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.

Details of the IIFL Finance Business Loan Interest Rates

Below are the key interest rates and charges levied on an IIFL Finance Business Loan:

Particulars

Details

Interest Rate

16.50% p.a. onwards

Processing Fee

2% to 6% of the loan amount + GST

Convenience Fee

₹500

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

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 Calculate the EMI of an IIFL Finance Business Loan

Let’s assume you have taken an IIFL Finance Business Loan of ₹10 Lakhs. The rate of interest for the loan is 16.50% p.a. and the tenure is 36 months. You can calculate the EMI using the following formula:

EMI = P × R × (1 + R)^N / [(1 + R)^N - 1]

Here,

  • P = Principal loan amount

  • R = Interest rate (Annual interest rate divided by 12)

  • N = Loan tenure in months

Substitute the values:

  • P = ₹10,00,000

  • R = (16.50 ÷ 12) ÷ 100 = 0.01375

  • N = 3 × 12 = 36 months

In this case, the EMI is approximately ₹35,404.38. However, do note that manually solving such equations can be time-consuming and lead to errors.

To avoid this, use the business loan EMI calculator available on Bajaj Markets. Enter the loan amount, rate of interest, and tenure to get instant and accurate results. This tool is free to use, easily accessible, and ensures error-free calculations.

Compare IIFL Finance Business Loan Interest Rates with Other Partners

Our Partners
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Minimum Interest Rate
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Maximum Loan Amount
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Maximum Loan Tenure
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Aditya Birla Finance Limited

22% p.a.

₹10 Lakhs

36 months

4.5
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Ambit Finvest

20% p.a.

₹50 Lakhs

36 months

4.4
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AYE Finance

29.50% p.a.

₹2 Lakhs

30 months

4.2
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Bajaj Finance Limited

14% p.a.

₹30 Lakhs

96 months

4.8
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FlexiLoans

18% p.a.

₹50 Lakhs

36 months

3.9
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IIFL Finance

16.50% p.a.

₹30 Lakhs

48 months

3.9
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InCred

24% p.a.

₹3 Lakhs

60 months

4.1
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Indifi

22% p.a.

₹30 Lakhs

36 months

3.8
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KreditBee

18% p.a.

₹30 Lakhs

36 months

3.9
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Lendingkart

19.20% p.a.

₹35 Lakhs

36 months

4.3
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Protium

20.5% p.a.

₹35 Lakhs

36 months

4.0
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Credit Saison

22% p.a.

₹10 Lakhs

36 months

4.1
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UGRO Capital

24% p.a.

₹50 Lakhs

72 months

4.4
View More

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.

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.

What is the minimum and maximum interest rate on IIFL Finance Business Loans?

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.

Does my credit score affect the interest rate levied on an IIFL Finance Business Loan?

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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