IIFL Finance Business Loan

IIFL Finance Business Loan Highlights 2023
Interest Rate	12.75% to 44.00% p.a.
Loan Amount	Up to Rs 30 lakh
Loan Tenure	1 to 5 years
Processing fees	2% to 6% plus GST with an additional amount of up to Rs 500 charged as convenience fees

Note: Interest rates as of 8th September 2023

IIFL Finance Business Loan Interest Rates

IIFL Finance Business Loan interest rates range between 12.75% p.a. and 44.00% p.a.

Fees and Charges for IIFL Finance Business Loan

Processing fees

Particulars	Rates
Processing fees	2% to 6% plus GST with an additional amount of up to Rs 500 charged as Convenience fees

Prepayment/Foreclosure Charges

Particulars	Rates
Prepayment/ Foreclosure Charges	For prepayment / foreclosure within 1 – 6 months of EMI repayment: 7% plus GST For prepayment / foreclosure within 7 – 24 months of EMI repayment: 5% plus GST For prepayment / foreclosure above 24 months of EMI repayment: 4% plus GST

Other charges for IIFL Finance Business Loan

Particulars	Rates
Cheque or ACH return charges	Rs 500 plus GST per instance
Cheque or ACH swapping charges for duplicate no-dues certificate	Rs 500 plus GST per instance
Duplicate statement / Repayment schedule /  Amortisation / Sanction letter / Agreement	Rs 200 plus GST per instance
Penal interest	24% p.a.
EMI bounce charge	Up to Rs 1,200
Loan cancellation	Interest to be charged for the interim period between the date of disbursement and date of cancellation of loan
Any other charges on case to case basis	At actuals

IIFL Finance Business Loan Eligibility Criteria

The business loan eligibility criteria set for availing business loans from IIFL Finance are as follows:

• The entities eligible for availing business loans include proprietorship, partnership, private limited company, limited liability partnership (LLP) and one person company.
• Salaried individuals aged between 23 years to 55 years with minimum monthly income of more than Rs 25,000 can also apply for business loans.
• The business should have a vintage of at least 2 years at the time of making the business loan application.
• The business loan applicant should have a CIBIL or credit score of 675 and above.
• The business should not be a part of blacklisted or excluded businesses.
• The office or business location should not be on the negative location list.
• NGOs, charitable organisations or trusts are not eligible for availing business loans.

Documents required for IIFL Finance Business Loan

The business loan documents required for availing IIFL Finance Business Loan are as follows:

• KYC documents: Identity proof and address proof of the borrower and co-borrowers
• PAN Card (of borrower and co-borrowers)
• Last 6 month bank statements of main operative business account. Loan applicants should submit bank statements of the last 12 months to avail the maximum loan amount.
• Signed copy of standard terms (for term loan facility)
• GST Registration (for business loans of Rs 30 lakh)
• Bank statements of last 12 months
• Business registration proof
• PAN Card & Aadhaar Card copy of Proprietor(s)
• Deed copy and company PAN Card copy in the case of partnerships
• Additional document(s), if required, for processing of loan request and credit assessment