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IIFL Finance

BUSINESS LOAN

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What is Business Loan?

Unsecured business loans are available in India from banks and non-banking financial institutions (NBFCs). The primary objective is to provide for an expanding company's immediate demands. To suit a business's financial demands, the majority of financial institutions offer term and flexible loans. Business loans are often referred to as commercial loans. Individual business owners, closely owned corporations, partnership organizations, self-employed people, and store owners are all eligible for these loans. MSMEs can benefit a great deal from the additional capital using the MSME business loan.

The online business loan from IIFL Finance is the best loan for an upcoming company as a source of money for all your business needs. To avoid having to reduce important business expenses, the interest rate on the business loan is appealing and reasonable. The rapid business loan application procedure is crafted to ensure that it is on par with becoming the best business loan in India through significant market research.

We strive to meet your capital requirements as soon as possible with the help of online application process, eKYC, and minimal paperwork. You can receive a collateral-free business loan in just 24 hours. The attractive interest rates ensure that this is a win-win situation.

IIFL FINANCE PERSONAL LOAN FEATURES

IIFL Finance offers a diversified portfolio of loan products favouring each requirement. You can find a premium range of lending solutions with flexible repayment schedules. One of the most popular loan options available on IIFL Finance is the personal loan.

The online personal loan comes with convenient lending terms and can help you solve all your financial needs quickly. Furthermore, you can apply for this loan wherever you are through IIFL’s website or app. With an instant personal loan from IIFL Finance, you get the most lucrative EMI schemes, interest rates, and loan tenures available in the industry.

PERSONAL LOANS RANGING FROMINR 5,000 to INR 5,00,000
RATE OF INTEREST12.75% - 34.75% (reducing balance interest rate)
TENURE03 months to 42 months
DOCUMENTS REQUIREDOnly PAN, Aadhar & Bank Statements required
PROCESSING FEE2% - 4% ([Min ₹750 to be Charged] Additional Convenience Fee of ₹500 will be charged)

IIFL Business Loan Features

At IIFL, any Indian startup, SME, or large organization can apply for a business loan. The application, approval, and disbursal processes for our loans are incredibly simple and devoid of the official red tape that frequently accompanies bank loans.

Our business loan portal comes with a fast and efficient digital interface to eliminate the need for human contact and accelerate the entire business loan application procedure. The key features of an online business loan at IIFL include:

  • Business Loan Worth Up To INR 30 Lakh
    We at IIFL offer business loans as low as INR 40,000 and as high as INR 30 lakh. We have a giant lending window that helps us consider more applications than other lending institutions. It boosts your chances of getting a business loan approval for the growth of your business.
  • Quick Processing Time
    We ensure quick loan processing time to pace and streamline your online business loan application process. We strive hard to provide same-day loan approvals by automating our system. However, your documentation's authenticity and credibility determine the exact approval time. But with IIFL, you won't have to wait for days.
  • No Collateral Needed
    IIFL ensures your priceless assets are safe and out of danger when you take out a business loan from us. We offer unsecured business loans that eliminate your need for any security or collateral. So, with IIFL, you'll never have to worry about developing your capital assets.
  • Reasonable Interest Rates
    With the maximum business loan tenure of Four Year, you will never have to feel the EMI burden while running your company. However, if your business needs this loan for a short term to meet any operational or liquidity crunch, you can choose to repay the loan within six months.
  • No Hidden Costs
    Business loans from IIFL promise no additional fees or hidden costs. We only charge a one-time processing fee of 2-6% + GST *(Additional 500 will be charged as convenience Fees) based on your loan requirement. So, you can keep more of the principal sum for business expansion.
  • Make Flexible EMI Payments
    Lastly, you can go for the EMI system to pay back the IIFL business loan monthly or bi-weekly. You may schedule your repayments using our EMI options tailored to your billing and sales cycle. For instance, if your sales are booming, choosing the bi-weekly EMI option will allow you to pay off your business loan twice as quickly.
  • Mobile-Friendly
    Now, you can apply for a business from IIFL on our mobile-friendly website or the Android and iOS app. To simplify online business loan applications, we ensure the smooth and streamlined functioning of our mobile-optimized site and app.

