Bank of India Commercial Property Loan

The Bank of India Commercial Property Loan comes under the Star Asset-Backed Loan. It is designed to provide working capital for current asset development, such as renovation or construction of business premises, offices, Godowns, Shop Units, etc., and acquisition of fixed assets, including plant and machinery. It offers a maximum loan-to-value ratio of 60% for residential properties and 50% for non-residential properties. The loan features lower interest rates and a simplified documentation process.

Bank of India Commercial Property Loan Features

Some key highlights of the Bank of India Commercial Property Loan are listed below:

Bank of India Commercial Property Loan Interest Rates

Below are the Interest rates for the Bank of India commercial property loan:

Bank of India Commercial Property Loan Eligibility Criteria

Listed below are the eligibility criteria for availing the Bank of India commercial property loan:

Business enterprises must comply with applicable statutory requirements, including:

• Udhyam registration
• GST registration
• License under the Shops & Commercial Establishment Act
• Trade License, etc.

In accordance to below, the unit should have been operational in the last three years.

The business must have earned cash profit in at least two preceding years.

Bank of India Commercial Property Loan Benefits and Features

Following are the benefits and notable features of the Bank of India commercial property loan:

• Loan with a lower interest rate.
• The paperwork required for the loan is made easy.
• The loan amount is determined based on your GST records, making it easy to qualify and ensuring transparency.

Bank of India Commercial Property Loan Documents Required

Documents required for availing the Bank of India commercial property loan:

• Proof of GSTN registration
• Details of filed Income Tax Returns
• The last six months’ bank account statements
• Personal, educational, and ownership details of directors and owners of the business
• Letter of consent from all directors/owners for the loan
• Additional documents will be provided as requested by the bank on a case-by-case basis.

Bank of India Commercial Property Loan Processing Fees and Other Charges

Bank of India Commercial Property Loans come with certain fees and additional charges. The table below pertains to the same.

Bank of India Commercial Property Loan – Terms and Conditions

• Before applying for a commercial property loan from the Bank of India, interested applicants must consider some terms and conditions.
• Business entities must meet statutory requirements like Udhyam and GST registration and have an operational history of at least three years with cash profits in the last two years.
• The funds can be used for property acquisition, equipment purchase, capacity expansion, current asset investment, and debt repayment.
• Interest rates start from 9.7% p.a., and eligibility criteria include compliance with statutory regulations and a profitable business track record.
• Required documents include GSTN proof, Income Tax Returns, bank statements, and personal/business ownership details, with processing fees varying by loan amount and branch location.