IIFL Business Loan is an unsecured financial product designed to meet the monetary requirements of businesses in India. This financial solution provides access to essential funds for diverse business needs, including working capital, expansion, equipment purchases, and more.
Key features of IIFL business loans may include competitive interest rates, flexible repayment options, swift approval processes, and customized loan solutions. These loans can be instrumental in driving the growth and development of many MSME enterprises in India.
Get the financial support you need and reach new heights with IIFL finance business loan!
IIFL Business Loan Details
IIFL business loans offer a range of features that impacts the growth and success of small and medium-sized enterprises. Before applying for an MSME Business Loan, let’s understand the interest rates, eligibility criteria, repayment options, and other relevant details.
Check the table below to ensure you're well-equipped with the specifics of IIFL Business Loan.
| Loan Amount | Up to ₹30 Lakhs |
| Tenure | Up to 5 years |
| Interest Rate | 12.75% - 44% P.a. |
| Processing Fee | 2% to 6% + GST* |
| Eligibility Criteria | Business should be operating for at least two years |
IIFL Business Loan Interest Rates
Interest rates tend to vary based on a range of factors, including the loan amount, tenure, creditworthiness, and market conditions. Knowing and understanding the IIFL business loan interest rate is essential as it can significantly influence your business's financial decisions and goals.
| Interest Rate | Starting at 12.75% - 44% P.a. |
IIFL Business Loan Fees & Charges
Knowing the financial aspect of the IIFL business loan is crucial to ensure transparency in your loan agreement and for making informed decisions in managing your business's financial health.
Let's look at the IIFL business loan details to have a clear grasp of the financial product.
| Processing Fee | Up to 2% of the loan amount |
| Prepayment Penalty | 2-7% of the outstanding loan amount |
| Cheque / ACH return charges | ₹500 + GST per instance |
| Penal Interest | 24% per annum |
Calculate EMI For IIFL Business Loan
With the business loan EMI calculator, you can estimate your monthly repayment amount and manage your loan repayments more effectively. In just a few simple steps, this tool will provide you with the financial insights needed to manage your business loan efficiently.
Start by entering the loan amount, interest rate, and tenure to get an instant estimate of your monthly EMI. Make right financial choices for your business by calculating and planning your loan repayments wisely.
IIFL Business Loan Eligibility Criteria
Before applying for an IIFL business loan, understand the specific eligibility criteria required to qualify for this loan. Know the terms and conditions, and ensure that your business meets the necessary criteria to benefit from this funding.
Now, let's go through the IIFL finance business loan eligibility criteria.
Credit Score: A credit score or CIBIL of 675 and above is preferred. It shows lenders that you are a creditworthy borrower and that you are likely to repay your loan on time.
Age Bracket: To apply for an IIFL business loan, you must be within the age range of 21 and 65.
Business Vintage: To be eligible for an IIFL business loan, you need to have a minimum of 2 years into the business.
Business Status: To qualify for an IIFL business loan, your business should have a clean record and not be flagged or blacklisted.
Employment Type: Applicants must be self-employed. Professionals such as doctors and chartered accountants can also apply.
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Documents Required for IIFL Business Loan
Having a clear understanding of these document requirements will make way for a smoother application process. It also improves your chances of getting the financial support your business requires.
Below is the list of documents that are required to apply for an IIFL business loan.
Identity Proof: Pan cards of borrower and co-borrower.
KYC Documents: Verification of the borrower's and all co-borrower's identity and address.
Bank Statements: Last 6 months' primary business account statement (Preferably 12 months for maximum loan amount).
Other Documents: Signed copy of standard terms (for term loan facility), documentation for credit evaluation and loan processing.
Compare IIFL Business Loans Over Other NBFCs
Recognizing the impact of interest rates on your loan expenses and overall financial health is key. To make informed decisions, let's dive into the comparison between IIFL Business Loans and other NBFCs.
| Top Business Loan NBFCs | Interest Rate (p.a.) |
|---|---|
| IIFL | 12.75% onwards |
| Indifi | 18% onwards |
| Mcapital | 24% onwards |
| NeoGrowth Finance | 18% onwards |
| Tata Capital | 12% onwards |
| Lendingkart | 12% onwards |
| Bajaj Finserv | 9.75% onwards |
| Flexiloans | 12% onwards |
| HDB Financial Services Ltd. | Up to 36% |
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Note: The interest rates mentioned above are subject to change at the lenders' discretion.Features & Benefits of IIFL Business Loan
IIFL business loans offer essential access to funds for various purposes, from working capital to expansion. This financial support plays a crucial role in helping businesses thrive.. Let's explore the features and benefits and know how it can positively impact your business.
Instant Approval
Get Business loan upto ₹30 Lakhs
Minimal Documentation
Easier and faster loan application with minimal documentation
Zero Hidden Cost
No hidden charges applied for your loan
Low Interest Rates
Interest rates starting from 12.75%p.a.
Flexible Repayment Terms
Choose your tenure up to 5 years
Zero Colleteral
Unsecured business loans with zero collateral
How Do You Apply for IIFL Business Loans with Buddy Loan?
Follow these steps to apply for an IIFL Business Loan online on Buddy Loan:
Step 1 - Visit buddyloan.com or Download & install Buddy Loan app.
Step 2 - Fill out the application form, including the loan amount, the tenure in months, and contact details.
Step 3 - Fill out the following personal details as required:
- Email Address
- Employment Type : Salaried/ Self-Employed
- Company Type
- Industry Type
- Current Company Name
- Company Address
- Year of Employment
- Net Income
- Mode of Salary
- PAN Card Details
- Full Name (As Per Pan Card)
- Current Address with PIN Code
- Mobile Number
Step 4 - Submit the details & wait for the loan confirmation.
Ready to take next step ?
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Frequently Asked Questions
An IIFL Personal Loan is an unsecured loan that you can use for a variety of purposes, such as debt consolidation, home improvement, medical expenses, and travel.
To be eligible for an IIFL Personal Loan, you must be a resident of India, must be at least 21 years old, must have a stable income, and must have a good credit score.
To apply for an IIFL Personal Loan, you can Visit the IIFL Finance website or visit one of their branches, fill out the online loan application form, provide the required documents, such as your KYC documents and income proof, and submit your application.
With IIFL Personal Loans, you can avail of a loan amount of up to ₹5 lakhs. The minimum loan amount that you can avail of is ₹50,000.
IIFL Personal Loan interest rates range from 12.75% to 44% p.a. The exact interest rate that you are offered will depend on a number of factors, including your credit score, income, and employment history.
No, collateral is not required for an IIFL Personal Loan. IIFL Personal Loans are unsecured loans, which means that you do not need to provide any security to secure the loan.
Yes, you can use an IIFL Personal Loan for any purpose. IIFL Personal Loans are unsecured loans, which means that you are not required to specify the purpose of the loan when you apply.
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