Search Credit Card  

IIFL Finance Business Loan

Home Business Loan IIFL Finance

IIFL Finance Ltd. offers instant business loans to Micro, Small and Medium Enterprises (MSME) for loan tenures of up to 3 years. The IIFL Finance Business Loan interest rates start from 12.75% p.a. for its unsecured business loan. The non-banking financial company (NBFC) claims to offer MSME business loans with 100% online loan processing right from application to disbursement and loan approval within minutes.

illustration
Unlock Best
Business Loan Offers
From 20+ Lenders
Edit (0/10)

Error: This is a mandatory field

Error: Please accept the undertaking to proceed further
Language icon हिंदी में पढ़े
Updated: 16-05-2024 06:50:51 AM

IIFL Finance Business Loan Highlights
Interest Rate 12.75% to 44.00% p.a.
Loan Amount Up to Rs 50 lakh
Loan Tenure Up to 3 years
Processing fees 2% to 9% plus GST with an additional amount of up to Rs 500 charged as convenience fees

Note: Interest rates as of 15th April 2024

IIFL Finance Business Loan Interest Rates

IIFL Finance Business Loan interest rates range between 12.75% p.a. and 44.00% p.a.

Fees and Charges for IIFL Finance Business Loan

Processing fees

Particulars Rates
Processing fees 2% to 9% plus GST with an additional amount of up to Rs 500 charged as Convenience fees

Prepayment/Foreclosure Charges

Particulars Rates
Prepayment/ Foreclosure Charges
  • For prepayment / foreclosure within 1 – 6 months of EMI repayment: 7% plus GST
  • For prepayment / foreclosure within 7 – 24 months of EMI repayment: 5% plus GST
  • For prepayment / foreclosure above 24 months of EMI repayment: 4% plus GST

Other charges for IIFL Finance Business Loan

Particulars Rates
Document charges Rs 3,000 plus GST
NACH/E-mandate bounce charges Rs 500 plus GST
Bank swapping charges Rs 500 plus GST
Penal interest 24% p.a.

IIFL Finance Business Loan Eligibility Criteria

The business loan eligibility criteria set for availing business loans from IIFL Finance are as follows:

  • The entities eligible for availing business loans include proprietorship, partnership, private limited company, limited liability partnership (LLP) and one person company.
  • Salaried individuals aged between 23 years to 65 years with minimum monthly income of more than Rs 25,000 can also apply for business loans.
  • The business should have a vintage of at least 2 years at the time of making the business loan application.
  • The business loan applicant should have a CIBIL or credit score of 700 and above.
  • The business should not be a part of blacklisted or excluded businesses.
  • The office or business location should not be on the negative location list.
  • NGOs, charitable organisations or trusts are not eligible for availing business loans.

Documents required for IIFL Finance Business Loan

The business loan documents required for availing IIFL Finance Business Loan are as follows:

  • KYC documents: Identity proof and address proof of the borrower and co-borrowers
  • PAN Card (of borrower and co-borrowers)
  • Last 6 month bank statements of main operative business account. Loan applicants should submit bank statements of the last 12 months to avail the maximum loan amount.
  • Signed copy of standard terms (for term loan facility)
  • GST Registration (for business loans of Rs 30 lakh)
  • Bank statements of last 12 months
  • Business registration proof
  • PAN Card & Aadhaar Card copy of Proprietor(s)
  • Deed copy and company PAN Card copy in the case of partnerships
  • Additional document(s), if required, for processing of loan request and credit assessment
Menu