IDFC FIRST Bank Business Loan

Highlights of IDFC FIRST Bank Business Loan
Interest Rate	9% p.a. onwards
Loan Amount	Up to Rs 15 crore
Tenure	Up to 25 years
Processing Fees	Up to 5% of the loan amount

IDFC FIRST Bank Business Loan Interest Rates

Loan Products	Interest Rates (p.a.)
Business Loan (self-employed)	14%
Professional Loan (salaried/self-employed)	11%
Construction Equipment Loan	9%
Loan Against Property	9.25%

IDFC FIRST Bank Business Loan Fees and Charges

Particulars	Fees and Charges
Processing Charges	Up to 3.5% of the loan amount
Foreclosure Charges	5% of outstanding principal
No due certificate	Rs 500
Repayment instrument swap charges	Rs 500
Cancellation and booking charges	For cancellation after disbursal: Before cheque encashment- Rs 10,000 Post cheque encashment/RTGS cases- Rs 10,000+interest from date of disbursement
Physical Repayment Schedule	Rs 500
Cheque swap Charges	Rs 500
Physical statement of loan	Rs 500
Document retrieval charges	Rs 500
Part Payment Charges	Part Payment is not allowed
Penal Charges	2% of unpaid EMI or Rs 300 whichever is higher
EMI bounce charges	Rs 400
EMI pickup or collection charges	Rs 500

Fees and Charges for IDFC FIRST Bank Loan Against Property

Processing Charges	Up to 3% of the loan amount
Repayment instrument swap charges	NIL
List of document charges	Rs 1,000
No due certificate	Rs 500
Cancellation and rebooking charges	In case of uncashed disbursal cheque- Rs 10,000 In case of encased disbursal cheque- Rs 10,000+interest from disbursal date
Loan rescheduling charges	Rs 1,000
Inital Money Deposit/Application Fees (Non-Refundable)	Rs 6,500
Physical repayment schedule	Rs 500
Cheque swap charges	NIL
Document Charges	Rs 500
Late Payment/Penal Charges/Default	2% per month of the unpaid EMI or Rs 300, whichever is higher
EMI bounce charges	7.5% of the EMI amount (Min – Rs 400 ; Max – Rs 1,000)

Fees and Charges for IDFC FIRST Bank Construction Equipment Loan

Processing Charges	Up to 5% of the loan amount
Cheque/ECS Swap	Rs 500 per transaction (Other banks to IDFC swapping – NIL)
Documentation charges	Up to Rs 20,000
Late Payment	2% per month on outstanding principal
Stamp Duty/Asset Verification/Valuation	At Actuals
Legal/Collection/Repossession and Incidental Charges	At Actuals
Duplicate Amortisation Schedule	Rs 200 per schedule
Foreclosure/Prepayment/part-Prepayment	5% of the outstanding principal
Loan Cancellation	Rs 1,000 per loan account
Loan Re-scheduling /Rebooking	Rs 1,500 per loan
Statement of Account	Rs 200 per statement

Types of IDFC FIRST Bank Business Loans

IDFC FIRST Bank Business Loan

Purpose: IDFC FIRST Bank offers unsecured business loans to self-employed individuals and businesses for meeting the working capital requirements, expansion to new markets, purchase of equipments, etc. The bank also claims to offer quick funding of up to Rs 50 lakh through the IDFC FIRST Bank Business Loan Scheme based on the current account statement of the applicant.

Loan Amount: Up to Rs 1 crore

Tenure: Up to 4 years

IDFC FIRST Bank Working Capital Loan

Purpose: IDFC FIRST Bank offers a wide variety of working capital loan products such as overdraft, cash credit, letter of credit, bank guarantee, term loan and other trade products. It also offers working capital loans backed by property for MSME, traders, manufacturers and start-ups. IDFC FIRST Bank provides industry-leading propriety tools for faster processing. Borrowers of IDFC FIRST Working Capital Loans can also avail the benefits of complete banking product suite such as overdraft account, current account, foreign exchange, trade and payment collection solution.

