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IDFC First Bank is a key private lending financial institution that offers various types of banking products, including business loans to individuals and businesses. IDFC First Bank offers the Business Installment Loan (BIL) to its customers. It’s an unsecured loan provided to self-employed individuals and businesses. BIL can be utilized for various business purposes like purchase of machinery, expansion of business and similar business activities.

Highlights

ParticularsIDFC First Bank Business Loans

Rate of Interest

Starts from 20% p.a.

Amount of Loan

Up to Rs. 1 crore

Loan Tenure

Up to 4 years

Type of Funding

Collateral free

Quick Eligibility

Up to Rs. 50 lakhs

Processing Charges 

Up to 3.5% of the total loan amount

Who can take an IDFC First Bank Business Loan?

  • Private Ltd firms
  • Partnership firms
  • LLPs
  • Sole proprietors and similar business entities

Minimum Eligibility requirements 

  • Minimum turnover of Rs. 1 crore
  • The business must be in operation for a minimum of 3 years

Documentation

  • Photo Id and Address proof  required i.e., ownership proof of office or residence
  • Proof of Business establishment, namely, Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed
  • Any one below documents as additional proof required
  • Basic Banking details like - Last 2 years ITR and Net worth statement and latest 6 months Bank statements  OR
  • Last 6 months banking, last 12 months GST returns, Latest ITR and income tax computation OR 
  • Last 2 years ITR & income tax computation, last 2 years audited Profit and Loss Account and  Balance sheet, and Last 6 months Bank statements
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