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Indifi Business Loan Oct 2021

Indifi Business Loan Interest Rates India

Last Updated 30th Jun 2021

Indifi offers Business Loan starting at interest rate of 15.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 15.00%
Processing Fee 2% of the loan amount
Tenure
Lowest EMI per lakh ₹ 3,467
Loan Amount Max ₹ 5 Lakh
Part Payment Facility Nil charges
Foreclosure Facility 4% charges
Apply for Business Loan @ 14.00%*

Indifi Business Loan Details

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

Key Features of Indifi Business Loans
  • Purpose of Loan: You can avail Indifi 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 23 and 65 years can avail Indifi business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 0 to 36 years.
  • Indifi business loan interest rates are in the range of 15.00% to 24.00%.
  • Indifi Bank business loan EMI per lakh starts from ₹ 3,467.
  • Processing Fee: 2% of the loan amount

Factors affecting Indifi Business Loan Rates

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

Loan amount

Business loan rate in Indifi depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 0 to upto ₹ 5 Lakh. Interest rate for high loan amounts can be lower resulting in lower EMIs.

CIBIL Score

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

Indifi 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

Time in Business

Indifi offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from Indifi is 0 months.

Lowest Indifi Business Loan Interest Rates

With effect from 30 Jun, 2021, Indifi offers business loans starting at 15.00%. The lowest business loan rates offered by Indifi have been dropped by 3%, from the earlier rate of 18.00%.

Indifi Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
30 Jun, 2021 15.00%
23 Jun, 2021 18.00%
31 Mar, 2021 24.00%
25 Mar, 2021 24.00%
07 Jan, 2021 24.00%

Indifi Business Loan Eligibility Criteria

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

  • Age : Indifi offers business loan to those who are at least 23 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, Indifi gives you loan amount ranging from ₹ 0 to ₹ 5 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
  • Profitability and Revenue : Indifi requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability : Indifi requires a minimum business track record of 0 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 : Indifi 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 : Indifi 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.

Indifi 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. Indifi allows prepayment of loan after paying 0 EMI’s with prepayment charges - 4% charges
  • Processing Fee : Indifi asks for a processing fee of 2% of the loan amount with applicable service tax

Documents Required for Indifi Business Loan

To apply for Indifi 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

Indifi Business Loan Eligibility Calculator

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

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

Indifi is one of the largest sector banks in the country that provides lowest business loans starting at 15.00%. The bank also charges a low processing fee starting from 2% of the loan amount. Along with that, the bank also offers special business loan schemes such as , & etc.

Has Indifi reduced the business loan interest rate?

Indifihas reduced the lowest interest on business loan as effective from 30 Jun, 2021. Presently, Indifi offers the business loan starting at 15.00%, which is a decrease of 3% from the previous rates of 15.00%. Earlier, Indifi changed its gold loan rate on 23 06, 2021.

What is the interest charged on Indifi business loan?

Indifi offers business loans at attractive rates ranging from 15.00% to 24.00%.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 Indifi?

If you apply for loan from Indifi, your lowest EMI per lakh will be ₹ 3,467.You can calculate your EMI on business loan for different tenures at min business rate starting at 15.00% using MyLoanCare business loan EMI calculator.

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

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 0 months to maximum 36 months.

How much business loan amount I can borrow from Indifi?

Indifi offers you business loan for loan amount ranging from ₹ 0 to a maximum amount of ₹ 5 Lakh. Loan amount eligibility in Indifi further depends upon your income, and repayment capability.

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

Indifi charges a processing fee 2% of the loan amount 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 Indifi?

Yes, age is an important eligibility factor to get a business loan as you should be at least 23 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from Indifi?

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 Indifi is 4% charges.

What are the business products offered by Indifi?

Indifi 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 Indifi?

Indifi provides business loans for a maximum tenure of 36 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.


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