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IIFL Finance BUSINESS LOAN

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Eligibility Criteria and Documents Required for Business Loan

Meeting the eligibility criteria and submitting the necessary documents is of prime importance when applying for a business loan. This is because it ensures you can get the best loan package to suit your needs, which would also be tailored to meet your repayment capacity. It also helps us verify your loan application details so that we can provide our customers with a quick turnaround time on their loans.

Business Loan Eligibility Criteria

If you are a salaried individual

  • You must be between 23 and 55 years of age
  • Ability to repay the loan in a maximum of 60 months (minimum 12 months)
  • Your business should be operational for at least two years
  • The type of business you own should be 'Proprietorship'
  • You need to have a Current Account / Savings Account with IIFL
  • The office/business location is not on the negative location list

IIFL Business Loan Documents Required

Documents for 30 Lakhs

  • 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
  • Latest 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

Documents for 10 Lakhs

  • KYC documents - Identity proof and address proof of the borrower and all co-borrowers
  • PAN Card of borrower and all co-borrowers
  • Latest 6 months bank statement of main operative business account (12 months preferable to avail maximum loan amount)
  • Additional document(s) may be required for credit assessment and processing of loan request
  • Signed copy of standard terms (term loan facility)

Business Loan Eligibility Calculator

In addition to meeting the eligibility criteria and submitting the necessary documents, you can also use our Business Loan Eligibility Calculator to get an estimated loan amount. This would give you a good idea of how much money you can borrow and what kind of repayment plan works best for your business needs. To get started with this process, just enter your details, such as your loan amount, loan tenure, and interest rate on the loan. Once you put all the details in place, the calculator will quickly estimate the business loan EMI.

Check your Business Loan Eligibility Now

BUSINESS LOAN FAQs

How does a business loan from IIFL work?

At IIFL, we offer quick & easy business loans of up to Rs.30 lakhs with minimum documentation and competitive interest rates. All you need to do is check your eligibility criteria and submit all the required documents to avail a loan in an easy and hassle-free manner.

What is a business loan?

A business loan is a short-term funding solution that helps entrepreneurs and small businesses grow. It can be used for working capital, inventory purchases, equipment leasing, or any other commercial purpose.

Who can apply for a business loan from IIFL?

Any individual looking to expand or start their own business can apply for a business loan from IIFL. The borrower should be between 23 and 55 years of age, have an operational business for at least two years, and should hold a Current/Savings Account with IIFL.

What is the maximum repayment tenure offered with the IIFL Business Loan?

The maximum repayment tenure offered with an IIFL Business Loan is 60 months (minimum 12 months). This means that you can choose a repayment plan that best suits your business needs and repayment capacity.

Are there any additional documents required for the IIFL Business Loan?

Yes, depending on your loan amount requirement, some additional documents may be required for credit assessment. These are usually documents related to your business, such as GST registration, Bank Statements, etc. However, all these details will be shared with you once you apply for the loan.