India Infoline Finance Limited (IIFL) is a finance and investment services company that offers financial services and lending products to its customers. Business loans from IIFL Finance are offered at an interest rate of 16% onwards. IIFL Finance provides financial assistance needed for the control of daily cash flow. The company provides adequate funds for receivables, inventories and planned expansion to meet any unplanned requirements.
IIFL Finance Business Loan Interest Rate and Features – 2021
| Interest rate | 16% onwards |
| Loan Amount | Business loan up to Rs. 50 lakh, Insta Loan up to Rs. 15 lakh & POS Loan up to Rs. 50 lakh |
| Repayment Tenure | 12 months – 36 months |
| Collateral | Not required |
| Processing Fee | 3% of the loan amount + GST |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Compare Here: Which bank has lowest interest rate on business loan?
IIFL Finance Business Loan Fee & Charges
IIFL Finance provides SME business loan at desirable rates, and the requirement of documentation is minimum. The specific charges levied are given below.
| 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 Amortisation / 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 |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Note: Prepayment in the part or full form not allowed before the payment of the initial 12 EMIs. The maximum prepayment required is 25% of the principal outstanding amount. The particular process is permissible only once in a year and twice during the whole of the loan tenure.
IIFL Finance offers three mostly sought and popular categories of loans, such as Insta loan, Fast Track Loan and Business loan.
IIFL Finance- Loan Categories
| Insta Loan | POS Loan | Business Loan |
| Loan Amount up to Rs 15 lakh | Loan Amount up to Rs. 50 lakh | Loan Amount up to Rs. 50 lakh |
The IIFL Finance is expertise and dedicated to providing financial assistance to Partnership firms, Sole Proprietorship Firms and Private Limited Companies primarily engaged in the business of trading, services and manufacturing. The IIFL Finance business loans can only be availed when the company’s existence is minimum 3 years with excellent repayment history and positive net worth.
Eligibility Criteria
Following eligibility criteria is to be fulfilled to get business loan from IIFL Finance:
- Sole Proprietorship firms, Partnership firms, Private Limited Companies involved in business of Manufacturing, Trading and Services are eligible
- The firm must be involved in the business for a minimum period of 3 years
- The company must showcase a gradual progress and profit in its documents
- The applicant must have a good credit history
- Applicant with no previous default with any financial institution
- Indian citizen with no criminal record
Documents Required for Loan Application
Following are the set of documents that must be procured by the applicant while applying for SME loan from IIFL Finance:
- Filled application form with recent photograph of all the co-applicants
- Authentic and valid KYC Documents, as per the guidelines of RBI (Address & ID proof)
- GST Challan / VAT returns / Last year ITR duly certified by a CA
- Recently applicable 3 months’ bank statements of the business
- Additional necessary documents may be very much required for the credit assessment and complete processing of loan request
Salient features of IIFL Finance Business Loan
- IIFL Finance provides credit facility extending up to Rs. 50 lakh
- Tenure requirement is from 12-36 months
- IIFL Finance provides flexible repayment options
- No Collateral is required
- Quick approval with minimum documentation
How to Apply for IIFL Finance Business Loan?
The business loan application process is quick, hassle-free and convenient. Follow the below-mentioned steps to apply for a business loan.
1) Visit paisabazaar.com and fill up and submit the loan application form.
2) Submit the required documents.
3) After documents are submitted, the bank will verify the documents.
4) Once the documents are verified, the bank shall approve the business loan.
5) After the loan is approved, the loan amount shall get disbursed in the bank account of the applicant.
IIFL Finance customer care number
To contact the IIFL Finance for loan related queries, the toll-free number is 1860-267-3000 or 7039-050-000. You can contact on the toll-free number from 9 am to 6 pm.
Email ID: sms@indiainfoline.com
Frequently Asked Questions (FAQ)
Ques. What is the business loan interest rate charged by IIFL Finance?
Ans. The business loan interest rate charged by IIFL Finance ranges between 16% – 30%.
Ques. What is the loan amount that can be availed from IIFL Finance for business loan?
Ans. IIFL Finance offers maximum loan amount up to Rs. 50 lakh which can be used mostly for SME purpose.
Ques. Is repayment allowed on business loan?
Ans. Repayment is allowed only after 6 months of business loan with the applicable foreclosure charges.
Ques. What is the mode of repayment?
Ans. Business loan can be repaid through monthly EMIs, ECS or through Cheques.
Ques. What is the repayment tenure of business loan?
Ans. The repayment tenure is from 12 months to maximum of 36 months.
Ques. How soon can I repay the loan?
Ans. You can repay the loan after 6 months of taking the loan with applicable charges.
Q. How to check your IIFL Business Loan Status?
Ans. You can check your business loan application status by calling their Toll Free numbers 1860-267-3000 or 7039-050-000 or by visiting your nearest branch office.
Q. How do I get/download my IIFL Finance business loan statement?
Ans. To download your IIFL Finance business loan statement, you shall create a login for registration on its official website to further download your business loan statement.
Q. What are the pre-closure/foreclosure charges for business loans in IIFL?
Ans. Below mentioned are the slabs of prepayment/foreclosure charges for business loans from IIFL Finance:
- Prepayment / Foreclosure (01-06 months of EMI Repayment: 7% + GST (Approval required)
- Prepayment / Foreclosure (07-24 months of EMI Repayment): 5% + GST
- Prepayment / Foreclosure (more than 24 months of EMI Repayment) 4% + GST
Ques. Is the interest rate fixed or floating?
Ans. The interest rate is fixed.
Ques. Do I need to deposit any security or provide collateral?
Ans. No, you are not required to deposit security or provide collateral.