Loan Amount:

• Up to Rs 10 crore on credit evaluation based on financials
• Up to Rs 5 crore on credit evaluation based on GST returns

Types of IDFC FIRST Bank Working Capital Loans:

Fund Based and Non Fund Based-

IDFC FIRST Bank provides expert advisory on working capital loans and assesses the business based on the turnover. It offers flexible collateral options to the applicants.

Gold Card Scheme for Exporters-

This scheme is offered to exporters having good credit history, for easy access to export credit. The credit limit for this scheme is sanctioned for tenures of up to 3 years and is renewed automatically every year. The bank may also provide an additional standby limit or ad-hoc limit of more than 20% at the request of the borrower. Based on the creditworthiness of the card holder, the bank would waive off collateral and provide exemption to the card holder through ECGC guarantee schemes.

The time limit for the Gold Card Scheme is stated below:

• For disposal of fresh applications- 25 days
• For renewal of limits- 15 days
• For sanction of ad-hoc limits- 7 days

IDFC FIRST Bank Professional Loans

Purpose: IDFC FIRST Bank Professional Loans are unsecured, collateral free loans offered to salaried CAs and doctors, and non-individuals such as hospitals and diagnostic centres. The bank also offers instant loan of up to Rs 30 lakh based on professional qualifications.

Loan Amount: Rs 5 lakhs to Rs 1 crore

Tenure: 1 year to 7 years

Loan Facility: Term Loan & Drop Line Overdraft

IDFC FIRST Bank Construction Equipment Loan

Purpose: IDFC FIRST Bank Construction Equipment Loan provides financing for a wide variety of construction equipment such as Excavators, Mini Excavators, Backhoe Loaders, Tipper/ Dumpers, Self-Loading Concrete Mixers, Cranes, Transit Mixers, Forklifts, Compactors, Road Rollers, Wheel Loaders, Compressors, etc.

Loan Amount: Rs 5 lakhs to Rs 1 crore

Tenure: 1 year to 7 years

Loan Facility: Term Loan & Drop Line Overdraft

IDFC FIRST Bank Machinery Loan

Purpose: IDFC FIRST Bank offers a Machinery Loan facility for businesses to acquire cutting-edge machinery and equipment.

Loan Amount: Up to Rs 10 crore

Tenure: 1 year to 10 years

LTV: Up to 100%

IDFC FIRST Bank Healthcare Equipment Loan

Purpose: IDFC FIRST Bank offers Healthcare Equipment Loan facility to healthcare providers for financing cutting-edge diagnostic and imaging equipment or upgrading existing facilities or expanding business. The eligible healthcare providers include hospitals, diagnostic centres, pathology labs and independent doctors.

Loan Amount: Up to Rs 10 crore

Tenure: 1 year to 10 years

LTV: Up to 100%

IDFC FIRST Bank Loan Against Property

Purpose: IDFC FIRST Bank Loan Against Property is offered to salaried and self-employed individuals and businesses for all kinds of residential properties, commercial properties, industrial plots and godowns. IDFC FIRST Bank applicants can also avail Lease Rental Discounting against rental income.

Loan Amount: Up to Rs 15 crore

LTV Ratio: Up to 80%

Tenure: Up to 25 years

IDFC FIRST Bank Dropline Overdraft Loan

Purpose: IDFC FIRST Bank offers Dropline Overdraft Loan, a pre-approved collateral-free line of credit, which allows applicants to utilize the loan amount up to an agreed limit. However, the actual withdrawal limit of the overdraft reduces every month till the end of the loan tenure. Interest is levied only on the amount drawn and not on the sanctioned limit. Applicants can deposit the amount in the account anytime, to reduce the outstanding balance.

