✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

**Disclaimer: IDFC First Bank is not a Finserv MARKETS partner. Offers would be from partner Banks/NBFCs only.

 

Nothing should stop you from scaling up new heights when it comes to your business. Merger of Capital First Bank and IDFC led to the formation of IDFC First Bank, and they now offer various kinds of loans, including personal loans, home loans and business loans. IDFC Business Loan is offered to both individuals and enterprises. IDFC First Bank provides you with unsecured business loans called Business Installment Loans that cater to your diverse needs, including expanding to new markets, buying new equipment, upgrading existing facilities, or meeting the requirements of your working capital. Both self-employed individuals and enterprises can avail IDFC First Bank Business Loan.

IDFC Business Loan Features & Benefits

  • Collateral Free Loans: You can avail both secured and unsecured IDFC Bank Business Loans. An unsecured loan doesn’t need any kind of collateral, and the maximum loan amount is Rs. 1 Crore. 

  • Extended Loan Tenure: Loan tenors ranging from 48 months to 12 years can be opted for the IDFC Business Loans.

  • Balance Business Loan Transfer: You can transfer your existing business loan from another lender to IDFC First Bank and avail exciting benefits, including low-interest rates.

  • Top-up Facility: In case of any need for top-up loans on the existing loan amount, you can easily get it at a low-interest rate.

  • Low Processing Fees: IDFC Bank charges very low processing fees for business loans compared to other banks. Upto 3.5% of the loan amount can be charged as the processing fees.

  • Simple Procedure: You can have a quick and easy experience of loan disbursement with very minimal documentation.

IDFC Business Loan Eligibility

You need to fulfill IDFC Business Loan eligibility criteria to avail an IDFC First Bank Business Loan. Take a look at the eligibility criteria here.

Nationality

Resident Indian

Age

Minimum: 25 years 

Maximum: 68 years

Business

MSMEs/ non-Individuals such as:

  • Private Ltd.
  • Partnership firms
  • LLPs
  • Sole proprietors etc.

Profitability and Revenue

Profit for minimum 2 years and minimum business turnover of Rs. 12 Lakh.

Business Stability

A minimum business track record of 36 months.

Business Profit after tax (PAT) after 2 years

In positive

Other Conditions

A CIBIL score of 750 or above and a clear record without any defaults in terms of past loans and statutory payments.

IDFC Business Loan Interest Rates

IDFC Bank Business Loan interest rates vary from person to person and depend on different factors. With effect from 23 Jun, 2021, IDFC First Bank offers business loans starting at 19.00%. Here is a quick run-through of the IDFC First Bank Business Loan interest rate around the year of 2021.

Last Updated Date

Interest Rate

23 Jun, 2021

19.00%

31 Mar, 2021

22.00%

25 Jan, 2021

22.00%

07 Jan, 2021

22.00%

Some other fees are charged by the IDFC bank when you avail an IDFC Bank Business Loan;

Charges

Amount

Remarks

Processing Fees

( Inclusive of Administrative Charges ) 

Up to 3.5% of loan amount

Taken at the time of loan agreement execution

Foreclosure Charges

5% of Principal loan outstanding

At the time of loan closure for Simple Business Loan

Repayment instrument swap charges

Rs. 500

Per repayment change request

Duplicate No Objection certificate / No Due Certificate

Rs. 500

Request in addition to bank's issued letter

Cancellation and booking charges

Rs. 10,000 before cheque encashment

Rs 10,000 + Interest from the date of disbursement post cheque encashment

Physical statement of loan 

₹ 500

Cheque swap charges 

₹ 500

-

Factors affecting IDFC Business Loan Rates

Some of the factors affecting IDFC First Bank Business Loan interest rates are:

  1. Loan Amount: The interest rates offered on IDFC First Bank Business Loan depends upon the loan amount you apply for. Interest rates will be much lower if you apply for a  higher loan amount. IDFC Bank gives a loan of minimum Rs. 1 Lakh and a maximum of Rs. 1 Crore. 
  2. Time in Business: If you have significant business experience, you can avail the business loan at very low interest rates. Minimum business existence of 36 months can get you an IDFC Business Loan.
  3. Revenue: If you have a higher monthly revenue, you can avail the business loan at very low-interest rates. Loans are provided to entities whose annual turnover is at least Rs. 12 Lakh.
  4. CIBIL Score: To get a loan from IDFC First Bank, your CIBIL score should be 750 or above. Higher the CIBIL Score, the higher the chances of getting an IDFC Business Loan at the lowest interest rates.

