IIFL Business Loan Interest Rate Dec 2018

Last Updated 11th Dec 2018

IIFL Business Loan Interest Rates India

IIFL offers Business Loan starting at interest rate of 13.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

IIFL Business Loan Features
IIFL Business Loan Rate
Loan for Self Employed Features
Processing Fee Up to 2%
Tenure From 12 months to 60 months
Lowest EMI per lakh Rs. 2,275
Loan Amount Min Rs. 1 Lakh and Max Rs. 35 Lakh
Part Prepayment, Charges Not allowed
Early Foreclosure, Charges Allowed after 6 EMI's, 7 - 12 months - 5 - 6% and after 12 months - nil charges

Flexible repayment options

Apply for Business Loan @ 13.50%*
Rs.
Rs.
+91

IIFL Business Loan

IIFL offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from IIFL:

  • Flexible repayment options
  • Top-up facility available
  • Faster loan processing and simple documentation
  • You can foreclose your entire Business loan anytime after paying 6 EMI's at foreclosure charges - 7 - 12 months - 5 - 6% and after 12 months - nil charges

IIFL Business Loan Interest Rate Calculator

There are multiple factors on which basis bank 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 Rs. 1 Lakh to upto Rs. 35 Lakh. Interest rate for high loan amount can be lower resulting in lower EMIs.
  • CIBIL Score: IIFL offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from IIFL, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
  • Revenue: IIFL will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least Rs. 20 Lakh.
  • Time in Business: IIFL offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from IIFL is 36 months.

IIFL Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria Description
Age: 30 to 60 years
Minimum Turnover Rs. 20 Lakh
Business Existence (in months) 36 months
ITR (months) 0 months
Loan Amount Rs. 1 Lakh to Rs. 35 Lakh
Loan Tenure 60 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

IIFL Business Loan Eligibility Calculator

Eligibility of Business loan in IIFL relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. IIFL offers 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, bank gives you loan ranging from Rs. 1 Lakh to Rs. 35 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. IIFL requires profit for minimum 2 years and minimum business turnover of Rs. 20 Lakh.
  • Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. IIFL requires 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 loan.
  • ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 0 months and bank statement for minimum 0 months will be required by IIFL.
  • CIBIL Score: When checking loan eligibility, IIFL will look at the complete CIBIL report. IIFL will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

IIFL Business Loan EMI Calculator

IIFL Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by IIFL is Rs. 2,275 per lakh loan amount. EMI of IIFL depends on factors like:

  • Interest Rate: Higher the interest rate, higher will be the EMI. For a 60 months loan from IIFL at an interest rate of 13.00% per annum, EMI will be Rs. 2,275 per Rs. one lakh loan amount. At an interest rate of 20.00% for the same loan, the EMI will be Rs. 2,649 .
  • Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 13.00% per annum, the EMI on IIFL business loan would range from Rs. 8,932 to Rs. 2,275 for loan tenure ranging from 12 to 60 months.
  • Amount Borrowed: IIFL Loan EMI will be high if you apply for a high loan amount. For amount borrowed Rs. 1 Lakh, the EMI at 13.00% for 60 months would be Rs. 2,275 . Similarly for amount borrowed Rs. 35 Lakh, the EMI at 13.00% for 60 months would be Rs. 79,636 .
What are the benefits of calculating business loan EMI?
  • Business loan EMI calculator of IIFL helps you to calculate your monthly EMI at different rate of interest
  • IIFL EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Business Loan Products

IIFL offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Other 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
  • 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

Compare IIFL Business Loan with other banks

FAQs on Business Loan IIFL

Why to take business loan from IIFL ?

Bank offers loan at 13.00% rate with the lowest EMI of Rs. 2,275 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to IIFL.

What is the interest charged on IIFL business loan?

Interest rates on Business loan in IIFL are very attractive starting from 13.00% to 20.00%. Bank offer various offer for self employed professionals to get loan at 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 Rs. 2,275 .

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 loan if you need a minimum amount of Rs. 1 Lakh to a maximum amount of 35 Lakh.

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

IIFL charges a processing fee of Up to 2% with applicable tax.

Is age an eligibility factor to get loan for business from IIFL ?

Yes, age is an important eligibility factor to get 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 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 .

IIFL Business Loan Customer Care Number, Email, Application Status, Branches
City Customer Care Number
Agra
Ahmedabad
Ambala
Anand
Aurangabad
Bangalore
Bhilai
Bhilwara
Bhiwadi
Bhopal
Bhubaneswar Cuttack
Bikaner
Chandigarh
Chennai
Cochin
Coimbatore
Dehradun
Delhi
Durg
Faridabad
Gandhinagar
Ghaziabad
Goa
Greater Noida
Gurgaon
Guwahati
Gwalior
Hyderabad
Indore
Jabalpur
Jaipur
Jalandhar
Jodhpur
Kanpur
Karnal
Kolhapur
Kolkata
Kota
Kozhikode
Lucknow
Ludhiana
Madurai
Meerut
Mehsana
Mohali Sas Nagar
Mumbai
Mussoorie
Nagpur
Nashik
Noida
Noida Extn
Panipat
Patna
Pondicherry
Pune
Raipur
Rajkot
Ranchi
Rohtak
Roorkee
Salem
Shimla
Sonepat
Surat
Trichy
Udaipur
Vadodara
Varanasi
Vijaywada
Vizag

IIFL Business Loan News - Dec 2018
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.