IIFL Finance Business Loan
IIFL Finance Limited (previously IIFL Holdings is one of the foremost financial services players in the country. With its subsidiaries, namely Samasta Microfinance Limited and IIFL Home Finance Limited, it offers a vast range of mortgages and loans to customers.
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Features and Benefits of IIFL Finance Business Loan
Check out some of the attractive features and benefits of an IIFL Business Loan.
| High-Value Loans | IIFL Finance offers high-value business loans of up to INR 30 lakhs. Business owners can use it to finance their working capital requirements and expand their business. |
| Flexible Loan Tenure | IIFL Finance provides a flexible loan tenure of up to 5 years. It allows you to opt for a loan tenure according to your repayment capacity. |
| Zero Collateral | IIFL Finance provides unsecured business loans. The applicant is not required to mortgage his asset or property against the loan. |
| Swift Disbursal | IIFL Finance offers easy processing and quick disbursals. Upon approval, loans are disbursed within 48 hours. |
IIFL Finance Business Loan Eligibility Criteria
| Business vintage | A minimum of 2 years in the industry |
| Credit history | A positive credit score above 750 |
| Type of business | Proprietorship firms (in business of manufacturing, trading and services) |
| Zero Defaults | The applicant’s credit history shouldn’t have any defaults with other financial institutions |
| Citizenship | The applicant should be an Indian citizen with no criminal records |
| Age | The borrower’s age shouldn’t exceed the age limit of 60 at the time of maturity. |
IIFL Finance Business Loan: Fees and Charges
| Processing Charges | 2% – 4% on loan amount + GST |
| Cheque return charges | INR 500 + GST per instance |
| Cheque swapping charges | INR 500 + GST per instance |
| Duplicate statement/ Amortisation/Repayment schedule/sanction letter | INR 200 + GST per instance |
| Penal Interest | 24% per annum |
| Repayment or foreclosure charges (approval required) |
|
| Loan cancellation | Interest will be charged for the period between loan disbursement and loan cancellation |
| Document charges | At actuals |
| Security creation and perfection charges | At actuals |
| Property valuation charges | At actuals |
| Legal collection charges | At actuals |
| Stamp duty charges | At actuals |
| Inspection charges | At actuals |
| Incidental charges | At actuals |
| Any other charges (depends on the case) | At actuals |
IIFL Finance Business Loan: Documents Required
The applicant is required to submit the following documents to avail a business loan with IIFL Finance:
| Identity proof |
|
| Address Proof |
|
| Bank Documents |
Note: all the above documents should be verified and audited by a Chartered Accountant |
| Business Documents |
|
IIFL Finance Business Loan Interest Rates
IIFL FINANCE business loan interest rates vary from individual to individual. It primarily depends on the age, financial standing, annual turnover of the business, and the nature of the organisation of the applicant. IIFL FINANCE offers attractive and customised interest rates ranging from 12.75% to 32% p.a.
Factors Affecting the IIFL Finance Business Loan Interest Rates
The IIFL Business Loan interest rates are determined via scrutinising the below factors concerning the borrower.
CIBIL Score
The CIBIL score determines an individual’s credit repayment ability. A CIBIL score above 750 can lead to attractive interest rates at IIFL.
Loan Amount
Higher loan amounts result in lower interest rates and, in turn, lower EMIs. IIFL Finance offers business loans of up to INR 30 lakhs.
Annual Turnover
A high annual turnover reflects the profitability of the business and repayment capacity of the applicant. This augments the trustworthiness of the borrower, fetching them more affordable interest rates.
Business Vintage
To avail of a business loan with IIFL Finance, your business must have a minimum vintage of 3 years. If your business has been operating for more than three years, you can get a loan with lower interest rates.
IIFL Finance Business Loan Repayment Schemes
IIFL Finance allows you to repay your business loan with ease. You can opt for a repayment mode that suits your convenience in the comfort of your home. IIFL Finance provides you with three options:
| Payment Modes | How? |
| Branch Repayment | You can pay your loan through the traditional method by going to the nearest IIFL branch. |
| Online Repayment | You can opt for the net banking services provided by IIFL FINANCE for business loan repayment online. |
| Repayment by App | You can also use the official app of IIFL Finance (both Android and iOS compliant) to repay your business loan EMIs. In the app, you will also be able to view your account summary, complete statement, access interest certificate and submit a query from the app. |
IIFL Finance Business Loan EMI Calculator
A business loan is a crucial commitment. Before availing of the loan, you should first decide on the loan amount required. You can get estimated repayment figures with Pluto Money’s Business Loan EMI Calculator.
Feed the loan amount, tenure and interest rate in the allocated spaces. An estimate will be displayed on your screen.
Alternatively, you can calculate the EMI manually using the formula given below.
EMI= [P x R x (1+R)^N]/[(1+R)^ (N-1)]
Here,
- P = Principal loan amount
- R = rate of interest
- N = tenure of the loan (in months)
How Does IIFL Finance Compare with Other Lenders?
| IIFL Finance | 12.75% – 32% p.a. |
| DHFL | 17% p.a. onwards |
| Magma Fincorp | 15% – 26% p.a. |
| Tata Capital | 19% p.a. onwards |
| Standard Chartered Bank | 17.25% p.a. onwards |
| Axis Bank | 14.25% – 18.50% p.a. |
| RBL Bank | 17.25% – 25% p.a. |
| Bajaj Finserv | 17% p.a. onwards |
IIFL Finance Customer Care
To enquire about IIFL Finance business loans, you can reach out to the IIFL customer care number at 1860-267-3000/ 7039-050-000. You can also drop an email at reach@iifl.com.
FAQs
The loan amount sanctioned by IIFL primarily depends on your credit history, business vintage, and annual turnover.
If you don't submit the documents, the company won't be able to determine your eligibility for availing of the business loan. Hence your loan application will be on hold.
After a successful verification process of your documents, IIFL disburses your loan in 48 working hours.
IIFL Finance provides high-value business loans up to INR 30 lakhs.
To avail of an IIFL Finance business loan, you are required to submit KYC documents (address proof and identity proof), bank statements, business registration documents and other financial documents specified by IIFL to verify your financial stability.