IOB e-GST
A digitally sanctioned working capital limit from Indian Overseas Bank for GST registered sole owners, sized from GST sales and bank statement credits, with no collateral.
Last updated on
- Status
- Open
- Run by
- Indian Overseas Bank
What you get
- Working capital from ₹5 lakh to ₹5 crore
- Limit set at the lower of 20% of B2B sales in GST returns or 20% of bank credits over the last 12 months
- No collateral. Covered under CGTMSE
- Sanction is fully digital
- Open to existing IOB customers and to new customers who bank elsewhere
Who can apply
- Businesses that are already running.
- Micro, small and medium enterprises.
- The most on offer is ₹5 crore.
- Udyam registration is needed. It is free.
- Individual proprietors and proprietorship firms only. HUFs and non-residents are not eligible
- GST registered with returns filed for at least the last 12 months
- Current account for at least 12 months, with IOB or another bank
- No working capital loan from any bank or lender
How to apply
- Update your GSTIN in your Udyam registration and enable API access on the GST portal
- Download 12 months of current account statements
- Apply online through the IOB e-GST portal linked from the product page, or through the JanSamarth portal
- Once the online journey is done, visit the branch to complete disbursement
In person, Disbursement formalities at an IOB branch
In Kerala, online from anywhere in Kerala, then complete disbursement at an Indian Overseas Bank branch. New customers can apply
Documents to keep ready
- GSTIN details updated in your Udyam registration
- GST portal API access enabled
- Mobile number registered with the bank, Udyam and GST that can receive OTPs
- Last 12 months of current account statements
Where we found this
An independent guide by The Company of Four, not a government website. Schemes change often, so check every detail on the official website before you apply. Links marked ↗ open external websites that we do not run, and we are not responsible for their content. Seen something out of date? Tell us and we will look into it.