringaar and Annapurna is collateral-free and covered under CGTMSE
|Free credit card
No Third-party guarantee for loans under the purview of CGMSE
|Microcredit and retail stores are also eligible along with enterprises operating in the agriculture and allied sector|
Why people choose the Bank of India for a business loan?
Bank of India business loan allows small businesses to expand their existing operations and increase their productivity. These loans provide the required financing for the implementation of planned expansion projects. Bank of India loan facilitates the business with an option of refinancing in the future. Thus, this loan facilitates the long-term growth of the organization.
Business requires regular upgrading and maintenance. BANK OF INDIA loan can help you in meeting the expenditure involved in it. You can use the fund to pay your salary and buy machinery and tools for upgrading your plant. This will enable you to focus on core business activities and increase your revenues and profits.
Benefits of Bank of India business loan
There are many advantages of BANK OF INDIA loan, mentioned under:
- First, you get extensive research help.
- Bank of India is very expert in providing complete information about various loans available with them.
- It provides an online banking facility for its customers.
- It also provides information and guides to its customers regarding various aspects related to Bank of India business loans.
- It has been providing excellent support to the businesses of India.
- Bank of India’s services is always ready to assist you.
- They understand your needs and help you make the best use of the opportunities presented to you.
- If you are planning to expand your business in BANK OF INDIA, then BANK OF INDIA loan is the perfect choice as a business loan in India.
- You just need to fill an application form with some of your personal and financial details.
- Once the details are confirmed, you can easily avail the money from the BANK OF INDIA.
Measures come under Bank of India
Bank of India is well-known for its credit-based policies. It does not believe in the credit-based policy for any business. Even for commercial purposes, BANK OF INDIA provides no credit option.
- This policy is its unique feature which helps you to avail the loan even when your business is in the initial stages.
- Bank of India understands that your business needs cannot be completed within the specified period of time.
- For BANK OF INDIA to approve the loan application, it takes the opinion of the credit authority as well as the audit conducted by it. In the opinion of the credit authority, the loan amount should be approved.
- Besides that, the entire business plan of BANK OF INDIA should be properly scrutinized.
- In the opinion of the auditor, BANK OF INDIA should not be given any loan. Even the suspicion can be cleared after going through all these things.
In order to apply for the loan, you have to follow the procedure as given by BANK OF INDIA. You can get more information about the procedure from the BANK OF INDIA website. The business loan application procedure is simple and easy to follow. So, you can apply for the loan without much problem.