IIFL Finance Business Loan Highlights 2023 | |
| Interest Rate | 12.75% to 33.75% p.a. |
| Loan Amount | Up to Rs 30 lakh |
| Loan Tenure | 1 to 5 years |
| Processing fees | 2% to 4% plus GST with an additional amount of up to Rs 500 charged as Convenience fees |
Note: Interest rates as of 23rd March 2023
Table of Contents
IIFL Finance Business Loan Interest Rates
IIFL Finance Business Loan interest rates range between 12.75% p.a. and 33.75% p.a.
Fees and Charges for IIFL Finance Business Loan
IIFL Finance Business Loan Processing fees
| Particulars | Rates |
| Processing fees | 2% to 4% plus GST with an additional amount of up to Rs 500 charged as Convenience fees |
IIFL Finance Business Loan Prepayment/Foreclosure Charges
| Particulars | Rates |
| Prepayment/ Foreclosure Charges |
|
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 IIFL Finance Business Loans 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 be operating for more than 6 months
- Minimum turnover should be Rs 90,000 in last 3 months
- 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