BENEFITS OF IIFL BUSINESS LOANS

The business loan from IIFL finance comes with its own set of perks and advantages, here are some of them:

  • Speedy Disbursal: Quick disbursal is possible when applying for a business loan. You can then carry out business expansion plans or ensure that operations are running well.
  • Flexibility: A commercial loan may also give you the flexibility you need. Small businesses and MSMEs need to be quick while responding to the changing markets. You can utilize a loan to spread out expenses over time rather than burning up all of your cash upfront. It might assist your company in managing cash flow and averting financial problems.
  • Fast & Easy: One major benefit of obtaining a business loan is that little documentation is necessary. Some clients can be approved for loans to support their business expansion goals without providing collateral, a guarantor, or any other security. Numerous lenders also provide doorstep services.
  • Brand Reputation: You may establish your brand and reputation by getting a business loan. A business can boost its visibility and draw in new clients by spending on marketing, advertising, and other promotional initiatives.
  • Affordable Interest Rates: You can reduce your borrowing expenses by using business loans with competitive interest rates, and you can then invest those savings in your company's growth and expansion. These low-interest loans can also help businesses manage their cash flow and preserve their financial security. Interest rates can range from 12.75% to 44% per annum, depending on the market.
  • Enhance your credit rating: Your company's credit rating might be raised with the aid of a business loan. You can show that you are financially responsible and deserving of credit in the future by making timely loan payments.

Check out the business loan EMI calculator to know exactly how much your EMI will turn out to be based on your requirements.

Business Loan Rates and Charges

Planning, organizing, hiring employees, and other variables are all important when starting a firm. Without sufficient funding, it is very hard for these efforts to bear fruit. Business loans make it possible for owners to raise money in the right way, right away and lessen the likelihood of running out of money to cover their needs.

The most important aspect of appropriately funding a firm is obtaining the ideal business loan, which heavily depends on the interest rate of the loan. The business loan options from IIFL Finance are created to provide appealing and inexpensive business loan interest rates to help you achieve your business goals without putting a strain on your finances. You receive the best business loan interest rate in India when you borrow money from IIFL Finance. This rate is individualized based on your desired loan amount, the loan term, and your financial position.

Business Loan Upto 30 Lakhs

  • Interest Rate

    12.75% - 44% Per Annum

  • Processing Fee

    2% to 9 % + GST* (Additional Upto ₹500 will be charged as Convenience Fees)

  • Cheque / ACH Return Charges

    ₹ 500/ + GST*

Eligibility Criteria For Business Loan

Need a business loan urgently but don’t know whether you can qualify for one? Check out the eligibility requirements for our business loans listed here to ensure that your loan gets approval right away:

Your age must range between 21 and 55 while applying for a business loan. The business/company must be at least two years old. (Show your business is active.) You must have a credit score of 675 or higher.

Note: MSMEs, proprietors, Limited Liability Partnership companies, Public Limited Companies, Private Limited Companies, self-employed people, self-employed professionals (doctors, CAs, CSs, architects, etc.), and individual corporations are all eligible entities.

Documents for Business Loan

The following documents must be submitted by proprietorships, partnerships, Pvt. Ltd., LLPs, and one-person companies in order to complete the application.

Documents for 30 Lakhs

  • Selfie

    Selfie

  • Id Proof

    Id Proof (PAN Card)

  • Id Proof

    Address Proof
    (Aadhar Card/Driving License)

  • Bank Statement

    06 - 12 Months CA/SA
    Bank Statement

  • KYC documents - Identity proof and address proof of the borrower and all co-borrowers
  • PAN Card of borrower and all co-borrowers
  • Last (6-12 Months) months bank statement of main operative business account
  • Signed copy of standard terms (term loan facility)
  • Additional document(s) may be required for credit assessment and processing of loan request
  • GST Registration.
  • Previous 12 months' bank statements
  • Proof of business registration
  • PAN Card and Aadhar Card copy of the Proprietor(s).
  • Deed copy and company PAN Card copy in the case of partnerships

Please note, If your mobile number is not registered with UIDAI for Aadhar, you will not able to do eKYC.