Benefits of IDFC FIRST Bank Dropline Overdraft Loan:

• Instant 24*7 access to funds 
• Repayment flexibility
• Continuous access to pre-determined line of credit
• Can be used for meeting unexpected financial emergencies or fund shortages
• Interest is levied only on the amount utilized

Eligibility Criteria for IDFC FIRST Bank Business Loans

For IDFC FIRST Bank Unsecured Business Loans

• MSMEs and non-individuals such as Private Limited, Partnership firms, Limited Liability Partnerships, Sole Proprietors, etc.
• Applicants should have a minimum turnover of Rs 1 crore and business vintage of 3 years.
• Age: Minimum – 28 years; Maximum – 68 years at the time of loan maturity.
• The applicant should have a positive net worth and cash profit in the last 2 years.

For IDFC FIRST Bank Professional Loans

• Doctors (MD, MBBS, BAMS, BHMS, BDS, MDS, Veterinary and Physiotherapists), CAs, engineers, CS and architects are eligible for professional loans.
• Non-individuals such as clinics, hospitals and diagnostic centres are also eligible for such loans.
• Age: Minimum – 23 years (21 years if parents are in the same profession); Maximum – 68 years at the time of loan maturity.
• The applicant should have a positive net worth and cash profit in the last 2 years.

For IDFC FIRST Bank Loan Against Property

IDFC FIRST Loan Against Property are offered to MSMEs or non-individual entities such as Limited Liability Partnership, Private Limited Companies, Sole proprietorships, partnership firms, etc.

For IDFC FIRST Bank Machinery Loan

IDFC FIRST Machinery Loans are offered to those manufacturers involved in machine tools, printing, packaging, plastic moulding and related works.

Documents Required for IDFC FIRST Bank Business Loans

For IDFC FIRST Bank Unsecured Business Loans

• ID Proof and Address Proof: As per the guidelines set by RBI, ownership proof of office or residence
• Business Proof: MOA and AOA, Shop Act License, GST Registration, ITR, Partnership Deed
• ITR of last 2 years and net worth statement
• Bank statement of last 6 months
• Based on GST- GST returns for last 12 months, latest ITR and computation
• Based on Income- ITR and computation for last 2 years, latest 2 years audited PnL and balance sheet, bank statement for last 6 months

For IDFC FIRST Professional Loan

For Salaried Professionals-

• ID Proof and Address Proof
• Qualification Proof- Degree registration and degree certificate
• Employee ID
• Bank statement for 3 month
• Proof of residence ownership

Additional documents for Self-employed Professionals and entities such as diagnostic centres and hospitals

Business Proof- Shop Act License, MOA/AOA, GST registration/ITR, partnership deed

Any 1 of the additional documents

• Banking Based- ITR and computation for 1 year, 12 months banking
• Degree Based- 3 months banking
• Income Based- 2 years ITR and financials, 12 months banking

For IDFC FIRST Loan Against Property

• ID proof and address proof
• Business proof- Shop Act License, MOA and AOA, GST registration, ITR, partnership deed
• Details of running loans- Sanction letter, amortization schedule, account statement
• Property document- Complete chain of property title deeds, approved layout or plan of property

Any 1 of the additional documents

• Banking based- ITR of last year with last year’s financials, bank statement for last 6 months for loans of up to 2 crore, otherwise 12 months
• GST based- ITR for last 1 year, 1 year financials, bank statement for last 3 months, CA net worth statement, GST returns for last 12 months
• Income based- Latest year ITR along with the financials, latest 6 months bank statement for loans of up to Rs 2 crore, otherwise 12 months

IDFC FIRST Bank Business Loan Customer Care Number

• Customer Care Number: 180010888
• Email Id: Banker@idfcfirstbank.com

Grievance Redressal:

In case your are not satisfied with the response received from access channels, you can escalate your concern by contacting the Nodal Officer

• Email Id: nodaldesk@idfcfirstbank.com
• Contact Number- 022-41652700 (between 9:30 am to 6:00 pm- Monday to Saturday, excluding Bank holidays)

For further escalation, write to:

Mr. Vipul Raj

PNO, IDFC FIRST Bank Limited, Building No. 2,

Raheja Mindspace, MIDC Industrial Area,

Shiravane, Juinagar, Nerul

Navi Mumbai- 400706

Maharashtra, India

Email Id: pno@idfcfirstbank.com

Contact Number- 18002099771