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

2,281

About IDFC FIRST Bank Business Loan

IDFC FIRST Bank is one of the highly preferred financial institutions in India.

IDFC FIRST Bank has been honored with the highest long term credit rating of AAA. It provides a wide array of financial products and services like Business Loan, Loan Against Property, Two Wheeler Loans, Personal Loan, Home Loan, Consumer Durable Loan and others. IDFC FIRST Bank believes in supporting Small, Medium & Large Enterprises through Unsecured Business Loans and Top Up facilities.

IDFC FIRST Bank helps business owners to meet their funding requirements for business set up, expansion, and meeting day to day working capital requirements. Interest rates are reasonable and the loan can be repaid conveniently in affordable equated monthly instalment (EMIs). MSMEs engaged in manufacturing, services, retail or wholesale trade activities can avail Business Loan from IDFC FIRST Bank.

*Please note that the IDFC Bank and Capital First have been merged w.e.f 18.12.2018. The new entity is named as IDFC FIRST Bank.

Why IDFC FIRST Bank Business Loan?

Here are some of the key reasons you should opt for IDFC FIRST Bank Business Loan:

  • Loan for all business types: IDFC First offers Business & Commercial Loans for all kinds of big as well as small businesses.
  • Payment options: IDFC FIRST Bank offers a host of payment options like Post Dated Cheques, Electronic Clearing System. You can also send instructions to automatically debit your bank account.
  • No collateral/ security required: Being unsecured in nature, IDFC First Business Loans do not require you to pledge any collateral or security.
  • Easy loan application: You can easily apply for the loan online from the comfort of your home.
  • Multipurpose loan: Business Loan from IDFC FIRST Bank can be used for various purposes including set up, expansion, and meeting working capital requirements.

Feature & Benefits of IDFC FIRST Bank Business Loan

Following are the features and benefits of IDFC FIRST Bank Business Loans:

  • High loan amount: You can avail a minimum loan amount of 3 Lakhs and a maximum of up to 75 Lakhs.
  • Loan top up: After taking a loan if you need more money, you can borrow an additional loan amount through the top-up facility.
  • Flexible loan tenure: Loan can be repaid within 1 to 5 years of repayment tenure
IDFC FIRST Bank Business Loan Highlights

Loan tenure

1 year to 5 years

Loan amount

3 Lakhs to 75 Lakhs

Loan turnaround period

8 to 15 days

Processing fee

Up to 3.5% of the sanctioned loan amount

IDFC FIRST Bank Business Loan Interest Rates

Interest rates of the Business Loans provided by IDFC FIRST Bank vary between 9.20% to 38% p.a. (as on 21.05.2019).

IDFC FIRST Bank Business Loan Eligibility Criteria

There are several factors that determine your eligibility for a Business Loan at IDFC FIRST Bank. You must meet the following conditions to avail IDFC FIRST Bank Business Loan:

Who can apply

  • Sole proprietorship firms
  • Partnership firms
  • Private limited companies & closely held limited companies
  • Self-employed individuals or professionals like CAs, Doctors, and so on
  • Retailers
  • Manufacturers
  • Traders

Business existence

The business must be in existence for a minimum of 3 years

Minimum turnover

The company should have a minimum turnover of above 1 Crore

Profit after tax (PAT)

The company's PAT for the last 2 years should be positive

Minimum age

28 years at the time of loan application

Maximum age

68 years at loan maturity

Credit score

The applicant must have a good credit score/ CIBIL score

Documents Required for IDFC FIRST Bank Business Loan

Here's the documents checklist for IDFC FIRST Bank Business Loan:

Type of document Documents

Photo Identity Proof

Self-attested copy of any of the following:

  • Aadhaar Card
  • Passport
  • Voter's ID Card
  • PAN Card
  • Driving License

Address Proof

A copy of any of the following

  • Aadhaar card
  • Passport
  • Driving license
  • Ration card
  • Bank Account Statement
  • Telephone Bill
  • Electricity Bill
  • Sale Deed/ Property Purchase Agreement (for self-owned properties)

Income Proof

  • Last Audited Financials
  • Latest ITR
  • Bank Statement for the last 6 months

Business Proof

  • Shop Act License/ Sales Tax/ MOA & AOA/ Vat Registration/ Partnership Deed
  • Qualification Certificate or Certificate of Practice (COP)


*Documents requirement for IDC FIRST Bank Business Loan may vary as per to the scheme chosen.

