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IIFL Business Loan Jul 2021

IIFL Business Loan Interest Rates India

Last Updated 09th Jun 2021

IIFL offers Business Loan starting at interest rate of 16.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 16.00%
Processing Fee Up to 2%
Tenure From 12 months to 60 months
Lowest EMI per lakh ₹ 2,432
Loan Amount Min ₹ 1 Lakh and Max ₹ 35 Lakh
Part Payment Facility Not allowed
Foreclosure Facility Allowed after 6 EMI's, 7 - 12 months - 5 - 6% and after 12 months - nil charges

Top-up facility available

Apply for Business Loan @ 14.00%*

IIFL Business Loan Details

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

Key Features of IIFL Business Loans
  • Purpose of Loan: You can avail IIFL 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 30 and 60 years can avail IIFL business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 60 years.
  • IIFL business loan interest rates are in the range of 16.00% to 30.00 %.
  • IIFL Bank business loan EMI per lakh starts from ₹ 2,432.
  • Processing Fee: Up to 2%

What are the Features and Benefits of IIFL Business Loan?

You can apply for IIFL business loan to expand your business or for working capital requirements such as purchasing machinery, paying salaries etc. Some of the benefits and features that IIFL business loans offer to the borrowers are listed as follows:

  • Top-up facility available
  • Flexible repayment options
  • Faster loan processing and simple documentation

Factors affecting IIFL Business Loan Rates

There are multiple factors on which IIFL calculates your interest rate. Some of these factors are -

Loan amount

Business loan rate in IIFL 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 ₹ 35 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

IIFL offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from IIFL, 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

IIFL 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 ₹ 20,00,000

Time in Business

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

Lowest IIFL Business Loan Interest Rates

Currently, the lowest business loan rate offered by IIFL starts at 16.00%. There has been no change in the lowest interest rate of IIFL business loan interest rate for a long time and the interest rate continues to be in the range of 16.00% to 30.00%.

IIFL Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
31 Mar, 2021 16.00%
25 Mar, 2021 16.00%
07 Jan, 2021 16.00%

IIFL Business Loan Eligibility Criteria

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

  • Age : IIFL offers business loan to those who are at least 30 years old at the time of loan approval and maximum 60 years at the time of loan maturity.
  • Loan Amount : Based on the loan amount eligibility, IIFL gives you loan amount ranging from ₹ 1 Lakh to ₹ 35 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : IIFL requires profit for minimum 2 years and minimum business turnover of ₹ 20,00,000.
  • Business Stability : IIFL 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 : IIFL 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 : IIFL 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.

IIFL 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. IIFL allows prepayment of loan after paying 6 EMI’s with prepayment charges - 7 - 12 months - 5 - 6% and after 12 months - nil charges
  • Processing Fee : IIFL asks for a processing fee of Up to 2% with applicable service tax

Documents Required for IIFL Business Loan

To apply for IIFL 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

IIFL Business Loan Eligibility Calculator

You can calculate your eligibility for IIFL business loan using an online IIFL 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 IIFL Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare IIFL 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  IIFL.
  • 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 IIFL?

IIFL is one of the largest HFC sector banks in the country that provides lowest business loans starting at 16.00%. The bank also charges a low processing fee starting from Up to 2%. Along with that, the bank also offers special business loan schemes such as , & etc.

Has IIFL reduced the business loan interest rate?

Currently, the lowest business loan rate offered by IIFL starts at 16.00%. There has been no change in the lowest interest rate of IIFL business loan interest rate for a long time and the interest rate continues to be in the range of 16.00% to 30.00%.

What is the interest charged on IIFL business loan?

IIFL offers business loans at attractive rates ranging from 16.00% to 30.00%.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 IIFL?

If you apply for loan from IIFL, your lowest EMI per lakh will be ₹ 2,432.You can calculate your EMI on business loan for different tenures at min business rate starting at 16.00% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in IIFL?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 60 months.

How much business loan amount I can borrow from IIFL?

IIFL offers you business loan for loan amount ranging from ₹ 1 Lakh to a maximum amount of ₹ 35 Lakh. Loan amount eligibility in IIFL further depends upon your income, and repayment capability.

What is the processing fee charged by IIFL on business loan?

IIFL charges a processing fee Up to 2% 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 IIFL?

Yes, age is an important eligibility factor to get a business loan as you should be at least 30 years old at loan approval time and 60 years old at loan maturity time.

What are the prepayment charges on business loan from IIFL?

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 IIFL is 7 - 12 months - 5 - 6% and after 12 months - nil charges.

What are the business products offered by IIFL?

IIFL 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 IIFL?

IIFL provides business loans for a maximum tenure of 60 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.


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IIFL Business Loan News - Jul 2021
  • 2018-06-27 : Sumit Bali appointed CEO of IIFL
    India Infoline Finance has appointed banker Sumit Bali as CEO (chief executive officer) and executive director of the company. Bali was previously senior executive vice-president at Kotak Mahindra Bank, where he was leading the bank’s lending businesses. India Infoline Finance is one of India’s leading NBFCs with loan assets under management of over Rs 31,000 crore at the end of March 31, 2018.
*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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