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IIFL BUSINESS LOAN

Apply IIFL BUSINESS LOAN

Max Tenure

09 to 60 Months

Best Rate

11.75%

Processing Fee

2%

View Details

Features

  • Both residence & office rented doable* (upto 5 lakhs)
  • No collateral required
  • Only 1 yr business vintage
  • Repayment tenure – 9 to 60 months
  • Special features
  • No ITR
  • Approval only on banking or GST
  • Immediate approval
  • Disbursal within 48 hours
  • No collateral required

Pricing

  • Interest rate – 11.75% - 25.75%
  • Processing fee – 2% to 4%

Documents Required

  • PAN Card (individual)
  • Aadhaar Card (Individual)
  • Business Proof & Business Vintage proof (eg: Udyam Adhaar/FDA License,Gumasta/Shops & Establishment, GST etc)
  • Minimum last 6-month CA/SA bank statement
  • Application flow
  • Customer enters basic information (Name & E-mail ID, PAN number, DOB)
  • System will fetch the CIBIL score
  • Enter business details (type, date of incorporation, income range)
  • Add banking details, upload min 6 months bank statement
  • Post bank verification- Loan eligibility is calculated
  • Customer can View loan offer and choose the plan
  • Enter personal details, business address and valid business proofs (Udyam Aadhaar, GST certificate, Trade license)
  • Complete KYC process – upload Selfie, business registration, business proof, PAN card
  • Accept the loan offer & set up auto-pay E-nach
  • Post E-nach success- sign the E-agreement generated
  • Post E-Agreement – Application is processed by OPS for disbursement
  • Post validations, disbursement is processed
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IIFL Business Loans – Features, Eligibility & Application Process

A Business Loan is a financial instrument that can be used to fund a business and to run its day to day operations. IIFL Business Loans are available for both new and existing businesses, looking to boost growth and expand their reach.

IIFL Business Loans promise its customers a hassle-free application process and instant disbursal. Eligible customers can get up to Rs.30 lakhs at an interest rate of just 11% p.a. They also get 5 years’ repayment flexibility and a 100% peace of mind with superior customer support from the IIFL team.

What are the prominent features of the IIFL Business Loans?

- Completely online application process with no paperwork or lengthy form filling

- Approvals in minutes and disbursal in just 48 hours

- High loan amounts of up to Rs.30 lakhs

- Best interest rate in the market at just 11% p.a.

- 5 years’ repayment flexibility with prepayment option

- No need for any collateral or guarantor

- Online customer portal for total transparency and ease of account management

- IIFL Loans Mobile App to manage all your loan related activities anywhere

- 100% customer support via email, phone and branch walk-in

Who is eligible to apply for an IIFL Business Loan?

IIFL Business Loans are available to sole proprietorship firms engaged in manufacturing, trading, and services with a minimum 2-year business vintage. They should have a strong net worth and a track record of timely repayment.

Check your eligibility for a business loan with CreditMantri’s Business Loan Eligibility Calculator!

How do I apply for an IIFL Business Loan?

IIFL Business Loans can be applied for online through the company's website.

1. Login to the IIFL Finance website

2. Choose 'Business Loans' from the menu bar

3. Click on 'Apply Now' to proceed to the next page

4. You will be redirected to the application form. Here, you enter your name, phone number, Aadhaar and PAN card details.

5. These details will be processed to determine your loan eligibility.

6. You can choose the loan amount you want and submit your application.

7. You will then be required to upload your bank account details, business documents, PAN & Aadhaar copy, and other KYC documents to complete the loan processing.

8. Once these documents have been verified, your loan is approved. You will be informed via SMS and email regarding your loan processing.

9. The loan amount will be credited to your bank account within 48 hours of loan approval.

What are the documents to be submitted while applying for an IIFL Business Loan?

IIFL promises a simple and hassle-free application process that doesn’t require loads of documentation. Here are the documents you will need –

For loans of up to Rs.10 lakhs –

- KYC documentation - Identity and address verification for the borrower and all co-borrowers

- PAN Borrower's and all co-borrowers' credit cards

- Bank statement from the main operative business account for the previous six months (12 months preferable to avail maximum loan amount)

- Standard terms signed copy (term loan facility)

- Additional document(s) may be required for credit assessment and loan request processing.

For loans above Rs.10 lakhs & up to Rs.30 lakhs –

- KYC documentation - Identity and address verification for the borrower and all co-borrowers

- PAN Borrower's and all co-borrowers' credit cards

- Bank statement from the main operative business account for the previous 12 months

- Standard terms signed copy (term loan facility)

- Additional document(s) may be required for credit assessment and loan request processing

- GST Registration documents

What Are The Interest Rates & Other Charges?

IIFL Business Loans offer one of the lowest interest rates on business loans.

Rate of Interest11.25% - 33.75% p.a.
Loan Processing Charges2% - 4% + GST ( An additional amount of up to Rs.500 will be charged as Convenience Fees)
Penal Interest24% p.a.
Part-PrepaymentPart payments are permitted up to 25% of the outstanding principal. It is permitted only once per year and twice during the loan's term. Government taxes and other levies, if any, would be charged in addition.
Pre-payment or Foreclosure ChargesPrepayment / Foreclosure (01-06 Months Of EMI Repayment) - 7% + GST

Prepayment / Foreclosure (07-24 Months Of EMI Repayment) - 5% + GST

Prepayment / Foreclosure (More Than 24 Months Of EMI Repayment) - 4% + GST

Cheque / Ach Return ChargesRs.500 + GST per instance
Cheque / Ach Swapping Charges Duplicate No-Dues CertificateRs.500 + GST per instance
Duplicate Statement / Amortization / Repayment Schedule/ Agreement/ Sanction LetterRs.200 + GST per instance
Loan Cancellation ChargesBetween the date of payout and the date of loan cancellation, interest will be levied.
Any Other Charges Towards Loan Processing & Account MaintenanceAs informed by the lender at the time of loan application

What are the repayment options to pay my IIFL Business Loan?

IIFL Business Loans can be comfortably repaid in 5 years. The EMIs are generally paid via ECS or NACH mandate submitted during the time of loan disbursal. If you want other ways to pay, here they are –

- Pay online via Netbanking Payment option available through the IIFL Finance portal.

- Use IIFL Loans mobile app to manage your loan account and make payments

- Walk in to your nearest IIFL Finance branch and make payments at the counter

IIFL Business Loans – FAQs:

1. Is IIFL Finance a bank?

IIFL Finance is an NBFC with decades of experience in the lending market. They are primarily into commercial lending and consumer finance. They have various credit products like business loans, equipment financing, gold loan, home loans, loans against securities, and more.

2. Is it safe to apply for IIFL Business Loans online?

IIFL website has necessary security features in place to protect your personal and financial information. You can confidently apply for the business loan online and get approved within minutes.

3. IIFL website has necessary security features in place to protect your personal and financial information. You can confidently apply for the business loan online and get approved within minutes.

IIFL offers business loans of up to Rs.30 lakhs.

4. What is the interest rate on IIFL Business Loans?

The interest rates start at just 11% p.a.

5. Do I have to pledge any security or collateral to get IIFL Business Loans?

No, you don’t have to produce any security or collateral for IIFL business loans of up to Rs.30 lakhs.

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