IDFC Bank Business Loan
Last Updated : Oct. 21, 2016, 12:15 p.m.
IDFC bank provides a business loan to the entities that require the monetary funds for the business expansion. The loans are beneficial for meeting the shortfall in working capital or to enhance the productivity of the running business. No specific credit limit is set by the bank. The loan is sanctioned as per the individual’s requirement and the repayment ability. The loan can be availed for the maximum period of 5 years. The rate of interest is also affected by the individual’s credibility. The detailed information is given below :
IDFC Business Loan Details
| Particulars | Details |
|---|---|
| Rate of Interest | Customised |
| Loan Amount | As per individual's eligibility |
| Tenure | Up to 5 years |
How To Apply
The interested candidates can apply for the IDFC bank business loan. To apply you need to fill in the application form available at the bank branch or at the official website of the bank. Download the form and submit it along the required documents at the bank branch.
IDFC Bank Business Loan EMI Calculator
Business Loan EMI Calculator is a device made to assist the people in calculating the EMI that is payable each month against the loan taken. It is the amount the borrower pays to settle the loan over the tenor. It makes the calculation quick and simple. The user has to enter the loan amount , tenure and the rate of interest to get the spontaneous result. The calculator shows the EMI amount and the total repayment amount.
For Example – If I avail a loan of Rs. 10,00,000 for increasing the production for the tenure of 5 years at the rate of interest say, 18% p.a then my EMI will come to Rs. 25,393 and total repayment amount will be Rs. 15,23,606 .
Table Showing EMI, Total Interest Amount and Total Repayment Amount
| Loan Amount | Rate of Interest | Tenure | EMI | Total Interest Amount | Total Repayment Amount (Principal +Interest) |
|---|---|---|---|---|---|
| Rs. 10,00,000 | 18% p.a | 1 year | Rs. 91,680 | Rs. 1,00,160 | Rs. 11,00,160 |
| Rs. 10,00,000 | 18% p.a | 2 years | Rs. 49,924 | Rs. 1,98,178 | Rs. 11,98,178 |
| Rs. 10,00,000 | 18% p.a | 3 years | Rs. 36,152 | Rs. 3,01,486 | Rs. 13,01,486 |
| Rs. 10,00,000 | 18% p.a | 4 years | Rs. 29,375 | Rs. 4,10,000 | Rs. 14,10,000 |
| Rs. 10,00,000 | 18% p.a | 5 years | Rs. 25,393 | Rs. 5,23,606 | Rs. 15,23,606 |
Amortization Table
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | Rs. 135,538 | Rs. 169,178 | Rs. 864,462 |
| 2 | Rs. 162,051 | Rs. 142,665 | Rs. 702,411 |
| 3 | Rs. 193,752 | Rs. 110,964 | Rs. 508,659 |
| 4 | Rs. 231,653 | Rs. 73,063 | Rs. 277,006 |
| 5 | Rs. 277,382 | Rs. 27,750 | Rs. 0 |
Features And Benefits
- Hassle free process
- Competitive rate of interest
- Few documents required
- Funds available for all business needs
IDFC Business Loan Eligibility Criteria
- Salaried individuals
- Self-employed professionals
- Self-employed individuals
- Sole entrepreneurs
- Partnership firms
Documents Required:
- PAN Card – For Individual / Partnership Firm / Company
- Passport Size Photographs of all applicants and co-applicants
- Identity Proof – Anyone (e.g. Voter ID / Driving License / Passport / Aadhar Card)
- Address Proof – Anyone (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Ownership proof of either residence or office either in the name of applicant or jointly with family members
- Letter certifying end use of the business loan funds on Business Letterhead
Financial Documents Required
| Category | List of Documents |
|---|---|
| Self-Employed Individuals / Sole Proprietorships | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet |
| For Self-Employed Professionals | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Professional Qualification Certificate and Degree Certificate for professionals. (Doctors, Architects, Chartered Accountants etc.) |
| For Partnership Firms / Private Limited Companies | - Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.) - Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Partnership Deed and partnership authority letter for partnership firms - Memorandum and Articles of Association and Board Resolution from the company - Certificate of Incorporation (COI) for companies - Latest shareholding patterns for Private Ltd. / Public Ltd. companies |
Factors Affecting IDFC Bank Business Loan Eligibility
- Business Model
- Applicant ( Manufacturer/ Business Provider )
- Industry/ Economic Outlook
- Past Track Record
- Debt Servicing Ability of the Customer
- Business Vintage
- Financial Ratios
IDFC Bank Customer Care
Facing problem or unable to get the required information call the customer care. All your queries and doubts will be redressed by the product expertise. Feel free to call on the toll- free number 18004194332. You can even mail your query on the email id provided on the official website of the bank.