IIFL Finance Business Loan
Last Updated : Oct. 17, 2016, 10:11 a.m.
Business loans help businessmen to boost up their businesses. But the matter of concern is the business loan interest rate, tenure, and loan amount. So, you can have a look at the IIFL Finance Business Loan that you can apply for at an interest rate as low as 12.75%. The IIFL Finance also gives you a repayment period for up to 60 months on their business loan. So, if you are willing to enhance your business activities then this business loan could be the best option for you. On the other hand, you can borrow a business loan from IIFL Finance for up to INR 30 Lakhs and improve the financial stability of your business. Let’s explore the details about this loan and you will not have to pay a single penny until the loan is disbursed.
IIFL Finance Business Loan Details
| Particulars | Details |
|---|---|
| Minimum Loan Amount | INR 10,000 |
| Maximum Loan Amount | INR 30,00,000 |
| Loan Tenure | 12 Months to 60 Months |
| Rate of Interest | 12.75% to 33.75% per annum |
| Loan type | Unsecured Business Loan |
| Target segment | Proprietorship Businesses |
| Segment | Self-employed |
| Age | Individual should be >= 23 yrs & <= 65 yrs at maturity |
| Banking | Last 12 Months Bank Statement |
| Business Vintage | A minimum of 2 years |
| Type of account | CA/SA |
| Processing Fees | 2.5%-4% + taxes |
How To Apply for IIFL Finance Business Loan through Wishfin?
In order to apply for the IIFL Finance Business Loan, you can fill up the form given above. You will have to provide your basic details like your name, income, and contact number in the form, and then our representative will call you. You can discuss all about the loan details and submit digital documents to our representative for a fast disbursal of the loan.
IIFL Finance 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 INR 10,00,000 for 36 months then my EMI will range from INR 33,574 – INR 44,531 at the present rate of interest which ranges from 12.75% p.a. – 33.75% p.a. My total repayment amount will be INR 12,08,652 – INR 16,03,130.
Table Showing EMI, Amount of Interest and Total Repayment Amount
| Loan Amount | Rate Of Interest | Tenor | EMI | Total Interest Amount | Total Amount (Principal + Interest) |
|---|---|---|---|---|---|
| INR 10,00,000 | 12.75% p.a – 33.75% p.a | 3 years | INR 33,574 - INR 44,531 | INR 2,08,652 - INR 6,03,130 | INR 12,08,652 – INR 16,03,130 |
Amortization Table
| Year | Principal | Interest (12.75% to 33 .75%) | Balance Amount |
|---|---|---|---|
| 1 | INR 2,92,060 - INR 2,30,375 | INR 1,10,823 - INR 3,04,001 | INR 7,07,939 - INR 7,69,624 |
| 2 | INR 3,31,553 - INR 3,21,356 | INR 71,331 - INR 2,13,020 | INR 3,76,386 - INR 4,48,268 |
| 3 | INR 3,76,739 - INR 4,49,486 | INR 26,498 - INR 86,108 | INR 0 |
IIFL Finance Business Loan Foreclosure Charges
If you repay the loan before the expiry of the tenure then you will have to pay the foreclosure charges to the bank. The foreclosure charges of IIFL Finance business loan are below:-
| Foreclosure | Charges |
|---|---|
| Closing after 1 month and before 6 months | 7% of the Outstanding Amount |
| Closing after 7 months and before 24 months | 5% of the Outstanding Amount |
| Closing after 24 months | 4% of the Outstanding Amount |
Features And Benefits
- No upfront charges until the loan is sanctioned.
- Less documentation and fast processing
- No collateral required
- Top-up loan after 12 months
Who Can Apply for IIFL Finance 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 2 years.
- The business must have a favourable net worth.
- Applicants must hold a good Cibil Score of 700 and above.
- The minimum age of the applicant must be 23 years.
- The maximum age of the applicant must be 65 years at the time of maturity.
- Min ABB>=8000
Documents Required :
Following is the list of documents required at the time of application :
- PAN Card of the individual and business.
- Address Proof (Aadhaar, Voter-ID, Passport Photo Copy)
- Business Proof for vintage the applicant must hold an acceptable business registration proof like : GST/Trade License/Shop Act/Durg License/Labour License/FSSAI/IEC/VAT.
- Address in the business proof must be a business address and not residence address.
- Last 12 months Current Account or Savings Account bank statement.
If the loan amount of the customer is above 10 Lacs
- The bank will determine the eligibility on the basis of banking or GST with a minimum of 12 months.
- A current account will be an additional requirement if the eligibility is calculated on the basis of a Savings account and it will be from the last 6 months from the date of the signed agreement.
- GST should be registered because it ensures regular tax payments from the customer.
- The vintage period of GST should be greater than 2 years without any deviation.
- The GST filing date should not be greater than 3 months.
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 Finance 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.
To Know More Details: https://www.iifl.com/