IIFL Finance Business Loan | India Infoline Finance Limited (IIFL) is a finance and investment administrations organization that offers monetary services and loaning items to its clients. Business Loan from IIFL Finance is presented at an interest rate of 18% onwards. IIFL Finance gives monetary help expected to the control of day-by-day income. The organization gives satisfactory assets to receivables, inventories and arranged extensions to meet any spontaneous necessities.
Table of Contents
IIFL Finance Business Loan 2021
| Interest rate | 18% onwards |
| Loan Amount | Maximum business loan: up to Rs. 50 lakhs,
Insta Loan: up to Rs. 15 lakh & POS Loan up to Rs. 50 lakhs |
| Repayment Tenure | 12 months – 36 months |
| Collateral | Not required |
| Processing Fee | 3% of the loan amount + GST |
Salient features of IIFL Finance Business Loan
- IIFL Finance gives loan amounts up to Rs. 50 lakhs
- Repayment tenure offered ranging from 12 months to 36 months
- IIFL Finance gives adaptable repayment choices
- No Collateral is required
- Quick approval of a loan with minimal documentation
IIFL Finance Business Loan Categories
| Instant Loan | POS Loan | Business Loan |
| Loan Amount up to Rs 15 lakh | Loan Amount up to Rs. 50 lakhs | Loan Amount up to Rs. 50 lakhs |
The IIFL Finance is a skill and devoted to giving monetary help to Partnership firms, Sole Proprietorship Firms, and Private Limited Companies principally occupied with the matter of trading, services, and manufacturing. The IIFL Finance Business Loan must be benefited when the organization’s presence is at least 3 years with superb repayment history and positive total assets.
Fees & Charges
| Particulars |
Fees & Charges |
| Range of the Rate of Interest | From 16% to 30% |
| Cheque / ACH Return Charges | ₹ 500/- per instance + GST |
| Cheque / ACH Original Swapping Charges No-dues Certificate | ₹ 500/- per instance + GST |
| Duplicate Statement / Duplicate Amortization / Original Repayment Schedule | ₹ 200/- per instance + GST |
| Penal Interest | 24% per annum |
| Authentic Prepayment / Original Foreclosure (1-6 months of EMI Repayment) | 7% + GST (Approval required) |
| Original Prepayment / Foreclosure (7-24 months of EMI Repayment) | 5% + GST |
| Actual Prepayment / Foreclosure (more than 24 months of EMI Repayment) | 4% + GST |
| Original Loan Cancellation Process | Interest will be very much applicable for the Intermediate period between the date of Disbursement and the date of loan cancellation |
| Inspection Charges | At Actuals |
| Legal Collection Charges | |
| Documentation Charges | |
| Property Valuation Charges | |
| Stamp Duty Charges |
IIFL Finance Business Loan Eligibility Criteria
Following qualification models are to be satisfied to get an IIFL Finance Business Loan:
- Sole Proprietorship firms, Partnership firms, Private Limited Companies associated with the business of Manufacturing, Trading, and Services are qualified
- The firm should be associated with the business for a base time of 3 years
- The organization must showcase steady progress and benefit in its documents
- The candidate should have a decent record as a consumer
- Candidate with no past default with any monetary organization
- Indian resident with no criminal record
IIFL Finance Business Loan Documents Required for Application
Following are the arrangement of documents that should be acquired by the candidate while applying for IIFL business loan 2021:
- Filled application structure with an ongoing photo of the relative multitude of co-candidates
- True and legitimate KYC Documents, according to the rules of RBI (Address and ID confirmation)
- GST Challan/VAT returns/Last year ITR properly guaranteed by a CA
- As of late material 3 months’ bank statements of the business
- Extra important documents might be particularly needed for the credit appraisal and complete handling of loan solicitation
Factors affecting IIFL Finance Business Loan Interest Rate
- Credit Worthiness of the Business: The creditworthiness of a business as estimated by its FICO rating or credit score is one of the essential factors that influence the business loan interest rate. Loaning is an unsafe issue for any bank and the main way they can guarantee that the loan to a reliable business is by checking their business FICO assessment.
- The Business Financials: Any loan specialist might not want to loan to a borrower without sound business essentials. Consequently, a business that has sound business financials will create a possible possibility for credit as they can be guaranteed repayments with no issue. A decent profit-making business may likewise land a lower rate of interest because of the lower risk implied in loaning.
- Time in Business: Lenders like to loan to organizations that have substantiated themselves throughout the period of time, as opposed to an amateur. Grounded organizations will have a history of managing credit and furthermore through the business climate, which gives banks a suspicion that all is well and good while loaning with lower financing costs. Subsequently, new businesses might confront difficult stretches getting finance from customary loan specialists like banks and other monetary establishments.
IIFL Finance Business Loan client care number
To contact IIFL Finance for credit-related inquiries, the complementary number is 1860-267-3000 or 7039-050-000. You can contact on the complementary number from 9 am to 6 pm.
Conclusion for IIFL Finance Business Loan:
Lastly, IIFL business loan 2021 is one of the best loans offers currently available in the market. You can get a low business loan interest rate and other benefits via Afinoz.