IIFL Business Loan offers attractive and affordable business loan interest rates to help customers achieve their business goals without creating a financial burden. Apply for IIFL Instant Business Loan online with easy documentation, faster approval, and easy EMIs.
With IIFL Small Business Loan, you can comprehensively meet your business needs without compromising on business expenses to grow your business.
The MSME business loan in India is a comprehensive product that offers quick funds to help you grow your small business and invest in vital infrastructure, machinery, plants, operations, advertising, marketing, etc. IIFL brings a good scheme for business loans for new businesses. Here you get a business loan without security.
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- 1 IIFL Business Loan Details
- 1.1 IIFL Business Loan Interest Rates
- 1.2 Features of IIFL Business Loan
- 1.3 IIFL Business Loan Eligibility Criteria
- 1.4 Tips to Improve Business Loan Eligibility:
- 1.5 How to apply for IIFL Business Loan online?
- 1.6 IIFL Business Loan Payment
- 1.7 IIFL Customer Care
- 1.8 What is a Business Loan?
- 1.9 What documents are required to apply for a loan?
- 1.10 Do I need to deposit any security or provide collateral?
- 1.11 What is the maximum business loan amount for IIFL?
- 1.12 What is the mode of repayment?
- 1.13 How much is the processing fee?
- 1.14 What is the interest rate offered?
- 1.15 What is the loan tenure?
IIFL Business Loan Details
|IIFL Business Loan Interest Rate||Interest rates range from 12.75% – 33.75% p.a. reducing rate (risk-based pricing)|
|Business Loan Process||100% Digital|
|Processing Fee||2% – 4% of the loan amount + GST|
|Loan Amount||10,000 to Rs 30 Lakhs|
|Loan Tenure||9 to 60 months|
|Documents||Minimal documentation process|
|Loan Disbursal||Instant loan approval and disbursal|
IIFL Business Loan Interest Rates
The most important thing while starting a new business is to use the capital properly and grow your business with minimum expenditure. With IIFL Business Loan interest rates starting from 12.75%, you will never be short of money to meet your essential expenses owing to the low-interest rate.
IIFL Finance has put in place a system of fixing interest rates which proves to be very helpful in arriving at the interest rate applicable to the customer. Mentioned below are the factors that affect business loan interest rates in India:
Factors that affect Business Loan Interest Rates
Credit Score: A credit score is the main factor in determining your business loan interest rate. If you have ever taken a loan and repaid it on time, then your credit score will be good, which will prove to be helpful for you in reducing the interest rate on a business loan.
The higher the credit score, the higher your chances of loan approval.
Business Existence: There are many problems faced in running any business, and due to this becomes difficult for lenders to analyze the company, which in turn affects the interest rate applicable to the business loan.
Most lenders prefer to invest money in a well-run business. Hence before applying for a business loan, your business should be in regular operation for at least two years.
Age of the applicant: The applicant’s age should be between 23 to 60 years. For longer loan tenure and lower interest rates, the age of the applicant should be optimally less than 55 years.
Nature Business: Every lender pays special attention to business activities while analyzing any company. if you are doing high-risk business, the lenders charge you a higher interest rate.
Business turnover: Lenders must check your business turnover before giving a business loan. If your business runs smoothly and you get enough profit in the year, it helps the lenders to determine the interest rate.
Because the risk ratio is significantly reduced in providing business loans to low-risk and high-profit companies, which play a role in lowering the interest rate.
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Features of IIFL Business Loan
To run any business successfully, capital is needed for which we take loans from banks, NBFCs, etc., in the form of loans. IIFL Finance is also a registered NBFC that provides instant business loans at the low-interest rates.
Before taking any online business loan, you should pay attention to some of its features, which are as follows:
Loan amount: To run the company successfully, optimum capital is required to meet the necessary expenses related to the business. IIFL Finance offers loans up to a maximum of Rs.30 lakh to the customer. This amount is sufficient to run a medium enterprise properly.
Low-Interest Rates: IIFL Finance offers an interest rate of 12.75% to 33.75% if you apply for an instant business loan. Which is determined by the lenders after analyzing your business.
No Collateral Required: There is no need to deposit security to avail IIFL Business Loan.
Long Tenure: After getting the loan, a long tenure of 9 to 60 months is available to repay the loan, which is decided according to the business turnover of the company. So that the company does not face any problems in repaying the loan.
Online and paperless process: IIFL Finance offers customers the facility to apply for business loans online, which makes your loan process easy.
Minimal Documentation: IIFL keeps its processes customer-centric, and customers can apply for a loan up to ₹ 30 Lakhs with necessary documentation such as PAN Card, Aadhaar Card, business-related documents, GST Registration Certificate, Last 12 months’ GST Returns, and 6-12 months’ bank statements., additional address proof in the form of a utility bill or rent agreement may be needed.
IIFL Business Loan Eligibility Criteria
- The Applicant’s age should be between 23 to 65 years.
- Applicants must be Indian citizens, residing in India.
- The borrower should have a good credit score of at least 700+ to avail of a business loan at a reasonable loan Amount and low-interest rate.
- A business owner and self-employed can apply for a business loan.
