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.
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Fees and Charges for IIFL Finance Business Loan
|Processing fees||2% to 6% plus GST with an additional amount of up to Rs 500 charged as Convenience fees|
|Prepayment/ Foreclosure Charges||
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Other charges for IIFL Finance Business Loan
|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|
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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.
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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
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