Below are the details about IIFL Business Loan rate of interest -
|Business Loan Components||Details|
|Maximum Loan Amount||Rs 30 Lakhs|
|Loan Tenure||1 yr to 5 yrs|
|Interest Rate||12.75% - 33.75% p.a.|
|Processing Fee||2.5% - 4% + Taxes with an additional amount of up to Rs 500 charged as Convenience fees|
|Loan Type||Unsecured Business Loan|
|Age of Applicant||Individual should be >= 23 yrs & <= 65 yrs|
|Who is it for?||Proprietorship firms engaged in the businesses of manufacturing, trading and services and having vintage of minimum 2 years only for loan amounts up to Rs. 30 lakhs, positive net worth and good repayment history|
|Prepayment/ Foreclosure Charges|
Here are the key features of IIFL Finance business loan -
IIFL Finance Business loans are known for their quick disbursal process, which enables you to receive the loan amount quickly. This helps you run your operations smoothly or execute your business expansion plans without any delay.
Better Cash Flow Management:
This business loan from IIFL Finance can provide you with the flexibility necessary to manage your cash flow. By using the loan to cover your expenses, you can extend your expenditures over time, avoiding financial difficulties and maintaining stability.
Building Brand and Reputation:
By getting your IIFL Finance business loan you can start Investing in marketing, advertising, and other promotional activities which can help you build a brand and reputation. This business loan can provide you with the necessary funds to carry out these activities and attract new customers, thus expanding your business.
Convenient and Easy Paperless Documentation:
Getting an IIFL SME loan is now more convenient and easy than ever before. With minimal paperwork and doorstep services offered by various lenders, you can now avail of a loan without any hassle.
Competitive Interest Rates:
IIFL Business loans with competitive interest rates help you save money on borrowing costs. This allows you to use those savings to invest in business growth and expansion. These low-interest loans also make it easier for a company to manage its cash flow and maintain financial stability.
Improved Business Credit:
Regular payments on your IIFL Finance business loan can help improve your business’s credit rating, making you eligible for credit in the future. This demonstrates that you are financially responsible, increasing your credibility in the market.
If you are a budding entrepreneur looking for a business loan, you would surely want to avail it at the lowest possible interest rate. However, the interest rate on business loans can vary depending on various factors, such as your credit score, credit history, financial blueprint, and the lender's reputation. Here are some tips that can help you avail a business loan at a lower interest rate:
Maintain a Good Credit Score
One of the most important factors that lenders consider while deciding the interest rate on your business loan is your credit score. A high credit score indicates that you are a responsible borrower and are likely to repay the loan on time. Therefore, it is essential to maintain a good credit score of at least 750 out of 900 to increase your chances of getting a business loan at a lower interest rate.
Maintain a Good Credit History
In addition to a good credit score, lenders also consider your credit history. If you have defaulted on any payments in the past, it can negatively impact your credit history, and lenders may charge a higher interest rate on your business loan.
Have a Consistent Source of Income
Lenders want to ensure that you have a consistent source of income to repay the loan. Therefore, it is essential to have a financial blueprint that showcases your income and expenditure. This will help the lender assess your repayment capacity and offer you a lower interest rate.
Use Online Tools and Calculators
Before applying for a business loan, it is advisable to use online tools and calculators to determine the interest rate and the EMI amount that you can afford. This will help you choose a loan that is affordable and does not strain your finances.
Here are the key eligibility criteria for IIFL Finance business loan -
Here are the factors that affect IIFL Finance business loan eligibility -
There is no generic documentation requirement list as such but the documents required for IIFL business loan depends on the magnitude of your business loan amount.
The business loan application process is as follows.-
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Get Kotak Mahindra Bank Business Loan up to Rs. 2 Crore online at interest rate starting from 16% p.a.
IIFL Business Loan offers various benefits such as quick disbursal, competitive interest rates, and flexible repayment options. It can help manage cash flow, build brand and reputation, and improve business credit.
The maximum amount of business loan in IIFL Finance can go up to Rs. 30 Lakhs.
Yes part payment is allowed but its specifics may vary on a case to case basis.
Below are the basic eligibility to get an IIFL Finance MSME/ SME business loan -
Your business must have a turnover of Rs 90,000 in the past three months from the date of application.