IndusInd Bank Business Loans

Planning to set-up/expand your business? Stressed about the investment? Worry not! Business loans are here. Scale-up your business to a new level with the help of IndusInd business loans. IndusInd Bank offers tailor-made loans and competitive interest rates. It provides special loans to doctors for immediate requirements to set up a clinic/nursing home, expand their premise, or buy medical equipment. Also, loans for small businesses are provided based on the requirements of the customers, as working capital finance, term loan, unsecured loan, etc. 

Interest Rates and Other Fees

• Interest Rate: ~14% 

• Processing fee: up to 2.5% of the loan amount

Types of IndusInd Business Loans

Professional Loan for Doctors

This loan is specially designed for medical professionals who require instant access to finance. It is collateral-free and helps doctors to facilitate the expansion/set up/upgradation of business, equipment, and much more.

Purpose of the Loan:

The loan is available for the following purposes:

• Working capital requirement.

• For a personal purpose or to meet the expenses of professional requirement.

• Development of a nursing home, clinic/clinic-cum-residence, pathological laboratory.

• Purchase of assets, such as an ambulance.

• To purchase medical/diagnostic equipment, or to set up an operation theatre.

• Purchase of office equipment, i.e., computers, air-conditioners, fax, furniture etc.

• Renovation/expansion/modernization of an existing clinic/nursing home.

Features and Benefits:

• Competitive interest rates

• Collateral-free

• Loan amount: Rs. 5 lakhs-50 lakhs

• Flexible repayment schedules, of 12-48 months

• Speedy disbursal process

• Doorstep service and minimum documentation

Eligibility:

• ITR – Requirement based

• For doctors with PG: minimum experience of 3 years

• For doctors with MBBS: minimum experience of 7 Years 

• Clean credit score

• Residence stability of 3years (if rented)

• Age of applicant doctor - 25(minimum) to 70(by the end of the term)

• Clubbing of family income is possible, provided all family members are doctors

Required Documents:

• Application form with a recent photograph

• Proof of identity (Voter ID card/Passport Copy/PAN Card etc.)

• Address proof (ration card/passport copy/telephone bill/electricity bill/rental agreement/bank passbook or statement)

• Office ownership proof (if applicable). It can be any one of the following:

  •  Property tax bill

  • Municipal charges bill or electricity bill

  • Sale agreement

• Age proof (PAN Card, passport, any other certificate from a legal authority)

• Proof of income: Salary slip for the last 3 years in case of a salaried doctor, Form-26 AS/ITR/Form-16 for the last 2 years.

• Bank statements/passbook for the last 6 months.

• Copy of most recent degree certificate

• Medical registration certificate

Medical Equipment Loan

Medical Equipment Finance was incorporated with the growing Indian healthcare market in mind. 

Purpose of the loan:

• To aid professional doctors (both general and specialists)

• Specialty clinics, nursing homes, and diagnostic centers.

• Small to medium hospitals involved in diagnostic/health care with specializations in fields like gynecology, cardiology, radiology, ophthalmology, etc.

• To purchase ECG Machines, Ultrasound Scanners, C T Scanners, X-Ray Machines, MRI Scanners, Colour Doppler, Linear Accelerators, Cathlab, Monograph X-Ray Fluoroscopy (Indian & imported machines), Day Camera Mammography, Ophthalmology Endoscopes, etc.

Features and Benefits:

• Nature of facility: Term loan

• Loan amount: Rs. 10 lakhs-Rs. 10 crores

• Loan tenure: 1 – 7 years (including moratorium period)

• The loan is also made available for refurbished medical equipment through IBL approved vendors.

• Loan-to-value: 85% of the property value

• Minimum documentation & quick processing

• Doorstep service

Eligibility:

• Individuals/self-employed doctors, a proprietorship firm, partnership and pvt. ltd. companies

• ITR/financials-Requirement based

• Age of applicant/Director/partner-25(minimum) to 70(by the end of the term)

• Clean credit record

• Office Stability-Owned/2 years(if rented)

• Residence Stability-Owned/3 years(if rented)

Required Documents:

Here is the list of the documents required to apply for IndusInd Medical Equipment Loans

• PAN Card of the individual/company/firm

• For identity proof:

  • PAN card

  • Aadhaar card

  • Voter's ID card

  • Passport

  • Driving license

• For address proof:

  • Voter's ID card

  • Aadhaar card

  • Driving license

  • Passport

• Bank statement for the last 6 months.