IIFL PERSONAL LOAN ELIGIBILITY CRITERIA

FOR SALARIED EMPLOYEES WORKING IN AN ORGANISATION:FOR SELF-EMPLOYED INDIVIDUALS:
  • Minimum age of 23 years.
  • Business existence of three years minimum
  • Maximum age of 60 years or retirement (whichever is early) at the time of loan maturity.
  • Minimum age of 25 years
  • Maximum age of 65 years at the time of loan maturity

How To Apply For a Business Loan In 3 Easy Steps

  • Step 1: Fill and Submit an Online Application

    Simply fill in the basic details, mention every contact and financial information, and submit it on the company site for evaluation.
  • Step 2: Wait For Their Verification and Approval

    You can upload digital copies of your documents to accomplish one-step verification. This accelerates the process and saves time.
  • Step 3: Get Sanctions

    Once we approve your application, we ensure whoever is coming feels at home. That's why we only take a month or less to approve, sanction, and disburse the loan amount.

How to Apply for a New Business Loan

  • Submit Application: Get started with a simple online application form.
  • Submit Documents: Submit necessary documents online for easy verification.
  • Quick disbursal: You can get a business loan quickly

Why Choose IIFL For Your Business Loan?

  • Convenience of Online Process: Our online business loan application process is simple and easy to use.
  • Flexible Loan Terms: Our loan terms are flexible, allowing you to customize your loan repayment plan.
  • Competitive Interest Rates: We offer competitive interest rates, so you get the best value for money.
  • Dedicated Support Team: We have a dedicated customer support team ready to assist you with all your queries.
  • Simplified Documentation Process: Our online documentation process is fast, secure, and convenient.
  • Collateral Free Loans: Get up to Rs. 30 lakhs in funding, with no collateral required.
  • Secure Platform: We use advanced security technology to keep your data safe and secure.

How To Use MSME Business Loan From IIFL?

  • Diversify your product/service portfolio: Use the online business loan to invest in new products or services that can boost your sales.
  • Upgrade existing machinery/equipment: Upgrade machinery and equipment to increase production capacity or improve efficiency.
  • Hire skilled professionals: Hire experienced and professional staff for better operations and improved customer service.
  • Rent office space: Get a loan to rent the perfect office space for your business and make it more attractive to potential customers.
  • Open new stores/outlets: Expand your reach by opening up new outlets across different locations.
  • Marketing & Advertising Expenses: Invest in efficient marketing strategies that can help you reach out to a wider audience in less time.
  • Restock inventory: Make sure you never run out of stock and always have the necessary inventory ready.
  • Bolster working capital: Increase your working capital to ensure smooth operations and better cash flow.
  • Improve business infrastructure: Upgrade your business infrastructure with the online loan and make your business more efficient.
  • Manage operational costs:Get a loan to manage operational costs, such as rent, utilities, and salary expenses.

Check out the business loan EMI calculator to know exactly how much your EMI will turn out to be based on your requirements.

BUSINESS LOAN FAQs

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.


ACCESS YOUR LOAN ACCOUNT ON-THE-GO

IIFL Loans Mobile App

  • Account Summary

    Account Summary

  • Account Summary

    Make EMI Payment

  • Account Summary

    Complete A/c Statement

  • Account Summary

    Submit A Query

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6 MILLION + HAPPY CUSTOMERS

Business Loan
The rates and charges are predefined and are presented with utmost clarity to ensure there are no hidden costs. The loan process ensures that you understand the amount you will have to pay to avail of the personal loan online, and how you can calculate your loan EMI.
Business Loan
The rates and charges are predefined and are presented with utmost clarity to ensure there are no hidden costs. The loan process ensures that you understand the amount you will have to pay to avail of the personal loan online, and how you can calculate your loan EMI.
Business Loan
The rates and charges are predefined and are presented with utmost clarity to ensure there are no hidden costs. The loan process ensures that you understand the amount you will have to pay to avail of the personal loan online, and how you can calculate your loan EMI.

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