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IIFL Finance Business Loan Interest Rates

Know about IIFL Finance Business Loan details such as interest rates, processing fees, and application procedure.

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Minimum Interest Rate

16.50% p.a.
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Maximum Loan Tenure

48 months
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Maximum Loan Amount

₹30 Lakhs

IIFL Finance Business Loan is available at competitive interest rates starting from 16.50% p.a. on Bajaj Markets. You can enjoy flexible repayment tenures of up to 48 months and borrow a high amount of up to ₹30 Lakhs.

The rate of interest charged on this loan usually depends on multiple factors. These include your credit score, business turnover, and prevailing market conditions. Additional charges like the processing and convenience fees, can impact the overall cost of the loan.

To make an informed decision and minimise costs, it is crucial to check the interest rates and understand the factors influencing them.

IIFL Finance Business Loan Highlights

Here are the key interest rates, along with loan tenure and loan amount offered by IIFL Finance Business Loan:

Particulars

Details

Interest Rate

16.50% p.a. onwards

Loan Amount

₹50,000 - ₹30 Lakhs

Loan Tenure

12 months - 48 months

*Disclaimer:  The mentioned details are subject to change at the lender’s discretion.

Fees and Charges

Here are the key details of the fees and charges associated with IIFL Finance Business Loan:

Particulars

Loan Details

Processing Fees

Up to 2.50% of the loan amount + GST

Convenience Fee

₹500

*Disclaimer: The mentioned charges are subject to change at the lender's discretion.

IIFL Finance Business Loan EMI Breakdown

Understanding EMI calculations for business loans is crucial for financial planning. Let's see how the EMI changes with different repayment tenures using an example. Suppose you take a business loan of ₹10 Lakhs at an interest rate of 16.50% p.a. 

Here’s how your EMI would change depending on the repayment tenure:

Tenure

Monthly Instalments (EMI)

Total Interest Amount

Total Payable Amount

1 Year

₹90,967

₹91,611

₹10,91,611

2 Years

₹49,202

₹1,80,856

₹11,80,856

3 Years

₹35,404

₹2,74,557

₹12,74,557

*Disclaimer: The values mentioned above are indicative. Check the actual payable EMIs with your lender before applying.

Factors Affecting IIFL Finance Business Loan Interest Rates

Several factors may impact the interest rates for IIFL Finance Business Loans:

CIBIL Score

Your CIBIL score reflects your financial behaviour and repayment history. A higher score (usually 750 or more) indicates strong creditworthiness and reduces the risk for lenders. As a result, applicants with a high score are more likely to secure a lower rate of interest. Conversely, a lower credit score could lead to higher rates as lenders perceive increased risk.

Loan Amount

The amount you borrow plays a significant role in helping the lenders determine the interest rate charged on your loan. Generally, higher loan amounts come with slightly higher interest rates because the lender takes on more risk. Opting for a loan amount that aligns with your repayment capacity can help you avoid unnecessary costs.

Repayment Tenure

Shorter tenures often come with lower interest rates as it minimises the lender’s exposure to risk. However, these usually lead to higher EMIs. For lower monthly payments, consider opting for a longer tenure. Choose a repayment period which helps you balance affordability and cost-effectiveness.

Business Turnover

Lenders evaluate your business turnover to assess its financial health. A higher turnover indicates steady cash flow, reducing the associated risk for lenders. Businesses with strong financials are often eligible for better interest rates. This makes it easier to secure cost-effective loans.

Repayment History

Consistently repaying existing loan EMIs and dues on time helps build trust with lenders. If you have a strong credit history, various financial institutions may offer lower rates of interest to you. This is because the risk of default is minimal in such cases.

How to Apply for an IIFL Finance Business Loan on Bajaj Markets

Follow these simple steps to apply for an IIFL Finance Business Loan online:

  • Click on 'Check Eligibility'

  • Provide your personal and employment-related details

  • Choose 'IIFL Finance' from the list of lenders provided

  • Select your preferred loan amount and repayment period

  • Verify the details entered and submit the loan application

After this, your application will be verified. The loan provider will contact you to guide you through the following process.

Other IIFL Finance Business Loan Related Pages

Frequently Asked Questions

What is the bounce charge levied on an IIFL Finance Business Loan?

A bounce charge is levied when your cheque or ECS for an EMI payment is dishonoured due to insufficient funds.

The IIFL Business Loan interest rates start from 16.50% p.a. However, do note that the rates offered to you depend on your eligibility and the lender’s discretion.

Yes, a higher credit score may result in more favourable interest rates. A CIBIL score of 750 or higher is usually ideal for getting an IIFL Finance Business Loan. This score helps you enjoy a low interest rate.

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