Apply for IIFL Business Loan @ 12.75% Interest Rates
IIFL Business Loan Details
The following are the key highlights of the IIFL loan for business
| Components | Details |
|---|---|
| Loan Amount | ₹2 lakhs to ₹75 lakhs |
| Loan Tenure | 1 – 3 years |
| Interest Rate | 12.75% – 44% p.a. |
| Processing Fee | 2% to 9% + GST |
| CIBIL Score | 700 & above |
| Age of Applicant | 23 – 65 years |
Features & Benefits of IIFL Business Loan
- IIFL business loan proceeds can be utilised for various business-related purposes including purchasing machinery and equipment, working capital finance, invoice financing, upgradation of existing infrastructure, etc.
- IIFL Finance Ltd has widened its service base to more than 5,000 PIN codes, thereby maximising the outreach of credit facilities to underserved and new-to-credit customers.
- IIFL loan is available to most of the businesses under Micro, Small and Medium Enterprise (MSME) framework, irrespective of the nature of operations. Retailers, traders, restaurants, e-commerce enterprises, service providers, hotel operators and travel agents.
- IIFL business loans are collateral-free loans without any hidden charges. Customers can avail quick credit in just three steps which includes filling in the personal details, updating your latest bank statements and completing KYC and eNACH.
IIFL Business Loan Eligibility Criteria
Here are the key eligibility criteria for an IIFL Finance business loan –
- Type of Business: Proprietorship
- Business Vintage: Minimum 2 years
- Age: 23 to 65 years
- Type of Bank Account: Current Account / Savings Account
- CIBIL Score: IIFL Finance considers a CIBIL score of 700 and above to find the applicant eligible for a business loan. Also, a strong financial history and submission of all the relevant documents are contributing factors towards a strong business loan application.
All business loan applicants are required to fulfil the IIFL business loan eligibility criteria mentioned above before submitting the relevant documents for business loan disbursement.
Fees & Charges for IIFL Business Loan
| Particulars | Rates |
|---|---|
| Processing Fees | 2% – 9% + GST |
| Nach / E-mandate Bounce Charges | ₹ 500/ + GST (if applicable) |
| Penal / Default Charges | 24% p.a. +GST (if applicable) |
| Document Charges | Upto Rs.3000 + GST |
| Bank Swapping Charges | Rs.500 + GST (If applicable) |
| Prepayment/ Foreclosure Charges |
|
Documents Required for IIFL Business Loan
There is no generic documentation requirement list as such but the documents required for IIFL business loan depend on the magnitude of your business loan amount.
Documents Required for Loans up to Rs. 10 Lakhs
- KYC documents – Identity proof and address proof of the borrower and all co-borrowers.
- PAN Card (Individual)
- Aadhaar Card (Individual)
- Business Vintage Proof (at least 2 years)
- Minimum 6 months (CA/SA) bank statement
- Additional document(s) may be required for credit assessment and processing of loan requests.
Documents Required for Loans up to Rs. 30 Lakhs
- KYC documents – Identity proof and address proof of the borrower and all co-borrowers.
- PAN Card (Individual)
- Aadhaar Card (Individual)
- Business Vintage Proof (at least 2 years)
- GST with a minimum 2-year vintage
- Minimum 12 months (CA/SA) bank statement
- Additional document(s) may be required for credit assessment and processing of loan requests.