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.
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 |
|
Business |
|
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 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 |
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 tenure 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.
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 |
Loan for Doctors - MBBS, MDS & BDS professionals can avail unsecured business loans for a maximum loan amount of Rs. 40 Lakh and relaxed repayment tenure of up to 60 months.
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 tenure of up to 48 months.
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 tenure of up to 48 months.
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 tenure of up to 144 months.
The IDFC Bank Business Loan interest rates start at 19%.
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.
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.
The foreclosure charges for a business loan from IDFC First Bank is 5% of the outstanding principal amount after 6 months of disbursal.
No, you can avail an IDFC First Bank Business Loan without pledging your property or giving any collateral.
To qualify for an IDFC Business Loan, you should be between 25 years and 68 years.
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.