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

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 Finance Business Loan Online

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

  • Visit the website

    Visit the Bajaj Markets website and navigate to the Business Loan section.

  • Filling Details Online

    Click on the ‘Apply Now’ button and enter your personal and professional details.

  • Select your Lending Partner

    From the list of loan offers, select IIFL Finance to proceed.

  • Enter your requirement

    Select the loan amount and repayment tenure as per your choice.

  • 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 Finance 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 18% per annum.

Your final EMI will further depend on the amount of loan taken (this can be between ₹40,000 - ₹30L) and the tenure (this can be between 12 - 60 months).

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

Types of Charges

Applicable Charges

Interest Rate

18% per annum onwards

Processing Fees

2% - 6% of the loan amount + GST

(an additional convenience charge of ₹500 will also be levied) 

Repayment Tenure

12-60 months

Loan Amount

Up to ₹30 Lakhs

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

Illustration: IIFL Finance 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. 

Loan Amount

Interest Per Annum

Loan Tenure

EMI

Total Interest Payable

Total Amount Payable

₹10,00,00

17%

3 years or 36 months

₹35,603

₹2,83,498

₹12,83,498

₹10,00,00

25%

3 years or 36 months

₹39,760

₹4,31,354

₹14,31,354

Factors that Affect IIFL Finance Business Loan Interest Rate

The IIFL Finance 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 60 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.

Read More

IIFL Finance Business Loan Features & Benefits

Online and Paperless

IIFL Finance 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 proof like the GST certificate, property ownership proof will 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 Finance 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 23-60 years

  • Good credit rating is important, hence, your CIBIL score needs to be 675 or above (Above 720 for amount of up to Rs. 2 Lakhs)

  • Business vintage of minimum 1 year is needed, if applying for a loan amount of up to Rs. 5 Lakhs, and minimum 2 years for a loan amount ranging between Rs. 5 Lakhs – Rs. 30 Lakhs.

Factors Affecting IIFL Finance Business Loan Eligibility

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

  • Age: Your age should fall between 23 and 60 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.

Read More

Documents Required for IIFL Finance 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 selfie for identity verification

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

  • Address Proof – one among the following: Aadhaar Card / Passport / Voter ID

  • Latest 6 months bank statement (current account or salary account)

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 selfie for identity verification

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

  • Address Proof– 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  (current account or salary account)

  • GST registration certificate of your business

  • Property Ownership proof

IIFL Finance 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.

Read More

IIFL Finance 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.

FAQs for IIFL Business Loans

Yes, IIFL business loans come with an interest rate starting from 18%.

 

IIFL business loans are meant for business owners and entrepreneurs. Hence, students cannot apply for it.

IIFL business loan amounts are as high as ₹30 L.

 

Having a good credit rating and keeping all your application related documents properly organised can increase your chances for an IIFL business loan approval.

 

Indian citizens between the ages of 23-65 years who own their own business and meet the eligibility criteria, can apply for an IIFL business loan.

 

Your IIFL Finance business loan statement can be easily downloaded online. For this you will need to register on IIFL’s website or mobile app.

 

You can repay your IIFL Business Loan through any of the following modes:

 

  • Pay through Net Banking account

 

  • Pay through the IIFL Loans Mobile app

 

  • Pay through online wallets like Phone Pe, Google Pay, Paytm

IIFL Finance is a trusted NBFC that provides instant and easy business loans. Loans up to Rs. 30 Lakhs are provided at competitive interest rates. Tenure can be extended up to 60 months or 5 years. Additionally, IIFL Business Loans are collateral-free.

 

To be eligible for an IIFL Business Loan, the applicant’s business or entity should have a decent annual turnover.

 

To qualify for the IIFL Business Loan, you should be above 23 years and below 65 years of age

The minimum CIBIL score required to avail of an IIFL Business Loan is 700.

The rate of interest for an IIFL Business Loans starts from 18%.

The simplest formula to calculate the interest is (P x R x T/100) where P stands for Principal amount, R for interest rate, and N for the number of years.

 

Interest rates can be applied over different periods, such as monthly, quarterly, or bi-annually. The annual interest rate refers to the rate that is applied for one year. In most cases, interest rates are annualised.

 

No. You don’t have to pledge any asset as collateral to get IIFL Finance business loans. 

 

The amount of business loan from IIFL that you’re eligible for will depend on factors like your credit score, your business’ vintage and turnover, among other things. These factors, along with a few others, are closely scrutinised after the online application process. 

 

If found satisfactory, you may be sanctioned the same estimated loan amount or maybe even higher. On the other hand, if it is not found to be satisfactory, you may be sanctioned a loan that’s lower than what was estimated during the online application process.

 

Failing to submit the necessary documents when you apply online for an IIFL business loan, can lead to your application being rejected.

 

Latest News Update

IIFL Finance Started Offering Business Loans of up to ₹10 Lakh on WhatsApp

In a first-of-its-kind initiative, IIFL Finance recently announced that they would offer business loans of up to ₹10 Lakhs on Whatsapp. The company proposes to offer instant financial support to the MSMEs, where the loan application, as well as loan disbursal, would happen digitally. The unique loan tool is backed by an AI bot which would correspond the users’ inputs to the available loan offer and assist the application.

- May 08, 2023

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