IIFL Business Loan
IIFL Finance is a leading non-banking finance company (NBFC) that provides business loans to small and medium-sized enterprises (SMEs). Their business loans are designed to help businesses grow by providing them with the capital they need. You can avail of a maximum business loan of up to Rs. 50 Lakhs at a reasonable interest rate in the range of 12.75% to 44% per annum.
Apply for IIFL Business Loan @ 12.75% Interest Rates
IIFL Business Loan Details
The following are the key highlights of the IIFL loan for business
| Components | Details |
|---|---|
| Loan Amount | ₹2 lakhs to ₹75 lakhs |
| Loan Tenure | 1 - 3 years |
| Interest Rate | 12.75% - 44% p.a. |
| Processing Fee | 2% to 9% + GST |
| CIBIL Score | 700 & above |
| Age of Applicant | 23 - 65 years |
IIFL Business Loan Interest Rates
The following are the details of the IIFL business loan rate of interest:
| Loan Amount | Rate of Interest |
|---|---|
| Business loan up to Rs. 50 Lakhs | 12.75% - 44% p.a. |
IIFL Business Loan Eligibility Criteria
Here are the key eligibility criteria for an IIFL Finance business loan -
- Type of Business: Proprietorship
- Business Vintage: Minimum 2 years
- Age: 23 to 65 years
- Type of Bank Account: Current Account / Savings Account
- CIBIL Score: IIFL Finance considers a CIBIL score of 700 and above to find the applicant eligible for a business loan. Also, a strong financial history and submission of all the relevant documents are contributing factors towards a strong business loan application.
All business loan applicants are required to fulfil the IIFL business loan eligibility criteria mentioned above before submitting the relevant documents for business loan disbursement.
Documents Required for IIFL Business Loan
There is no generic documentation requirement list as such but the documents required for IIFL business loan depend on the magnitude of your business loan amount.
Documents Required for Loans up to Rs. 10 Lakhs
- KYC documents – Identity proof and address proof of the borrower and all co-borrowers.
- PAN Card (Individual)
- Aadhaar Card (Individual)
- Business Vintage Proof (at least 2 years)
- Minimum 6 months (CA/SA) bank statement
- Additional document(s) may be required for credit assessment and processing of loan requests.
Documents Required for Loans up to Rs. 30 Lakhs
- KYC documents – Identity proof and address proof of the borrower and all co-borrowers.
- PAN Card (Individual)
- Aadhaar Card (Individual)
- Business Vintage Proof (at least 2 years)
- GST with a minimum 2-year vintage
- Minimum 12 months (CA/SA) bank statement
- Additional document(s) may be required for credit assessment and processing of loan requests.
Fees & Charges for IIFL Business Loan
The following are the main charges involved in availing of an IIFL business finance:
| Particulars | Rates |
|---|---|
| Processing Fees | 2% - 9% + GST |
| Nach / E-mandate Bounce Charges | ₹ 500/ + GST (if applicable) |
| Penal / Default Charges | 24% p.a. +GST (if applicable) |
| Document Charges | Upto Rs.3000 + GST |
| Bank Swapping Charges | Rs.500 + GST (If applicable) |
| Prepayment/ Foreclosure Charges |
|
How to Apply for an IIFL Business Loan
You can apply for IIFL Finance business loans online.
- Visit the IIFL business loan page.
- Click “Apply Now” and fill out the online application form.
- Submit your bank statements and other required business documents.
- Upload KYC documents.
- If the lender approves your loan, we will deposit the money into your bank account within 48 hours after approval.
IIFL Business Loan Application Status
You can check your IIFL business loan application status with the following steps:
- Contact the lender: You can call/ visit the lender to inquire about your business loan status. Keep your loan number handy to make this process smoother.
- Check your account online: If you have an online registered account with IIFL, you can log in to your account and check your business loan status and other details.
- Check your email: Most lenders generally email updates about the status of your loan. Check your inbox or even the spam folder to see any updates from your lender.
- Visit the lender's website: Most lenders have a section where you can track your loan status by entering your loan number/ personal information.
- Send a written request: You can also write a letter to your lender asking for an update on your loan status.
IIFL Business Loan Customer Care Number
In case you have any queries, complaints, suggestions, or feedback regarding the IIFL business loan, you can contact the IIFL business loan customer care number.
- Phone: 1860-267-3000, 7039-050-000
- Time: 09.30 am to 6.00 pm from Monday to Friday and 09.30 am to 4.00 pm on Saturdays
- Closed on Sundays and Public Holidays
FAQs
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. 50 Lakhs.
Yes, part payment is allowed but its specifics may vary on a case-to-case basis.
Below are the basic eligibility criteria to get an IIFL Finance MSME/ SME business loan:
- Type of Business: Proprietorship
- Business Vintage: Minimum 2 years
- Age: 23 to 65 years
- Type of Bank Account: Current Account / Savings Account
- CIBIL Score: IIFL Finance considers a CIBIL score of 700 and above to find the applicant eligible for a business loan. Also, a strong financial history and submission of all the relevant documents are contributing factors towards a strong business loan application.
Your business must have a turnover of Rs 90,000 in the past three months from the date of application.
The interest rate for IIFL business loans ranges from 12.75% to 44% p.a.