Frequently Asked Questions - Indus Easy Credit Business Loans
1. Who is eligible to avail Easy Credit Business Loan?
- Minimum age at the time of application should be 25 years
- Maximum age at business loan maturity should be 70 years
- Business Vintage/Continuity - Minimum 2 years in the same line of business
- Eligible Customers - Self Employed individuals and Sole Proprietors
The facility is currently available only for pre-qualified existing customers of the bank. Please click on the link to check your eligibility for Easy Credit Business Loan.
2. What are the documents required for availing the business loan?
You need to keep the below documents handy while applying for business loan.
- Business Ownership Proof
- Business Continuity Document
3. How much time is required for the sanction of business loan application?
In case all the details are correct and verified in real-time, an in-principle sanction shall happen instantly and disbursal of funds to your bank account shall happen within 2-3 business days.
4. What are the loan tenure options?
You can select to repay your loan over a period of 12 to 36 months.
5. What is the rate of interest applicable?
Rate of interest will be 16% onwards.
Applicable Government taxes, levies, etc. are over and above the Fees & Charges.
6. How do I foreclose my loan account?
You can prepay/foreclose the entire loan outstanding any time after the completion of 12 months. Prepayment charges as applicable would be levied on the outstanding loan amount. The exact amount for pre-closure of the loan shall be available in the foreclosure letter/statement issued by the bank.
7. Can I make part-payment of loan amount applicable?
Part prepayment is not allowed. The business loan has to either be prepaid in full or serviced for the contracted tenure.
8. How can I repay my business loan?
You pay the loan in equated monthly instalments (EMIs) by setting up standing instruction (SI) to debit your IndusInd Bank account with the EMI amount.
9. What are the charges applicable?
The different charges are: Processing fee (up to 2% of the loan amount), Stamp duty (as applicable), Documentation Charges (depending on the loan amount), GST and other applicable government taxes, levies.
10. What security is needed to avail the loan?
To obtain the loan, there is absolutely no need to provide any security or collateral.
11. Is any guarantor required for availing the loan?
No guarantor is required for availing the loan.
12. What if I am not able to complete the journey at one go due to internet issues, technical issues, etc.?
You can always resume the journey from where you left off by providing basic details like your PAN and Mobile Number.
