What is the provision for any unforeseen event after availing of the Business loan from IIFL?
Suppose an unexpected circumstance, such as a funeral, a handicap, or a serious sickness, prevents you from paying back your business loan. In that circumstance, IIFL provides a selection of insurance options to support your protection and that of your company.
Our business loan insurance protects you against unforeseen circumstances like business interruption brought on by a natural disaster, serious sickness, or the borrower's death.
Do I require any security or guarantor to avail of this loan?
To qualify for our business loan, you do not need to offer any security or collateral, such as real estate papers or gold jewelry. Almost all banking and financial institutions offer this service at affordable interest rates, and we are one of them. Our unsecured business loans safeguard your precious belongings from any risk.
Are there any age criteria to apply for a Business Loan?
Anyone above 21 and below 55 can apply for a business loan from us. When applying for a business loan, ensure your age lies between 21 and 55 to avoid rejection. Moreover, we also look at how old your ‘business’ is and consider ones that are at least two years old.
What is the minimum business continuity required?
Although there are different minimum requirements, lending institutions like ours only require your business to be in operation for at least two years. However, most online lenders frequently demand that applicants have been operating for at least six to twelve months.
What are the maximum and minimum loan amounts that can be sanctioned?
The maximum loan amount that we at IIFL can sanction is INR 30 lakh, whereas the minimum amount it can sanction is INR 50,000.
What is an SME Business Loan?
Small and medium-sized enterprises can now apply for specialized loans called SME loans to meet their short-term and long-term financial requirements. This loan helps the SME sector to provide large employment prospects at relatively modest capital costs and supports the industrialization of underdeveloped and rural areas.