Looking for a Business Loan from Bank of America?

This page has the information you need to make a sensible and sound decision.

Corporate Business Loans from Bank of America

Bank of America, a foreign bank operating in four locations in India, offers a distinct set of loans to its customer base. As of October 2020, Bank of America offers three umbrella business loan schemes to its corporate customers. These loan schemes are meant to help business owners in the corporate sector set up business units, purchase equipment, conduct business activities, carry out export or import activities, etc.

The Corporate Business Loans offered by Bank of America are:

  1. Term Loan for Businesses
  2. Working Capital Business Loan
  3. Structured Finance Business Loan

We give you a brief introduction to the business loans below.

Bank of America Term Loans for Businesses

Bank of America term loans are designed to help businesses carry out different business and trading activities right from acquiring land and building to purchasing machinery and vehicles. All projects are eligible for these loans as long as they are technically feasible and economically viable.

Features of Bank of America Term Loans for Businesses

Why this Loan?

  • The Bank of America Business Term Loan can be taken for all manufacturing, processing, repairing, business and trading projects and activities
  • The loan is extended in different forms based on the borrower requirements such as foreign currency loans, Indian currency loans, etc.
  • The repayment schedule is set based on a range of factors such as Cash Generation and Repayment capacity of the borrower, Debt Service Coverage Ratio, etc.
  • The security needed for this loan is decided based on the risk perception after checking the borrowers’ profile and other lending norms of the bank

Bank of America Business Loan for Working Capital

The loan helps businesses finance their everyday operations such as for investment in current assets, purchase of raw materials, salary payments, power charges, etc. This a perfect loan scheme for businesses that need help during periods of reduced business activity or while waiting for receipt of payment after completing projects.


Features of Bank of America Working Capital Business Loan

Why this Loan?

  • This Bank of America Working Capital Loan can be taken for all projects and activities related to running the business on a day-to-day basis
  • The loan is extended in different forms based on the borrower requirements such as Inventory Limits (Pre-Sales), Finance Against Receivables (Post Sales), etc.
  • The security needed for this loan is decided based on the risk perception after checking the borrowers’ profile and other lending norms of the bank

Bank of America Structured Finance Loans for Businesses

The loan is designed to help businesses get funds to meet their different needs and run the business smoothly. The bank offers customised solutions to flexibility on security, covenants, tenure, repayment, etc.

Features of Bank of America Structured Finance Loans for Businesses

Why this Loan?


  • This Bank of America Structured Finance Loan can be taken for all projects and activities related to running the business
  • The loan is extended in different forms based on the borrower requirements such as Inventory Limits (Pre-Sales), Finance Against Receivables (Post Sales), etc.
  • The terms such as security, tenure, repayment, etc. for these loans are decided based on the needs of the borrower and lending norms of the bank

Important Note: Even though the bank’s website has information available for three business loans from Bank of America. However, the bank may offer more corporate loan options under this or different schemes but which are not yet published on the website. We suggest that you get in touch with the bank to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, Strategic Premium, etc. may be decided on a case-to-case basis.

Interest Rate for Bank of America Business Loans

  • As of October 2020, the interest rate applicable on Bank of America business loans is not mentioned on the bank’s website. We suggest visiting your nearest bank branch or calling their customer care number to get more details

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

  • Bank of America Website: www.bofa-india.com
  • Headquarters: Mumbai, Maharashtra
  • Phone (Corporate Office):+91 22 66323000