Tips to Improve Business Loan Eligibility:
Maintain a healthy credit score: The higher your credit score, the higher your loan eligibility. Generally, a credit score of 750 and above is considered healthy by any credit bureau. The bank sees you as a good customer and may offer you a competitive interest rate.
Keep your EMIs within a limit: The total EMI of your existing loan should not exceed 40% of your take-home income.
Avoid applying for multiple loans or credit cards: This will lower your credit score as you will be seen as credit hungry. Therefore, you should apply for a loan or credit card only when necessary.
Don’t default on EMIs or delay your credit card payments: If you have existing loans, make sure to pay EMIs on time.
Documentation required for IIFL Business Loan
IIFL business loans require minimal documentation, making the processing fast and convenient. Here are the standard documents required to be provided with your loan application.
- KYC documents – Identity proof and address proof of the borrower and all co-borrowers
- PAN Card of the borrower and all co-borrowers
- Last Six months CA/SA bank statement of the main operative business account (12 months preferable to avail maximum loan amount)
- Signed copy of standard terms (term loan facility)
- GST Registration
- Last 12 months GST Returns.
- Last 2 years’ Balance Sheet, Income Tax Returns with Computation Chart.
- Additional document(s) may be required for credit assessment and processing of loan request
How to apply for IIFL Business Loan online?
If you are interested in taking an IIFL business loan, then the process to apply for the loan is given below:
- Customers to click on the link, and they will be taken to the IIFL Business Loan web page
- Customers need to complete the rest of the process on the web page
- Enter full name, and mobile name and proceed
- Enter personal details such as full name, Email id, PAN number, date of birth, gender, and Pin code.
- Customers can add business details such as business type, business name, annual income range, GST information, etc.
- Select the Saving/Current bank account name and upload 6-12 months of bank statements through net banking, document upload, or OTP
- Select the loan amount, repayment tenure, interest rate, and EMI and click on ‘Apply for Loan’
- Upload KYC documents or address proof, PAN card, Selfie, or business registration proof, tick the check box and click on ‘Continue.’
- Add bank account details and set up auto EMI repayment through E-NACH or physical mandate.
- Once the customer’s business loan is approved, the amount will be transferred to their savings/current account within 2 working days.
IIFL Business Loan Payment
Net-Banking: You can use the facility of Net-Banking to pay your credit card bills with the help of your mobile or website.
NEFT/IMPS: If you do not have a net-banking account, you can pay your loans through NEFT or IMPS Facility.
Auto-Debit facility: You can set your loan payments to auto-debit. Doing so will automatically deduct business loan payments from your account.
UPI: At present, UPI traction is being used a lot. You can pay for your loans using several applications like GPay and Phonepe.
Mobile App: Your loan amount is now at your fingertips. Repay your loan from Android and Apple phones with the new IIFL Loan Mobile App.
Branch: To repay the loan, you can visit the nearest branch of IIFL Finance.
IIFL Customer Care
For any support, information, or assistance regarding the IIFL Business Loan, you can reach their support team at the customer care number: 1860-267-3000, 7039-050-000
Time: 09.30 am to 6.00 pm from Monday to Friday & 09.30 am to 4.00 pm on Saturdays
Closed on: Sundays and Public Holidays
Or, you can raise an online request at IIFL Finance’s official website or visit the nearest IIFL branch.
To avail of the SME loan, click the ‘Apply Now’ button on the link above or give a missed call at 1800-3000-1155.
What is a Business Loan?
Business loans meet the capital requirement for business-related expenses required for the smooth running of the company/firm. There are many types of business loans, which have been kept in different categories keeping in mind the needs of the companies, such as invoice loans, working capital loans, term loans (short and long-term loans), letters of credit, overdraft Facilities, Equipment Finance, or Machinery Loan, Loan under Govt. plans, etc.
What documents are required to apply for a loan?
KYC documents – Identity proof and address proof of the borrower and all co-borrowers
PAN Card of the borrower and all co-borrowers
Last Six months CA/SA bank statement of the main operative business account (12 months preferable to avail maximum loan amount)
Signed copy of standard terms (term loan facility)
Additional document(s) may be required for credit assessment and processing of loan request
Do I need to deposit any security or provide collateral?
No, you are not required to deposit security or provide collateral
What is the maximum business loan amount for IIFL?
IIFL offers a maximum business loan amount of up to Rs.30 lakh at an attractive interest rate starting from 12.75% p.a.
What is the mode of repayment?
IIFL Business loans can be repaid through monthly EMIs, ECS, or cheques. Your loan amount is now at your fingertips. Repay your loan from Android and Apple phones with the new IIFL Loan Mobile App, Online and Branch.
How much is the processing fee?
The processing fee for this loan is 2% to 4% of the loan amount + GST
What is the interest rate offered?
Your interest rate depends on your profile, credit history, and more. IIFL Finance has the lowest interest rate starting from 12.75%. Interest usually varies between 12.75% – 33.75%.
What is the loan tenure?
Loan tenure starts from 9 to 60 months based on your loan amount. The final tenure will be decided by the IIFL Business Loan team as per your eligibility loan amount, interest rate, and credit profile.