IDFC First

IDFC First Business Loan

Years

Apply IDFC First Business Loan @ 18%
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Interest Rate

18%-22%

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Processing fee

Upto 1%

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Loan Tenure upto

6 years

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EMI per Lakh

2,889

About IDFC First

IDFC First Limited is India's leading Financial Institution that specializes in debt financing to consumers and MSMEs. IDFC First has been honored with the highest long term credit rating of AAA. The financial institution offers a wide range of financial products and services including Loan against Property, Business Loan, Two Wheeler Loans, Personal Loan, Home Loan, Consumer Durable Loan and others. IDFC First works with a vision of primarily supporting the MSMEs in India with debt IDFC via new technological processes and platforms.

About IDFC First Business Loan

IDFC First Limited provides affordable business loans to small and medium sized enterprises to address their needs for working IDFC. IDFC First Business Loan can be utilized by business owners and entrepreneurs for business expansion and to fulfill their working IDFC requirements. The loan can be repaid in easy monthly instalments (EMIs). MSMEs engaged in manufacturing, services, retail or wholesale trade activities can avail business loan from IDFC First at affordable interest rates.

IDFC First Business Loan Features & Benefits

  • Loan Amount: IDFC First offers business loan of minimum amount of 3 Lakhs that can go up to maximum amount of 75 Lakhs.
  • Loan Top-up: IDFC First facilitates loan top facility.
  • Payment Options: The loan EMIs can be repaid via several payment options including PDCs (Post Dated Cheque), ECS (Electronic Clearing System) and Standing Instructions to auto debit your HDFC Bank account.
  • No Collateral: IDFC First Business loan can be availed without any mortgage or collateral. You can borrow business loan from HDFC Bank without any guarantor.
  • Loan Tenure: IDFC First offers business loan at flexible tenure that ranges between 6 months to 3 years.
  • Business loan can be used for multipurpose: Business loan from HDFC Bank can be used for to fulfill multiple business requirements including business expansion and need for working IDFC.
  • Quick Loan Processing: The loan borrowers can avail business loan from IDFC First with quick and hassle free process.

 

Apply for a Business Loan

IDFC First Business Loan Eligibility Criteria

  • Who can apply? : A self-employed individual, sole proprietorship firm, partnership firm, private limited company and closely held limited company, doctors and other professionals can apply for IDFC First Business Loan.
  • Business Vintage : individuals who have an experience of at least three years in current business are eligible for HDFC Business Loan.
  • Age : The age of the borrower should be at least 23 years and above at the time of applying and 65 years at the time of loan maturity.

IDFC First Business Loan Fees and Charges

Following are the fees charged by IDFC First:

Type of Fee Percentage/ Amount
Processing Fee Up to 1.5% of loan amount
Pre- Closure Charges 4% of outstanding loan amount (to be paid after payment of 24 EMIs)

IDFC First Documentation

Type of Document  
Identity Proof

A copy of any one of the following:

  • Aadhar Card
  • Passport
  • Voter's ID Card
  • PAN Card
  • Driving License
Address Proof

A copy of any one of the following:

  • Aadhar Card
  • Passport
  • Voter's ID Card
Driving License
Bank Statements
  • Bank statement of recent 6 months
  • Latest ITR Forms
  • Balance sheet and P & L statement for previous 2 years audited by CA
Continuation proof

5 year old ITR/Trade license/Establishment/Sales Tax Certificate

Other Documents
  • Sole Prop. Declaration Or Certified Copy of Partnership Deed,
  • Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

List of Documents for Specified Employees

Self-Employed Individuals Self-Employed Professionals For Partnership or Private Limited Companies
  • Recent audited financials and IT(Including Balance Sheet and Profit and Loss Statement)
  • Recent audited financials and IT(Including Balance Sheet and Profit and Loss Statement)
  • Recent audited financials and IT(Including Balance Sheet and Profit and Loss Statement)
  • Bank Statements for at least 5 years
  • Bank Statements for at least 5 years
  • Partnership Deed/ Partnership Authority Letter
  • NA

Professional Qualification and Degree Certificate for the following professionals:

  • Doctors
  • Architect
  • CAs
  • Memorandum of Articles and Memorandum of Association
  • Certificate of Incorporation
  • Recent shareholding patterns

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