• Latest ITR along with balance sheet, computation of income, and profit & loss account for the previous 2 years (CA Certified/Audited)

• Proof of continuation (ITR/Establishment/Trade license/Sales tax certificate)

• Other documents   

  • Sole proprietorship declaration or certified copy of partnership deed

  • Board resolution (Original)

  • A certified true copy of Memorandum and Articles of Association (certified by the director)

• Copy of latest degree certificate

  • Self-employed: mandatory

  • Limited companies: of the promoter doctor

  • Partnership firms: of the promoter doctor

• Equipment details

  • Details of the equipment to be financed, along with the technical brochure.

  • Performa invoice to be submitted, with all details, inclusive of excise & taxes.

  • The terms of delivery are to be mentioned in case there are imported equipment.

  • Undertaking from the registered dealer/manufacturer for software/technical upgradation till the completion of the loan tenor.

IndusInd Business Loans

Working Capital Finance

• Running account facility for a short term on a renewable basis.

• Finances the inventory and receivable of the business.

• Flexible account operations to operate the account when required.

• Low rate of interest

Export Finance

• Financial assistance to exporters on pre/post-shipment transactions.

• Funding in foreign currency, reducing the overall cost.

• Transaction-based funding.

Term Loan

• Long-term finance for business expansion

• Offered in both INR and foreign currency. (FCTL)

• Takeover of the existing loan at competitive interest rates

• Collateral-based facility

Trade

• Letter of credit is offered to import goods and domestic purchases

• Bank guarantees both performance and finance

Unsecured Business Loans

• No collateral

• Quick loan processing

• Repayment on the basis of equated monthly installments(EMIs)

 

Required Documents:

Here is the list of documents required to apply for HDFC Business Loan.

• PAN Card of the individual/company/firm

• For identity proof:

  • PAN card

  • Aadhaar card

  • Voter's ID card

  • Passport

  • Driving license

• For address proof:

  • Voter's ID card

  • Aadhaar card

  • Driving license

  • Passport

• Bank statement for the last 6 months.

• Latest ITR along with balance sheet, computation of income, and profit & loss account for the previous 2 years (CA Certified/Audited)

• Proof of continuation (ITR/Establishment/Trade license/Sales tax certificate)

• Other documents   

  • Sole proprietorship declaration or certified copy of partnership deed

  • Board resolution (Original)

  • A certified true copy of Memorandum and Articles of Association (certified by the director)

How to Apply for IndusInd Business Loans

Applying for an IndusInd Business Loan is quite simple. You can apply either online or offline. Follow the step-by-step procedure given below

Apply for IndusInd Business Loan Online

• Visit the IndusInd business loans page.

• Enter your personal details, select the type of loan, and accept the terms and conditions.

• Enter the captcha and click on ‘Submit.’

• You will be contacted by a customer care representative, who will guide you through the process.

Apply for IndusInd Business Loan Through a Branch

• Visit the nearest IndusInd Bank branch.

• Request for the application form for a Business loan.

• Fill in the form with the necessary details.

• Submit the form along with the documents needed.

• After verification, your loan request will be processed.

Interest Rates of Top Banks Offering Business Loans 

Bank	Interest Rate	Processing Fee
SBI	11.20% - 16.30%	2% to 3%
Axis Bank	15.50% - 24%	Up to 2%
HDFC	15.65% - 21.20%	Up to 2.5%
ICICI	12.90% - 16.65%	Up to 2%
Citibank	16% - 18.99%	Up to 2%
Yes Bank	16.25% - 19.99%	Up to 2%
PNB	12.65% - 16.65%	Up to 1.8%
IDBI	13%	1%
Kotak Bank	16% - 19.99%	Up to 2%
IndusInd	14%	Up to 2.5%
Andhra Bank	9.15% - 16%	1% to 3%
RBL	20% onwards	Up to 3%
Canara Bank	10.50% - 18%	Up to 1%
Bank of Baroda	14.10%	Up to 1%

FAQs

How much loan amount can I get from IndusInd Business Loans?

You can avail an amount of up to 10 crores. 

How can I repay my IndusInd Business Loan?

You can repay the loan using EMIs, ECS, or auto-debit options. 

What security should I give to avail IndusInd Business Loans?

The security is based on the type of loan you take. You can get both secured and unsecured loans at IndusInd Bank.

I am a doctor(MBBS) with 4 years of experience. Can I apply for Professional loan for doctors at IndusInd?

No. If you are an MBBS doctor, you need to have a minimum experience of 7 years to avail this loan.

I am a Doctor with PG with 5 years of experience. Can I apply for Professional loan for doctors at IndusInd?

Yes. If you are a doctor with PG, you must have a minimum experience of 3 years.