Looking for an MSME loan from Indian Overseas Bank for Chartered Accountants?
You have landed at the right place. This page contains all the information you will need on Indian Overseas Bank’s MSME Loans for CAs.
Indian Overseas Bank IOB CA Loan Scheme
This loan helps Chartered Accountants (CA) meet their working capital requirements or capital expenditure right from setting up an office, purchase office equipment, machinery, etc. This is a need-based loan. The bank offers collateral-free loans up to Rs. 10 lakh.
Features of IOB Bank IOB CA Loan Scheme
Why this Loan?
- This Indian Overseas Bank IOB CA Loan is meant for CAs who need financial assistance in fulfilling their working capital and capital expenditure needs
- Qualified Chartered Accountants are eligible for this loan if they have experience in running the business. Individuals, Proprietors, Partnership firms and LLPs can also avail this loan
Loan Amount
- The maximum loan amount sanctioned under this loan is Rs. 12.5 crore
Interest
- These details are not mentioned on the bank’s website. We suggest asking a bank representative to know more
Repayment
- This loan must be repaid within 10 years including the moratorium period. The actual moratorium period is not mentioned by the bank on their website. We suggest talking to a bank representative to know more
Security Needed
- The Prime Security is assets created out of the loan amount for the term loan and assignment of book debts/receivables for a working capital loan
- Collateral Security for Loans up to Rs. 10 lakh: CGTMSE coverage is required
- Collateral Security for Loans Above Rs. 10 lakh: Collateral by way of land and building may be required
Eligibility
- The borrower should be professionally qualified Chartered Accountant
- The loan can be availed for purchase or construction of office, purchase or upgrade of equipment, expansion of unit, etc.
Borrower Contribution to Total Cost (Margin Money)
- As of now, these details are not mentioned on the bank’s website. Please talk to a bank representative for more details
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest.
Processing Charges
- The bank charges up to 0.25% of the loan amount or Rs. 5,000 as processing charges, whichever is lower
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
Reference Facts
- Indian Overseas Bank Website: www.iob.in and www.iobnet.co.in (net banking)
- Headquarters: Chennai, Tamil Nadu
- Call Centre Toll-Free Number: 1800 425 4445