In this paper, we mainly use the properties of the minimum eigenvalue of the Fan product of $M$-matrices and Cauchy-Schwarz inequality, and propose some new bounds for the minimum eigenvalue of the Fan product of two $M$-matrices. These results involve the maximum absolute value of off-diagonal entries of each row. Hence, the lower bounds for the minimum eigenvalue are easily calculated in the practical examples. In theory, a comparison is given in this paper. Finally, to illustrate our results, a simple example is also considered.