Other Products by IDFC FIRST Bank

Apart from Business Loans, IDFC FIRST Bank offers the following products:

Consumer Durable Loan

Personal Loan

Instacred

Two Wheeler Loan

Pre-Owned Car Loan

Loan Against Property

Home Loan

Easy Buy Card

How to Calculate IDFC FIRST Bank Business Loan EMI?

MyMoneyMantra provides borrowers with an easy-to-use online EMI Calculator tool which allows them to calculate IDFC FIRST Bank Business Loan EMI instantly and plan their financial budget accordingly. EMI calculator at MyMoneyMantra gives the bifurcation of the EMI of the proposed loan.

You just have to go to the EMI Calculator page that is provided under Financial Tools tab on our website, enter the basic details like loan amount, interest rate, and tenure, and then click on the Calculate button for an instant result.

IDFC FIRST Bank Business Loan Processing Fees & Other Charges

Following are the fees charged by IDFC FIRST Bank:

Description of Charges Amount

Processing fees

Up to 3.5% of the sanctioned loan amount

Foreclosure charges

5% of the principal loan outstanding

Charges for EMI bounce per presentation

400

Charges for late payment/ penal/ default/ overdue (per month)

2% of the EMI unpaid or 300, whichever is higher

Cancellation and rebooking charges

1% of the loan amount plus interest from the disbursal date till receiving a cancellation request.

Charges for per cheque swap

500

Charges for duplicate NOC issuance

500

Physical statement of account charges 

500

Physical repayment schedule charges

500

Document retrieval charges

500 per retrieval

Charges for EMI pick up/ collection

350

Stamping charges

As per actuals

IDFC FIRST Bank Business Loan Customer Care

You can call on the toll-free number for any queries or complaints. The helpline is active from 9 AM to 8 PM, Monday - Saturday.

Keep your loan reference number handy for quick verification.

You can also drop an e-mail expressing your queries and complaints. Customer care executive will call or reply to your e-mail within 3 working days.

IDFC FIRST Bank has 47 branches. You can use the store locator to locate the branch nearest to you. Branch timings - Monday to Friday 9 AM to 8 PM.

Customer care executives at IDFC FIRST Bank are competent and courteous and can speak English and Hindi fluently.

You can call on:

1860 500 9900 between 9 AM to 8 PM from Monday - Saturday

To avail a loan or to track your loan application status call on:

1800 103 2791

You can email at:

customer.care@capitalfirst.com

Frequently Asked Questions

Is it necessary to provide collateral to avail Business Loan at IDFC FIRST Bank?

No. There is no need to provide collateral as IDFC FIRST Bank extends unsecured Business Loans. Also, a co-signee or guarantor is not necessary.

Can I cancel my Business Loan after it has been approved? Are there any loan cancellation charges?

Yes, you can cancel an approved Business Loan by paying a penalty of 1% of the loan amount plus interest from the disbursal date till receiving a cancellation request.

Will my CIBIL be impacted if I close my Business Loan?

A Business Loan is sanctioned in the name of a business and not in the name of any individual person. There will be no impact of pre-closing a Business Loan on your CIBIL score.

How to repay Business Loan?

IDFC FIRST Bank provides you quite a few payment mechanisms. You can use any of the following methods for loan repayment:

  • Electronic Clearing System (ECS)
  • Post Dated Cheques (PDC)
  • IDFC FIRST Bank website or mobile apps which can be downloaded from Google Play store or Apple App Store.

Can I change my EMI due date for Business Loan repayment?

No, the EMI due date cannot be changed for a Business Loan at IDFC FIRST Bank.

What are the foreclosure charges?

IDFC FIRST Bank will charge a foreclosure fee of 5% on the principal outstanding amount. However, this facility can only be availed after a lock-in period of 6 months.

Is the interest rate flat or reducing?

IDFC FIRST Bank levies the reducing rate on Business Loans. Borrowers need to pay interest on the outstanding principal amount only.

Can I make advance EMI payment?

