IIFL Business Loan

 IIFL Finance Limited (erstwhile known as India Infoline) is a reputed financial services company in India. It offers a wide range of loans and mortgages that includes business loans for people looking to expand their business or pay off debts or for several other reasons. Those who have taken a business loan from IIFL rank the company’s features and services highly

You can get up to ₹30 Lakhs without the need to submit any collateral or security for it. If you’re excited to know more about the IIFL business loan details, then you can easily apply for it on the Bajaj Markets.

How to Apply for IIFL Business Loan Online

If you would like to avail an IIFL-finance Business Loan then here are the steps to be followed.

• Step 1: Visit the website - Visit the Bajaj Markets website and navigate to the Business Loan section. 

• Step 2: Filling Details Online - Click on the ‘Apply Now’ button and enter your personal and professional details.

• Step 3: Select your Lending Partner - From the list of loan offers, select IIFL Finance to proceed.

• Step 4: Enter your requirement - Select the loan amount and repayment tenure as per your choice.

• Step 5: Approval & Disbursal - Submit the online application along with the necessary documents and get online approval in 2 minutes and money in your bank within 48 hours.

IIFL Business Loan Rate of Interest 2023

When you take a business loan, the rate of interest is one of the key factors to consider. This is because the business loan interest rate directly impacts the instalment amount EMI that you will be required to pay. Interest rate starts from 16.50% per annum.

Your final EMI will further depend on the amount of loan taken (this can be between ₹10 - 30L) and the tenure (this can be between 06 - 60 months).

Here are the details of the IIFL Business Loan including the interest rate, fees, charges, and much more.

Note: The mentioned interest rates, fees and charges are subject to change as per the company’s policies.

Illustration IIFL Business Loan Interest Rate

Before you apply for a loan, you need to understand the EMI that you have to pay towards it. Business Loan rate of interest is one of the major determining factors in deciding the EMI. So, before you avail of a business loan from IIFL, you need to get a better idea of how the interest rates work.

Let us take up an example to understand how the IIFL Business Loan interest rate affects your EMIs. 

Factors that Affect IIFL Business Loan Interest Rate

The IIFL Business Loan interest rates are influenced by different factors. So, if you know beforehand what these influencing factors are and how they affect the cost of borrowing, you can work towards making your IIFL interest rates more affordable. 

Check out the factors that affect the IIFL Business Loan interest rate.

• Age: The applicant’s age should fall between 23 and 65 years of age. For a longer loan tenure and lower interest rate, the applicant should favourably be below 55 years of age.

• CIBIL Score: IIFL Business Loan is highly affected by the CIBIL score. A habit of disciplined repayment will increase your CIBIL score and show in your credit history. It will result in a higher chance of a better IIFL Business Loan interest rate.

• Business Stability: You must have a stable business track record with minimum experience for getting a good deal regarding interest rates. 

• Existing Debt: For a higher chance of a lower IIFL Business Loan interest rate, you need to clear all your ongoing debts before applying for an IIFL Business Loan. Financial obligations like EMI payments and credit card dues are not favourable for your credit profile.

IIFL Business Loan Features & Benefits

Getting an IIFL-financed business loan comes with several attractive features and benefits. Here’s a glimpse at a few of them:

• Online and Paperless: IIFL business loans can be applied online, which means you can complete all the application formalities without the need to step out of your home or office. 

• Quick Disbursal: Being a digital loan, you can expect quick disbursal as well. Upon KYC approval, the loan amount can be availed in just 48 hours.

• High Loan Amount: A business loan from IIFL can be taken up to 30 Lakhs to meet your varying business needs. 

• Basic Documentation: IIFL keeps its processes customer centric, and you can apply for a loan up to ₹10 Lakhs with basic documentation such as PAN Card, Aadhaar Card, business related documents and 6 months bank statements. For loans above ₹10 Lakhs, additional address proof in the form of utility bill or rent agreement may be needed.

• No Collateral Needed: There is no requirement of putting up a collateral or providing any security for availing an IIFL business loan.

IIFL Business Loan Eligibility

If you’re interested in getting an IIFL business loan by applying online, then you meet the basic eligibility criteria set forth by the company. It is as follows:

• You must be an Indian citizen, residing in India

• Your age should be in the range of 23-65 years

• Good credit rating is important, hence, your CIBIL score needs to 700 or above; or, you must be a new-to-credit customer

Factors Affecting IIFL Business Loan Eligibility

Certain factors affect the IIFL Business Loan eligibility. You can take a look at them here.

• Age: Your age should fall between 23 and 65 years of age.

• Annual Turnover:  The annual turnover of the business should be in between the range IIFL demands. A higher turnover is favoured by the authorities as the repayment chances are high. 

