Established in 1964 as part of an Act of Parliament, the Industrial Development Bank of India (IDBI) is an iconic institution in the banking industry. Though IDBI provides retail banking facilities like any other normal, as its name suggests, it specializes in industrial finance. The bank focuses on MSME, Corporate, agriculture sectors with its products and financial services. Business loans by IDBI have gained popularity and goodwill over the decades with its target group. This is because of the different loan schemes introduced from time to time in order to suit the varying financial needs of businesses.
IDBI provides tailor-made business loan products for its corporate and other customer segments. Their offerings in the business loan category are unique and have been curated keeping different businesses at the focal point. Most of these loans do not need collateral or third party guarantee so as to aid the loan applicants.
Loanbaba.com is your one-stop destination for all kinds of loans of smaller and larger amounts. Whether you want to invest in your business or want a loan for education, property purchase, car purchase or any other opportunity, we offer you multiple options. At loanbaba.com, you get business loans at the best and lowest interest rates. The easy-to-navigate portal has made the whole process of availing a loan time-saving and easy for its customers who want to apply for a Loan Online in India.
Loanbaba.com is a well-curated website for business loan applicants where loans of all shapes and sizes are made available under the same platform. Its user friendly navigation and tabulated information makes it easier for visitors to comparatively analyse the best suited financial tools for them. Applying online has never been this easy for citizens in India.
Calculating EMI manually can be a cumbersome process for loan applicants. You can bypass this tiring process by using thebusiness loan EMI calculator and calculate the loan amount needed for your business in easy steps. It makes the calculation effortless and speedy. The result is computed in a very less time. You just put the required values in the calculator (loan amount, tenure and rate of interest) to know your EMI.The loan eligibility calculator in particular will tell you the amount limit of the loan that you can apply for.
IDBI bank has different business loan schemes catering to the different businesses’ financial needs. Some of the business loan schemes are as follows:
A short-term, collateral free loan starting from Rs.50000 to Rs.10 lakhs this type of loan can range between one to five years. The processing charge is free for loans above the 5 lakh mark.
With attractive interest rates, IDBI’s business loan particularly for the Medium, Small and Micro Enterprises takes care of all banking activities of the company applying for it. Apart from the range of solutions, the other benefits are easy processing of loan and quick disbursal of loan amount into the applicant’s account. The loan amount range is from Rs.1 lakh to Rs.2 crores while the interest rate varies from case to case base with a 1% processing fee on the loan.
IDBI is popular for this type of loan specifically for vendors, usually large corporations, manufacturers that need funding for production. The loan amount meets the financial needs of a vendor at different stages of his business.
Loanbaba works closely with the bank to process your loan easily and quickly. After filling out the IDBI business loan form on Loanbaba, it is likely to take at least 3 business days for the bank to sanction the disbursement. The bank reserves the rights to take more time in case of any discrepancy.
You can log onto our website www.loanbaba.com to track your application. Please take note of your registered mobile number and email-ID. Writing it somewhere may help for safety and convenience purposes. Using those credentials, you can track your application process in real time.
Yes, IDBI allows the liberty to prepay your loan amount after the payment of your first EMI. After that up to 6 months, the interest for foreclosure is 2 % and any time after that isfree of charge.
Loan amount is mainly decided based on two things:
a) Annual income/earnings and b) Credit history.
Yes, an existing relationship with the bank with which you are applying for a business loan helps. Benefits like priority processing of business loan are available to you.
Varied types of business loans have different clauses for pledging of security for loan amount like land, property, business inventory, etc. However, please note that no security is needed while applying for a business loan from Bank of Baroda for loan amounts of up to Rs.20 lakhs. Those are collateral-free loans.
EMIs (Equated Monthly Installments) can be paid in the form of post-dated cheques. ECS is also available where your amount will get deducted every month at a set date. Both modes of payment will ensure that you do not miss the due date. It’s a proactive measure to assure timely payment.
IDBI offers business loans at interest rates starting at 13%. Credit scores and annual income of applicants are taken into consideration.