IIFL Business Loan

Business Loan 445 views

India Infoline Finance Limited (IIFL) offers customised business loans to SMEs to meet the emerging financial needs. The loan is provided for the period of 12 months. The borrower can renew the loan by filing the renewal application one month before the expiration of the loan. The loan is not pledged and the interest is charged on the loan amount utilised. The interest is computed daily and payable at monthly intervals. The prepayment of loan is not chargeable. However, the borrower has to pay 2% of the overdue amount as the penalty if he defaults in repayment. Other mandatory details about the product are given below :

IIFL Business Loan Details

ParticularsDetails
Rate Of Interest15%p.a. - 19% p.a
Loan AmountUp to Rs. 50,00,000
Loan Tenure12 months and can be renewed
Processing Fee2% of the loan amount
Prepayment ChargesNIL
Late Payment Charges2% of the overdue amount

How To Apply

To apply for IIFL business loan login the registration page, the link of which is provided on the IIFL website. Fill in the online application form and the product managers will revert the information on the registered contact number or email id.

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IIFL Business Loan EMI Calculator

Business loan EMI calculator is the calculating device that helps you compute the value of the monthly installment you have to pay for the settlement of loan during the tenor. It is useful for people who don't want to engage in lengthy calculations and want to get the realistic result in less time. The calculator gives accurate result spontaneously. Its functioning is really simple. See how it works with a help of an example.

Suppose, I want a loan of Rs. 50,00,000 for the period of 12 months then my EMI will range from Rs. 4,51,292 – Rs. 4,60,783 at the present rate of interest which ranges from 15% p.a. – 19% p.a. My total repayment amount will be Rs.54,15,499 –  Rs. 55,29,395.

Table Showing EMI, Amount of Interest and Total Repayment Amount

Loan AmountRate Of InterestTenorEMITotal Interest AmountTotal Amount (Principal + Interest)
Rs. 50,00,00015% p.a – 19% p.a1 yearRs. 4,51,292 - Rs. 4,60,783Rs. 4,15,499 - Rs. 5,29,395Rs. 54,15,499 -  Rs. 55,29,395

Amortization Table

YearPrincipalInterestBalance Amount
1Rs. 5,005,571 - Rs. 5,007,182Rs. 415,497 - Rs. 529,393Rs. 0

Features And Benefits

  • Interest charged on the amount utilised
  • Less documentation and fast processing
  • No collateral required
  • Renewal of loan after 12 months

Who Can Apply for IIFL Business Loan

Sole Proprietorship firms, partnership firms and private limited companies engaged in the business of manufacturing, trading and services are eligible to apply for the business loan, provided:

  • The minimum business vintage is 3 years
  • The business has favourable net worth
  • The applicant holds good credit history
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Documents Required :

Following is the list of documents required at the time of application :

  • Application form with a recent photograph of all co-applicants
  • KYC Documents as per RBI guidelines
  • IT Returns and Financial Statements of the last two years
  • Latest 6 months bank statements

List of KYC Documents :

Below is the list of documents accepted as KYC Documents :

  • PAN Card
  • Driving License
  • Valid Passport
  • Voter ID Card
  • Job Card issued by NREGA
  • The letter issued by the Unique Identification Authority of India containing details of name, address and Aadhaar number

Factors Affecting Business Loan Eligibility

The disbursal amount depends on following parameters :

  • Assessment of the business profile
  • Financial assessment
  • Repayment capacity
  • Respective segment cap

IIFL Business Loan Status

After application, the lender company takes some time to verify the documents and assess the business performance. Once they are satisfied with the information provided they sanction the loan for the amount they consider you are eligible for.