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Indian Bank

IB My Own Shop

Bank Indian Bank
Scheme IB My Own Shop
Description This loan helps businesses in the Small and Micro Enterprises (SME) sector meet their capital expenditure requirements. Proprietorships, partnerships and limited companies in the SME definition are eligible for this loan.
Rate of Interest & Repayment Interest

  • The interest rate for this loan is defined as the sum of one-year MCLR of the bank and Credit Risk Spread. As of now, the MCLR of Indian Bank is 7.30% and the Credit Risk Spread, as the name suggests, depends on the credit risk rating of the borrower. It can range from 1.90% to 6.10%, making the effective interest rate range anywhere from 9.20% to 13.40%


  • These loans need to be repaid within 10 years including the moratorium period of up to 12 months
  • The bank asks equitable mortgage on property acquired or created under the loan as prime security
  • The bank also asks for personal guarantee of partners or individuals


Composite /loan Limit
  • The maximum loan amount sanctioned under this loan is Rs. 50 lakh


  • The bank charges 25% of the total cost as margin money for this loan


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