Looking for a Business loan from Indian Overseas Bank?

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

Business Loans from Indian Overseas Bank

Being one of the public sector banks in India, Indian Overseas Bank (IOB) offers a range of finance products to different segments of its customer base. As of April 2020, Indian Overseas Bank offers two business loans to its corporate customers. These loans are designed for businesses in different sectors meet their working capital needs and other needs and run the operations smoothly.

The business loans from Indian Overseas Bank are:

  1. IOB Business Loans for IT and ITES Sector
  2. IOB Expo Gold Card to Exporters

We give you a brief introduction to each of these IOB business loans below.

Indian Overseas Bank Business Loans for IT and ITES Sector

Indian Overseas Bank offers term loan schemes to help IT/ITES businesses to meet their working capital, capital expenditure and other needs. This loan can also be availed for expenditure related to business expansion.

Features of Indian Overseas Bank Business Loans for IT/ITES Sector

Why this Loan?

  • The Indian Overseas Bank Business Loan for IT and ITES Sector is meant for you if your IT/ITES business needs funds to meet its capital expenditure or working capital needs
  • The details such as loan amount, tenure, security, etc. are decided by the bank on a case-to-case basis

Indian Overseas Bank Expo Gold Card to Exporters

Indian Overseas Bank offers a gold card to exporters with the credit rating of A and A+. The Gold Card issued under this scheme is issued for three years and can be renewed for a further period of three years subject to satisfying the terms of the bank.

Features of Indian Overseas Bank Expo Gold Card to Exporters

Why this Loan?

  • The Indian Overseas Bank Expo Gold Card to Exporters is meant for you if you are an exporter in need of export credit
  • Only the exporters with the bank’s credit rating of A and A+ are eligible for this loan. As of April 2020, the exact way of how the bank rates an exporter for this loan is not available on the bank’s website. Please get in touch with a bank representative to know more

Important Note: Indian Overseas Bank may offer more corporate loan options that are not yet published on the website. We suggest that you get in touch with the nearest branch 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 Indian Overseas Bank Business Loans

  • As of April 2020, the interest rate for Indian Overseas Bank Business Loans is not mentioned on the bank’s website. Please get in touch with the bank for this information when you apply

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