IDFC Business Loan EMI Calculator

An IDFC Business Loan EMI Calculator helps you calculate the monthly IDFC Business Loan EMI. You can use any of the IDFC Business Loan EMI Calculators available online. Enter the principal amount of the business loan, interest rate and the tenor of your loan in the online calculator and click on ‘Calculate’. Your monthly EMI will be calculated and displayed. Along with this, you can also analyze the total amount you have to pay, including the principal amount and interest. Calculating your EMI and comparing it with different loan schemes offered by various financial institutions will help you choose the ideal one.

How to Apply for IDFC Bank Business Loan?

  1. How to apply online?

  • Visit the IDFC Bank Official website and go to the Business Loan section.

  • Click on ‘APPLY NOW’.

  • Enter your mobile number and click on I have read and agreed to terms and conditions. It is also advised to read the terms and conditions.

  • Next, click on ‘VERIFY’.

  • Enter the OTP sent to your mobile number and click on ‘NEXT’.

  • Enter your first name, last name, email address, city and click on ‘CONTINUE’.

  • From there, a bank executive or the relationship manager will guide you through the next stages via phone call or email.

    2. How to apply offline?

  • Locate the nearest IDFC Bank branch.

  • Fill out the relevant form.

  • Keep the relevant documents handy.

  • Submit the physical copy of your application form and the rest of the documents to the bank staff.

  • The bank staff will verify and check the documents and help you understand and complete the whole business loan process.

Documents Required for IDFC Loan Application

Here is the list of documents required to apply for IDFC Business Loan.

Identity Proof

Driving License/PAN Card/Passport/ Voter ID

Address Proof

Telephone/Water/Gas/Electricity Bills/Rental agreement

Business proof

Shop Act License/GST registration/ITR/Partnership Deed

Proof of continuation

Trade license/Establishment/ITR/Sales Tax Certificate

Others

Last 3 months’ bank statement

Types of Business Loans offered by IDFC First Bank

  1. Loan for Doctors - MBBS, MDS & BDS professionals can avail unsecured business loans for a maximum loan amount of Rs. 40 Lakh and relaxed repayment tenor of up to 60 months.
  2. Loan for professionals - Architects, Chartered Accountants, and Company Secretaries can get unsecured business loans to expand their business or develop a new one with a maximum loan amount of Rs. 25 Lakh and repayment tenor of up to 48 months.
  3. Loans to Non-individuals (Entities) - Partnership firms, Proprietors, Private Limited Companies and Closely held limited companies can avail unsecured business loans with a maximum loan amount of Rs. 30 Lakh and repayment tenor of up to 48 months.
  4. FIRST STEP Micro Business Loan - Self-Employed Individuals, Sole Proprietors and Partnership Firms can avail unsecured and secured business loans with a maximum loan amount of Rs. 20 lakh and relaxed repayment tenor of up to 144 months.

FAQs on IDFC Bank Business Loan

  • What is the rate of interest for a business loan from IDFC bank?

    The IDFC Bank Business Loan interest rates start at 19%.

  • How do I download my IDFC business loan statement?

    To get an IDFC Business Loan statement, you should visit the website of IDFC First Bank , then go to view the loan statement and then click the download statement.

  • Do I have to go to an IDFC branch to avail of a business loan?

    No, you can apply for an IDFC Business Loan online. Visit the official website of IDFC First Bank and go to the Business Loan section.

  • What are the foreclosure charges for a business loan from IDFC First Bank?

    The foreclosure charges for a business loan from IDFC First Bank is 5% of the outstanding principal amount after 6 months of disbursal.

  • Do I need to own a house or place of business?

    No, you can avail an IDFC First Bank Business Loan without pledging your property or giving any collateral.

  • What is the eligible age to qualify for IDFC Business Loan?

    To qualify for an IDFC Business Loan, you should be between 25 years and 68 years.

  • What are the different types of business loans provided by IDFC Bank?

    IDFC Bank provides different types of business loans like loans for Doctors, working professionals and entities. You can also apply for a FIRST STEP Micro Business Loan.