Table of Contents

1. Introduction
2. Benefits of Indian Bank’s Pre-Approved Business Loan
3. Eligibility Criteria
4. How to Apply
   • Through Indian Bank Website
   • Using Ind OASIS Mobile App
   • Via Internet Banking
5. Required Documentation
6. Loan Limits and Repayment Terms
7. Frequently Asked Questions (FAQs)
8. Conclusion

Introduction

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In today’s competitive business environment, having access to quick and reliable financing can make all the difference. Indian Bank’s Pre-Approved Business Loan (PABL) is designed to offer financial support to businesses, helping them achieve their goals and expand their operations. This loan provides a seamless application process, no collateral requirements, and loan amounts up to Rs.10,00,000/-. In this comprehensive guide, we will explore everything you need to know about the Pre-Approved Business Loan from Indian Bank.

Benefits of Indian Bank’s Pre-Approved Business Loan

• No Collateral Required: The loan does not require any collateral, making it accessible to a broader range of businesses.
• Quick Disbursement: Fast processing and disbursement to ensure timely financial support.
• Flexible Repayment Terms: Offers a repayment term of 36 months, allowing businesses to manage their finances effectively.
• High Loan Amounts: Loans available from Rs.1 Lakh to Rs.10 Lakhs.
• Ease of Application: Multiple application modes, including online and mobile app, for convenience.
• Improves Cash Flow: Helps businesses manage their cash flow and invest in growth opportunities.

Eligibility Criteria

To be eligible for the Pre-Approved Business Loan from Indian Bank, you must meet the following criteria:

• Existing Customer: You must be an existing customer of Indian Bank.
• Age: Applicants should be between 21 and 70 years old.
• CIBIL Score: A good CIBIL score is required to qualify.
• PAN Registration: Ensure your PAN number is registered with CIF in Bank Records.
• UDYAM Registration: The mobile number registered with UDYAM should match the mobile number in Bank CBS records.

How to Apply

Through Indian Bank Website

1. Visit the Indian Bank website.
2. Navigate to the ‘Products’ section.
3. Click on ‘Online Loans’.
4. Select ‘Apply for PABL’.
5. Fill in the required details and submit your application.

Using Ind OASIS Mobile App

1. Download the Ind OASIS Mobile App.
2. Open the app and go to the ‘Apply Loan’ tab.
3. Select ‘Apply for PABL’.
4. Complete the application form and submit it.

Via Internet Banking

1. Log in to your Indian Bank internet banking account.
2. Go to the ‘Apply Loan’ tab.
3. Choose ‘Apply for PABL’.
4. Fill in the necessary details and submit your application.

Required Documentation

To apply for the Pre-Approved Business Loan, you will need the following documents:

• PAN Card: Ensure it is registered with CIF in Bank Records.
• UDYAM Registration Certificate: Mobile number registered with URC should be the same as in Bank CBS records.
• Bank Statements: Recent bank statements may be required.
• Business Registration Documents: Proof of business registration.

Loan Limits and Repayment Terms

Frequently Asked Questions (FAQs)

1. What is the interest rate for the Pre-Approved Business Loan? The interest rate varies based on the applicant’s profile and market conditions. Please check with Indian Bank for the latest rates.

2. Is there a processing fee for the loan? Yes, a nominal processing fee is applicable. Details can be obtained from Indian Bank.

3. How long does it take to process the loan? The processing time is usually quick, and funds are disbursed promptly after approval.

4. Can I prepay the loan? Yes, prepayment is allowed. However, check with Indian Bank for any applicable prepayment charges.

5. What happens if I miss an EMI? Missing an EMI can affect your credit score and may incur penalties. It’s advisable to maintain timely payments.

6. Can I apply if I am not an Indian Bank customer? No, you must be an existing customer of Indian Bank to apply for this loan.

7. Are there any restrictions on the use of the loan amount? The loan should be used for business purposes as specified in the application.

8. How is the loan amount decided? The loan amount is based on various factors, including your business profile, credit score, and existing relationship with the bank.

9. What is the UDYAM Registration Number? UDYAM Registration is a government initiative for MSMEs. You can register online and obtain the URC instantly.

10. Can I apply for multiple loans? Typically, only one loan is granted at a time, but you can check with Indian Bank for specific policies.

Conclusion

Indian Bank’s Pre-Approved Business Loan is an excellent financial product designed to support businesses in their growth journey. With no collateral requirements, flexible repayment terms, and a straightforward application process, it is an ideal option for existing Indian Bank customers looking to expand their business operations. If you meet the eligibility criteria, don’t miss out on this opportunity to secure the funds you need to take your business to the next level.

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