IIFL Finance Business Loan

Features of IIFL Finance Business Loan

IIFL Finance offers business loans customized to meet the diverse business and working capital requirements of entrepreneurs and small businesses. Find below the key features of their offerings:

• Interest Rate: 12.75% – 36% p.a.
• Loan Amount: Up to Rs. 75 lakh
• Repayment Tenure: Up to 3 years
• Collateral/Security: Not required for unsecured business loans
• Processing Fees: Up to 5% of the sanctioned loan amount

Benefits of Choosing IIFL Finance Business Loan

Below mentioned are the key benefits of choosing unsecured business loans from IIFL Finance:

• No collateral/security required
• Quick approval and disbursals
• Customized loan products and loan tenure
• Minimum documentation
• Transparent online and paperless process
• Special offerings to women entrepreneurs

How to Apply for IIFL Finance Business Loan Online via Paisabazaar

Applying for an IIFL Finance Business Loan online via Paisabazaar is a simple and quick process. At Paisabazaar you can check and compare loan offers from multiple lenders and choose the best that suits your business requirements. Find below the simple steps to apply for IIFL Finance Business loan online:

Step 1: Visit Paisabazaar website or mobile app and go to the ‘Business Loan’ section.

Step 2: Enter your mobile number to authenticate with the received OTP.

Step 3: Browse the list of lenders, select IIFL Finance, and check its offerings.

Step 4: Fill out the application form and provide the required details, such as personal and business details, loan amount required and financial information.

Step 5: Upload the required documents.

Step 6: Submit the application after reviewing all the entered details.

Step 7: Wait for the approval and disbursal.

After application submission, Paisabazaar and IIFL Finance shall process your application, as per the submitted details and revert with their approval or denial.

Who Can Apply for IIFL Finance Business Loan?

Find below the list of eligible applicants of IIFL Finance Business Loan:

• Private Limited Companies and Enterprises
• Self-Employed Professionals: Doctors, CAs, architects, and consultants.
• Sole Proprietorships, Partnership Firms, Registered Partnerships or Limited Liability Partnerships (LLPs)
• Traders, Manufacturers, and Service Providers
• Businesses involved in Trading, Manufacturing, or Services Sectors

Eligibility Criteria

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

• Salaried individuals aged between 23 years to 65 years with minimum monthly income of more than Rs 25,000
• Business Vintage: Minimum 2 years
• CIBIL Score: Minimum 700 or above
• Business should not be a part of blacklisted or excluded businesses
• Business location should not be on the negative location list

Eligible Entities: Business owners, startups, self-employed individuals and professionals, such as doctors and CAs, and proprietorships, partnerships, private limited companies, Limited Liability Partnership (LLPs) and One Person Company (OPC).

Note: Charitable organisations, NGOs, and trusts are not eligible for a business loan.

Processing Fee & Prepayment Charges

Processing Fees

Particular	Rates
Processing Fees	Up to 9% of the loan amount

Prepayment/Foreclosure Charges

Prepayment / Foreclosure Charges
If closed within 1-6 months of EMI repayment	7% of the outstanding loan amount
If closed within 7-24 months of EMI repayment	5% of the outstanding loan amount
If closed after 24 months of EMI repayment	4% of the outstanding loan amount

Other Fees & Charges

Particulars	Fees and Charges
Penal/Default Charges	24% p.a.
Document Charges	Up to Rs. 4500
NACH / e Mandate Bounce Charges	Up to Rs. 2500
Bank Swapping Charges	Rs. 500
Other Charges (NESL Reporting)	As Applicable

Note: The above-mentioned fees, rates and charges are exclusive of GST, which shall be levied as applicable.

Does IIFL Finance offers Business Loans under Government Schemes?

IIFL Finance offers business loans, but the NBFC has not clearly stated that they offer loans specifically under Government schemes, such as Mudra Loan under Pradhan Mantri Mudra Yojana (PMMY), Credit Guarantee Trust Fund for Micro and Small Enterprises (CGTMSE) or any other Government-backed loan scheme.

Business Loan EMI calculator

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 months’ bank statements of main operative business account
• Signed Copy of standard terms (for term loan facility)
• GST Registration (for business loans of Rs 30 lakh)
• 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

IIFL Finance Business Loan Customer Care

Toll-free number: 1860-267-3000

‌Email: gold-helpline@iifl.com

FAQs on IIFL Business Loan

What is the interest rate for IIFL Finance Business Loan?

IIFL Finance Business Loan interest rates generally start from 12.75% p.a. for their unsecured business loans.

How can I apply for IIFL Finance Business Loan online?

To apply for a business loan online you need to visit Paisabazaar and browse IIFL Finance to apply online by filling in all the required personal and business details. Secondly, you can visit the official website of IIFL finance and apply directly on their website.

Is collateral required for IIFL Finance Business Loan?

No, you are not required to provide any collateral to avail their unsecured business loans from IIFL Finance for amounts up to Rs. 75 lakh.

Is IIFL a part of CGTMSE (Credit Guarantee Fund Trust for Micro & Small Enterprises)?

Yes, IIFL Finance is an approved member lending institution (MLI) under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme. However, the loan amount and interest rate is not specifically stated for particular Govt-backed loan schemes.

Can I get a MUDRA Loan via IIFL Finance?

To get the exact details regarding Mudra loan, you need to go to the official website of IIFL Finance or visit the NBFC directly.

Which Government-Linked Products IIFL Finance Offers for Small Businesses?

Yes, IIFL Finance offers several government-linked financial products tailored for small and micro enterprises (SMEs) in India. However, you need to check with the NBFC directly by visiting their office or official website.

How long does IIFL Finance take to disburse the loan?

IIFL Finance usually disburses business loans within 48 hours of approval. The approval process is swift, often completed within 30 minutes, of all the required documents are provided and are verified and approved by the NBFC.

What is the processing fee for IIFL finance business loan?

The processing fee charged by IIFL Finance is up to 5% of the sanctioned loan amount plus GST for its business loans. This fee shall be deducted from the loan amount at the time of disbursement.

What is the repayment tenure of unsecured business loans?

The repayment tenure offered by IIFL Finance for its unsecured business loans is up to 3 years.

What is the minimum turnover required?

The minimum turnover required to qualify for a business loan from IIFL Finance varies depending on the type of business and loan product.

Can Startups apply for IIFL Finance business loan?

Yes, startups can apply for a business loan with IIFL Finance, provided they meet specific eligibility criteria defined for new businesses or startups.

Is pre-closure allowed for IIFL Finance business loan?

Yes, IIFL Finance allows borrowers to pre-close their business loans, either partially or in full, before the scheduled tenure. The foreclosure charges are up to 7% of the outstanding principal amount.

How do I check the status of my IIFL Finance loan application?

To check the status of your IIFL Finance business loan application, you can call on their toll-free number 1860-267-3000 or write an email at gold-helpline@iifl.com.