✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan 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 a variety of other reasons. Those who have taken a business loan from IIFL rank the company’s features and services highly. IIFL business loan can be applied for 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 website.

How to Apply for IIFL Business Loan Online

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

  • Step 1: Filling Details Online - Enter your personal and professional details.

  • Step 2: Select your Lending Partner - From the list of loan offers, select IIFL Finance to proceed.

  • Step 3: Enter your requirement - Select the loan amount and repayment tenure as per your choice.

  • Step 4: Approval & Disbursal - Get online approval in 2 minutes and money in your bank within 48 hours.

IIFL Business Loan Rate of Interest 2022

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. When you apply for a business loan from IIFL you can expect to pay an interest rate between 16.50% and 27.50% per annum. Your final EMI will further depend on the amount of loan taken (this can be between ₹ 10 - 30 L) 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.

Interest Rate

16.50% - 27.50% per annum

Processing Fees

2.50% -4% of the loan amount + GST

Repayment Tenure

Up to 60 months or 5 years

Loan Amount

Up to ₹ 30 L

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. 

Loan Amount

Interest Per Annum

Loan Tenure

EMI

Total Interest Payable

Total Amount Payable

Rs. 10,00,00

17%

3 years or 36 months

Rs. 35,653

Rs. 2,83,498

Rs. 12,83,498

Rs. 10,00,00

25%

3 years or 36 months

Rs. 39,760

Rs. 4,31,354

Rs. 14,31,354

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 of the Applicant: The applicant’s age should fall between 23 and 60 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 L with basic documentation such as PAN Card, Aadhaar Card, business related documents and 6 months bank statements. For loans above ₹ 10 L, 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:

  • Applicant must be an Indian citizen, residing in India

  • Applicant’s age should be in the range of 23-60 years

  • Good credit rating is important, hence, the applicant's CIBIL score needs to 700 or above; or, 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 of the Applicant: The applicant’s 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.

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 selfie for identity verification

  • PAN Card

  • 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

  • Latest 6 months bank statement

The above mentioned documents are needed for loans up to ₹ 10 L. In case your requirement is of a higher amount, then additional address proof would be required. This includes a recent utility bill with the address mentioned on it or a valid rent agreement. 

IIFL Business Loan EMI

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. 

IIFL Customer Care

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

1860-267-3000, 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

IIFL Business Loan FAQs

  • ✔️Does IIFL offer different types of Business Loan Interest rates?

    Yes, IIFL business loans come with an interest rate in the range of 16.50%-27.50% per annum.

  • ✔️ Can students apply for the IIFL Business Loan?

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

  • ✔️ What is the maximum Business Loan one can get?

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

  • ✔️ How to increase chances of loan approval from IIFL?

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

  • ✔️Who is eligible for IIFL Business Loan?

    Indian citizens between the ages of 23-60 years who own their own business and meet the eligibility criteria, can apply for an IIFL business loan.

  • ✔️How do I download my IIFL business loan statement?

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

  • ✔️How to repay my IIFL Business Loan?

    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

  • ✔️Is IIFL good for Business Loan?

    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.

  • ✔️What is the minimum salary to get a Business Loan from IIFL?

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

  • ✔️How does the age of an applicant affect his/her business loan eligibility in IIFL?

    To qualify for the IIFL Business Loan, you should be above 23 years and below 60 years of age.

  • ✔️What is the minimum CIBIL score to take a Business Loan for IIFL?

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

  • ✔️What is the rate of interest in IIFL?

    The rate of interest for an IIFL Business and Personal Loans starts from 16.50% to 27.50% per annum.

  • ✔️How do I calculate interest?

    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.

  • ✔️Are interest rates on loans monthly or yearly?

    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.