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IDFC First Business Loan Jul 2021

IDFC First Business Loan Interest Rates India

Last Updated 06th Jul 2021

IDFC First Bank offers Business Loan starting at interest rate of 19.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 19.00%
Processing Fee 2.00%
Tenure From 12 months to 48 months
Lowest EMI per lakh ₹ 2,990
Loan Amount Min ₹ 1 Lakh and Max ₹ 9 Lakh
Part Payment Facility Not allowed
Foreclosure Facility Allowed after 6 EMI's, 4 - 5%
Apply for Business Loan @ 14.00%*

IDFC First Business Loan Details

IDFC First Bank offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan IDFC First Bank.

Key Features of IDFC First Business Loans
  • Purpose of Loan: You can avail IDFC First business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 25 and 65 years can avail IDFC First business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 48 years.
  • IDFC First business loan interest rates are in the range of 19.00% to 0.00 %.
  • IDFC First Bank business loan EMI per lakh starts from ₹ 2,990.
  • Processing Fee: 2.00%

Factors affecting IDFC First Business Loan Rates

There are multiple factors on which IDFC First Bank calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in IDFC First Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 1 Lakh to upto ₹ 9 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

IDFC First Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from IDFC First Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

IDFC First Bank will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 12,00,000

Time in Business

IDFC First Bank offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from IDFC First Bank is 36 months.

Lowest IDFC First Bank Business Loan Interest Rates

With effect from 23 Jun, 2021, IDFC First Bank offers business loans starting at 19.00%. The lowest business loan rates offered by IDFC First Bank have been dropped by 3%, from the earlier rate of 22.00%.

IDFC First Bank Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
23 Jun, 2021 19.00%
31 Mar, 2021 22.00%
25 Mar, 2021 22.00%
25 Jan, 2021 22.00%
07 Jan, 2021 22.00%

IDFC First Business Loan Eligibility Criteria

To avail IDFC First Bank business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : IDFC First Bank offers business loan to those who are at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, IDFC First Bank gives you loan amount ranging from ₹ 1 Lakh to ₹ 9 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : IDFC First Bank requires profit for minimum 2 years and minimum business turnover of ₹ 12,00,000.
  • Business Stability : IDFC First Bank requires a minimum business track record of 36 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get a loan.
  • ITR and Banking : IDFC First Bank gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 0 months & 0 months respectively.
  • CIBIL Score : IDFC First Bank will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

IDFC First Bank Business Loan Fees and Charges

In addition to interest rates, business loan also carry some other charges which include:

  • Foreclosure Charges : These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. IDFC First Bank allows prepayment of loan after paying 6 EMI’s with prepayment charges - 4 - 5%
  • Processing Fee : IDFC First Bank asks for a processing fee of 2.00% with applicable service tax

Documents Required for IDFC First Business Loan

To apply for IDFC First business loan, you need to submit the following documents:

  • Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
  • Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
  • Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
  • Copy of Income Tax PAN for 24 months
  • Bank statement of last 6 months

IDFC First Business Loan Eligibility Calculator

You can calculate your eligibility for IDFC First Bank business loan using an online IDFC First business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply IDFC First Bank Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare IDFC First business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  IDFC First Bank.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from IDFC First Bank?

IDFC First Bank is one of the largest Private Bank sector banks in the country that provides lowest business loans starting at 19.00%. The bank also charges a low processing fee starting from 2.00%. Along with that, the bank also offers special business loan schemes such as , & etc.

Has IDFC First Bank reduced the business loan interest rate?

IDFC First Bankhas reduced the lowest interest on business loan as effective from 23 Jun, 2021. Presently, IDFC First Bank offers the business loan starting at 19.00%, which is a decrease of 3% from the previous rates of 19.00%. Earlier, IDFC First Bank changed its gold loan rate on 31 03, 2021.

What is the interest charged on IDFC First Bank business loan?

IDFC First Bank offers business loans at attractive rates ranging from 19.00% to 0.00%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from IDFC First Bank?

If you apply for loan from IDFC First Bank, your lowest EMI per lakh will be ₹ 2,990.You can calculate your EMI on business loan for different tenures at min business rate starting at 19.00% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in IDFC First Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 48 months.

How much business loan amount I can borrow from IDFC First Bank?

IDFC First Bank offers you business loan for loan amount ranging from ₹ 1 Lakh to a maximum amount of ₹ 9 Lakh. Loan amount eligibility in IDFC First further depends upon your income, and repayment capability.

What is the processing fee charged by IDFC First Bank on business loan?

IDFC First Bank charges a processing fee 2.00% with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from IDFC First Bank?

Yes, age is an important eligibility factor to get a business loan as you should be at least 25 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from IDFC First Bank?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by IDFC First Bank is 4 - 5%.

What are the business products offered by IDFC First Bank?

IDFC First Bank offers various business products for self-employed professionals and non-professionals. These are listed below:

What is the time period of repayment of business loans in IDFC First Bank?

IDFC First Bank provides business loans for a maximum tenure of 48 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.


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IDFC First Business Loan News - Jul 2021
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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