• CIBIL Score: IIFL Business Loan eligibility is highly affected by the CIBIL score. A habit of disciplined repayment will increase your CIBIL score and show in your credit history. It will result in high chances of IIFL Business Loan approval.

• Business Stability: You must have a stable business track record with minimum experience. The business should have been well-established and should be up and running for a few years. 

• Existing Debt: For a higher chance of IIFL Business Loan approval, you need to clear all your ongoing debts before applying for an IIFL Business Loan. Financial obligations like EMI payments and credit card dues will lower the approval chances.

Documents Required for IIFL Business Loan

IIFL business loans require minimal documentation, making the processing fast and convenient. Here are the standard documents required to be provided with your loan application.

• A signed copy of the terms and conditions of the term loan facility 

• A selfie for identity verification

• PAN Card of both the primary borrower and co-borrowers (if any)

• Address Proof of both the primary borrower and co-borrowers – one among the following: Aadhaar Card / Passport / Voter ID

• Business vintage proof and continuity proof - GST certificate / FSSAI certificate / Trade licence / Shop and establishment certificate, import export certificate / Udyog and Udyam Aadhaar / Hospital registration certificate / Drug licence

• Latest 6 months bank statement (12 months bank statement would be more preferable)

The above mentioned documents are needed for loans up to ₹10 Lakhs. In case your loan requirement is of a higher amount (more than ₹10 Lakhs), then the list of documents may vary. 

Here’s a quick look at the documents that you would have to submit to avail an IIFL business loan of more than ₹10 Lakhs.

• A signed copy of the terms and conditions of the term loan facility 

• A selfie for identity verification

• PAN Card of both the primary borrower and co-borrowers (if any)

• Address Proof of both the primary borrower and co-borrowers – one among the following: Aadhaar Card / Passport / Voter ID

• Business Vintage Proof and Continuity Proof - GST certificate / FSSAI certificate / Trade licence / Shop and establishment certificate, import export certificate / Udyog and Udyam Aadhaar / Hospital registration certificate / Drug licence

• Last 12 months bank statement 

• GST registration certificate of your business

• Either House or Business premise should be owned

IIFL Business Loan EMI Calculator

It is crucial to figure out how much EMI you'll have to pay if you take out a business loan. This helps you plan your monthly expenses and factor in your business budget and operating expenses accordingly.

It is advisable to calculate the EMI before applying for the loan. You can make use of an online business loan EMI calculator by entering your desired loan amount (between ₹ 10 Lakhs - 30 Lakhs), preferred tenure for repayment (between 06 - 60 months) and the expected interest rate. Based on these inputs, your monthly instalments will be shown to you. 

Types of Business Loan at Bajaj Markets

• Business Term Loan: Term loans are the best option for businesses looking to gain access to some funding for the purchase of equipment or expansion of their business. You can get business term loans on Bajaj Markets at highly competitive interest rates. 

• Working Capital Loan: Adequate working capital is the most important requirement for any business. Without it, a business can quickly come to a standstill. At Bajaj Markets, you can get working capital loans at very short time frames, allowing you to meet your businesses’ expenses, whatever they may be, without any interruptions. 

• Mudra Loan: To help small businesses gain access to funding, the government of India launched the Pradhan Mantri Mudra Yojana (PMMY). Under this scheme, business owners can avail three different kinds of loans - Shishu, Kishore, and Tarun ranging from ₹50,000 to ₹10,00,000. 

• Start-Up Business Loan: If you’re just starting your business or are planning to do so, having adequate funds on hand is crucial. Here’s where start-up business loans can help. Simply visit the ‘Startup Loan’ section of Bajaj Markets to get more information about these loans and to apply for them. 

• Business Loan for Women: Women entrepreneurs generally find it very difficult to secure funding for their business. However, business loans for women are designed to ensure that they don’t face any difficulties whatsoever and that they get to fulfil their dreams. 

• MSME Loan: Designed to meet the varying needs of micro, small, and medium-sized enterprises, MSME loans can be used to meet the working capital requirements and for high-value investments like purchase of plant and machinery.

Get Business Loan Instantly at Bajaj Markets App 

Personalised choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Bajaj Markets App.

IIFL Customer Care

For any support, information or assistance regarding the IIFL Business Loan, you can reach their support team on phone:  

1865-267-3000, 7039-050-000

Time: 09.30 am to 6.00pm from Monday to Friday & 09.30am to 4.00pm on Saturdays

Closed on: Sunday and Public Holidays

Or, you can raise an online request at https://www.iifl.com/contact-us/raise-a-request 

Or, visit the nearest IIFL branch