Bank of India Business Loan in Purnea, Bihar

Bank of India offers 17 different types of business loans, and each of these loans is associated with a unique goal. Apart from these loans, the bank also offers six government-sponsored schemes to help entrepreneurs realize their dreams. for individual and non-individual borrowers; Obtain premises for the purpose of setting up/running a clinic/nursing home/pathological lab on ownership basis or on rent basis or for purchase and construction of a plot subject to compliance with the license/registration requirements under State/Central Government laws.

EMI Calculator

Loan Amount

₹

500000

No. of Months

months

Rate of Interest

Monthly EMI

₹

₹ 32,124.56

Total Interest

₹

10,622.78

Principal Amount

₹

500000

Payable Amount

₹

160,622.78

Pay No.	Begining Balance	EMI	Principal	Interest	Ending Balance
1	150000.00	32124.56	28637.06	3487.50	121362.94
2	121362.94	32124.56	29302.87	2821.69	92060.07
3	92060.07	32124.56	29984.16	2140.40	62075.91
4	62075.91	32124.56	30681.30	1443.26	31394.61
5	31394.61	32124.56	31394.64	729.92	-0.03

Bank of India Business Loan Important Information

Purpose

For setting up of new/upgrading existing Micro business enterprises in the manufacturing, processing, trading and service sector and carrying out activities allied to agriculture, financing to weavers and artisans (income generating activity).

Manufacturers and suppliers of medical oxygen,Oxygen cylinders.

Existing Hospitals/ Nursing homes etc.

Eligibility Criteria for Bank of India Business Loan

Age 21 to 60 years

Minimum Turnover: 0

Business Existence (in months): 12 months

Documents Required for Bank of India Business Loan

Copy of Bank Statement

Latest ITR and statement of computation of Income for the last 2 yrs.

Proof of continuity of business

Other Mandatory Documents that are Sole Proprietorship Declaration, Certified copy of Memorandum & Articles of Association certified by a director

Original Board resolution

Financials audited/ certified by a CA

Valid Proof for Identity

Residence Proof

Age Proof

Financial Documents

Fees & Charges for Bank of India Business Loan

Processing Fee: 1.5%, Min Rs. 500

Tenure: From 12 months to 84 months

Interest Rate: 13.55%

FAQ for Bank of India Business Loan

How can I get a business loan from the Bank of India?

You can apply for a business loan by visiting paisabazaar.com to check and compare all Business/MSME loans from the Bank of India to choose to further proceed with loan details with the bank’s representative.

How do I repay my business loan?

It should be repaid through EMIs via standing instructions and post-dated cheques.

Is a guarantor required for the Bank of India Business Loan?

No form of security is required while applying for Bank of India’s Business Loan.

What are PSB loans in 59 minutes in the Bank of India?

Applicants can apply for SME or MSME loans from Bank of India with the help of PSB loans, as they provide loan approval within 59 minutes of loan form submission.

Note: This content is taken from Bank of India website

Purpose for Business Loan

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