Key Benefits to secure your family's future!

Step Up – Increase your sum assured by 10%

You can choose to increase your sum assured systematically every year by 10%...Read More

Cover Your Spouse

Under this optional benefit, your spouse can get insured too. You can opt for it only if your Sum Assured is higher than...Read More

Waiver of Premium

All future premiums payable under the Policy shall be waived-off...Read More

Flexibility to increase your cover on important life events

As you progress through the various stages...Read More

How Insurance Works

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Fill all your basic details in the form.


1

Compare and Choose a Plan

Compare and choose plan according to your need.

2

Make Payment and Sit Back

Make payment of your plan and relax.


3
Talk to Advisor
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Top business insurance Schemes and Offers

You can either visit the official website of the bank to directly apply for a business insurance or visit the BankBazaar website to compare different loans and then apply for one which you feel is suitable.

You can either visit the official website of the bank to directly apply for a business insurance or visit the BankBazaar website to compare different loans and then apply for one which you feel is suitable.

Bank Best For Key Highlights
State Bank of India business insurance Low Interest Rate
  • Interest rates ranging from 9.99% p.a. to 16.49% p.a.
  • Loans of up to Rs.30 lakh
  • Tenure of up to 5 years
Axis Bank business insurance Self-Employed Professional
  • Interest rates (rack interest) ranging between 10.5% p.a. and 21.00% p.a.
  • Tenure of up to 5 years
  • Loans of up to Rs.40 lakh
Allahabad Bank business insurance Quick Turnaround Time
  • Interest rates starting at 10.75% p.a.
  • Loans of up to Rs.20 lakh
  • Tenure of up to 5 years
Canara Bank business insurance Flexible Interest Rates
  • Interest rates starting at 10.99% p.a.
  • Tenure of up to 6 years
  • Loans of up to Rs.25 lakh
Syndicate Bank business insurance Short-term Requirement
  • Interest rates ranging from 11% p.a. to 15% p.a. (indicative)
  • Tenure of up to 5 years
Citi Bank business insurance Top-Up Loans
  • Interest rate starting at 10.49% p.a.
  • Loans of up to Rs.40 lakh
  • Tenure of up to 5 years
Bank of Maharashtra business insurance Quick Approval
  • Interest rates starting at 11.99% p.a.
  • Loans of up to Rs.25 lakh
  • Tenure of up to 60 months
Indian Overseas Bank business insurance Easy Eligibility Checks
  • Interest rates starting at 24% p.a. onwards
  • Loans of up to Rs.25 lakh
  • Tenure of up to 5 years
Vijaya Bank business insurance Special Offers
  • Interest rates at the discretion of the bank
  • Loans of up to Rs.20 lakh
  • Tenure of up to 5 years
Karnataka Bank business insurance Different Income Categories
  • Interest rates starting at 9.60% p.a.
  • Loans of up to Rs.20 lakh
  • Tenure of up to 7 years
RBL Bank business insurance Affordable Interest Rates
  • Interest rates from 8.95% p.a. onwards
  • Loans of up to Rs.10 lakh
  • Tenure of up to 60 months

business insurance Eligibility Criteria

The following factors are considered by lenders while going through your loan application. If you meet these criteria, consider yourself eligible for a business insurance.

Criteria Salaried Self-Employed
Age 21 years to 60 years 22 years to 55 years
Net Monthly Income Rs.15,000 Rs.25,000
CIBIL Score Above 750 Above 750
Minimum Loan Amount Rs.50,000 Rs.50,000
Maximum Loan Amount Rs.25 lakh Rs.50 lakh

business insurance EMI Calculator

Use BankBazaar business insurance EMI calculator to calculate your EMI beforehand to plan and manage your finances in a better way. business insurance calculator lets you check your loan eligibility and helps you compare loans offered by different banks.

All you need to do is enter the loan details, including your preferred loan amount, interest rate, tenure, and processing fee. Hit "Calculate" to check your EMI. The lowest applicable EMI per lakh for a tenure of 7 years at minimum applicable interest rate is Rs.1,599.

The result is followed by an amortisation table, which will give you a detailed break-up of your repayment schedule.

Documents Required to apply business insurance

Requirements Salaried Individuals Self Employed
Proof of Identity Passport, Voter’s ID, Driving License or PAN Card Passport, Voter’s ID, Driving License or PAN Card
Proof of Residence Passport or utility bills Passport or utility bills
Proof of Income Bank statement of salary account for the past two years Audited financial statement of the past two years

If you are an NRI looking to borrow a business insurance, these are the documents that you will need to submit to the lender:

  • Copy of your Passport
  • Visa Copy
  • Your official Email ID or the Email ID of the HR
  • Bank Statements
  • Salary Certificate or salary slips
  • NRO/NRE bank statements of the last 6 Months
  • Proof of Identity, Residence, Income, and Assets
  • Recent passport-size Photographs of yourself and the guarantors

Other Fees & Charge

  • Processing fee
  • Goods and Services Tax or GST
  • Verification charges
  • Charges levied for issuing duplicate statement
  • Penalty for defaults
  • Penalty for pre-payment and part payment of loan

In addition to these, the lenders might also levy charges for documentation, stamping, credit administration, collection, and so on. The levy and the rates of these fees and charges differ from lender to lender. However, you can check the fees and charges which are levied by the top lenders in India before you apply for a business insurance.

Do not forget to check the eligibility criteria for the different types of business insurances before you apply for one.

business insurance Top Up

A business insurance customer can avail an additional loan amount through the top-up facility over his/her existing loan. The loan amount will be subject to the terms and conditions set by the financial lender, while the interest rate may be the same as the existing loan or could be up to 1% more than the interest rate of the current loan. The tenure of the top-up business insurance will be subject to that of the existing personal.

Key features and benefits

  • Existing business insurance customers are eligible for the loan top-up provided that they have paid their EMIs regularly and have no pending payments.
  • Quick or instant disbursal of the top-up loan amount.
  • Minimum documentation required.
  • Zero processing fee offered by a number of lenders.
  • No collateral required.

The approval of a business insurance application depends on many factors. When you apply for a loan, you should make sure that you are fulfilling all the factors to ensure the approval of your loan application. The eligibility criteria for business insurances may vary from lender to lender. However, there are some common criteria which include the age of the applicant, his or her income, credit score, the status of employment, and so on. Before you apply for a loan, make sure that all the eligibility criteria are being fulfilled. This will help you avoid the rejection of your loan application. Although there are other options that you can resort to in case your loan application gets rejected, it is recommended to double-check before applying to avoid the chances of rejection of loan application.

If you have recently paid off your business insurance (either repaid or foreclosed), you might have the idea that your obligation towards the loan is over. However, that is not the case. There are certain things that you should do after paying off your business insurance.

Claim Settlement Made Very Easy

Just give us a call on our toll-free number: 1000-000-0000 and we will explain the process

Submit the required documents for verification.

That is all. We will do the rest of the work and the claim amount will be transferred to the nominee^^. Simple!

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