IOB Guarantee Plus Guarantee Plus
Indian Overseas Bank's collateral free loan for micro and small units that bank only with IOB, for machinery, premises and working capital, backed by CGTMSE cover.
Last updated on
- Status
- Open
- Run by
- Indian Overseas Bank
What you get
- From above ₹20 lakh up to ₹10 crore
- No collateral. Covered by CGTMSE up to ₹10 crore, with the premium paid by the borrower
- Repay over up to 84 months, including a holiday of up to 12 months
- An extra term loan of 3% of the original loan can be taken to pay the yearly CGTMSE fee for the first 3 years
- Interest concession for youth and women borrowers
Who can apply
- Micro and small enterprises.
- The most on offer is ₹10 crore.
- Udyam registration is needed. It is free.
- The unit must bank only with Indian Overseas Bank
- No overdue flags in the last 12 months
- New borrowers need a credit score of 700 or more for every promoter
How to apply
- Visit your nearest IOB branch with your Udyam registration and business papers
- The bank's general MSME online application is linked from its MSME pages
In person, nearest Indian Overseas Bank branch, or call 1800 890 4445
In Kerala, any Indian Overseas Bank branch in Kerala
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 Seen something out of date?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.