You can make an advance payment of up to 1 EMI. To do so, you can visit the IDFC FIRST Bank website or visit the nearest branch to make this payment.

How much Business Loan amount does IDFC FIRST Bank give?

You can get a minimum of 3 Lakhs and a maximum of 75 Lakhs as a Business Loan from IDFC FIRST Bank.

Why should I take a Business Loan?

If your business is in the budding stage then a Business Loan will help you to meet your working capital requirements and might even help you to acquire some business assets. If your business is going good then a slight influx of funds may improve the momentum. You can avail an IDFC FIRST Bank Business Loan to meet your short and long term financial needs.

Latest News Snippets - IDFC FIRST Bank Business Loan

31.08.2018: Capital First merges with IDFC Bank

Capital First is on the track of merger with private sector lender IDFC Bank. The newly merged entity will be called IDFC FIRST Bank w.e.f 18.12. 2018. However, the merged entity will most probably start working in 2019. V. Vaidyanath will become the Managing Director and Chief Executive Officer of the new company. Rajiv Lall will become the Non-Executive Chairman of the new company.

25.06.2018: IDFC FIRST Bank to issue NCD's worth 75 crore

Debenture committee of IDFC FIRST Bank has decided to issue Rated, Listed, Secured, Redeemable, Non-Convertible Debentures of 75 Crores plus Green Shoe Option of 75 Crores on private placement basis.

19.06.2019: IDFC FIRST Bank, others invest in digital lender SMEcorner

IDFC FIRST Bank will tie up with SMEcorner for loan origination. IDFC FIRST Bank has agreed to acquire a stake in SME corner worth 12 Crores which is about 14.24%. The process will be completed over the next fortnight.

07.05.2018: IDFC FIRST Bank's net profit rises by 34.6%

The IDFC FIRST Bank's consolidated net profit was in line with estimates, which has increased by 34.5% year on year (yoy) to 95.3 Crores against 70.8 Crores. Its GNPA for Q4 FY18 stood at 1.62% against 1.59% quarter on quarter (qoq) which has increased by 3 bps on 90 DPD. NNPA for the quarter came at 1% against 0.97% qoq which has increased by 3 bps.

IDFC FIRST Bank acquires 7% of Village Financial Services

Village Financial services is a Kolkata based financial institution which mainly deals in microfinance services. IDFC FIRST Bank has acquired 7% of the microfinance company but the amount is not disclosed yet. For the second time, Village financial has infused equity. The first time they infused equity from Param Capital which is based in Mumbai.

Why Apply for IDFC FIRST Bank Business Loan on MyMoneyMantra?

You can now apply for IDFC FIRST Bank Business Loan online through MyMoneyMantra. MyMoneyMantra brings the below mentioned features and benefits for its customers looking for a Business Loan:

  • Instant eligibility check facility: Using our EMI Calculator, you can instantly calculate your proposed EMI and check your eligibility for IDFC First Bank Business Loan or for other schemes.
  • Customised quotes: Eligible applicants get special loan quotes based on their CIBIL score, income, and other factors. There are numerous Business Loan offers to choose from.
  • E-approval facility: Based on your creditworthiness and repayment capacity, you can get instant e-approval on your Business Loan request. Instant approval basically means a better loan turnaround time.
  • Hassle-free documentation: We provide hassle-free doorstep documentation pickup which reduces the total turnaround time and helps customers to avail loan instantly.
  • Assured privacy: MyMoneyMantra assures the applicant that the information they provide stays confidential. Also, the loan application is forwarded straight to the concerned loan department of IDFC FIRST Bank. MyMoneyMantra is a competent specialist. It scans your profile thoroughly before sanctioning you a loan.

How to Apply for IDFC FIRST Bank Business Loan on MyMoneyMantra?

Applying for a Business Loan through MyMoneyMantra is very easy. Below is the step-wise application process:

  • Visit MyMoneyMantra
  • Select Business Loan mentioned under Loans tab and you will be redirected to a new page
  • Enter your name, loan amount required, employment type, income details, and other information, as required.
  • Enter your email ID and mobile number
  • Accept the terms and conditions
  • Click on "show me the best offers"
  • MyMoneyMantra will send an OTP to your number
  • Enter the OTP and select the Business Loan partner of your choice

OTP is sent to your mobile number

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