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Indifi Business Loan Interest Rate Jul 2020

Indifi Business Loan Interest Rates India

Last Updated 11th May 2020

Indifi offers Business Loan starting at interest rate of 24.00%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 24.00%
Processing Fee 2 to 3%
Tenure From 12 months to 60 months
Lowest EMI per lakh ₹ 2,877
Loan Amount Min ₹ 1 Lakh and Max ₹ 50 Lakh
Part Prepayment, Charges Nil charges
Early Foreclosure, Charges 4% charges

Indifi Business Loan

Indifi 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 Indifi:

  • You can prepay part of your loan anytime after paying 1 % prepayment charges
  • You can foreclose your entire Business loan anytime after paying 0 EMI's at foreclosure charges - 4% charges

Indifi 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 Indifi 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 ₹ 50 Lakh. Interest rate for high loan amount can be lower resulting in lower EMIs.
  • CIBIL Score: Indifi offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from Indifi, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
  • Revenue: Indifi 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 ₹ 0.
  • Time in Business: Indifi offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from Indifi is 0 months.

Indifi Business Loan 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: 23 to 65 years
Minimum Turnover ₹ 0
Business Existence (in months) 0 months
ITR (months) 0 months
Loan Amount ₹ 1 Lakh to ₹ 50 Lakh
Loan Tenure 60 months
Owned House or Place of Work Not Required
CIBIL Score 750 and above

Indifi Business Loan Eligibility Calculator

Eligibility of Business loan in Indifi 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. Indifi offers 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, bank gives you loan ranging from ₹ 1 Lakh to ₹ 50 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. Indifi requires profit for minimum 2 years and minimum business turnover of ₹ 0.
  • Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. Indifi requires 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 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 Indifi.
  • CIBIL Score: When checking loan eligibility, Indifi will look at the complete CIBIL report. Indifi 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.

Indifi Business Loan EMI Calculator

Indifi 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 Indifi is ₹ 2,000 per lakh loan amount. EMI of Indifi depends on factors like:

  • Interest Rate: Higher the interest rate, higher will be the EMI. For a 60 months loan from Indifi at an interest rate of 24.00% per annum, EMI will be ₹ 2,000 per Rs. one lakh loan amount. At an interest rate of 32.00% for the same loan, the EMI will be ₹ 0.03 Lakh.
  • Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 24.00% per annum, the EMI on Indifi business loan would range from ₹ 0.02 Lakh to ₹ 2,000 for loan tenure ranging from 12 to 60 months.
  • Amount Borrowed: Indifi Loan EMI will be high if you apply for a high loan amount. For amount borrowed ₹ 1 Lakh, the EMI at 24.00% for 60 months would be ₹ 2,000 . Similarly for amount borrowed ₹ 50 Lakh, the EMI at 24.00% for 60 months would be ₹ 0.01 Cr.

What are the benefits of calculating business loan EMI?

  • Business loan EMI calculator of Indifi helps you to calculate your monthly EMI at different rate of interest
  • Indifi 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

Indifi 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. 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 to 3% 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

FAQs

Why to take business loan from Indifi?

Bank offers loan at 24.00% rate with the lowest EMI of ₹ 2,000 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to Indifi.

What is the interest charged on Indifi business loan?

Interest rates on Business loan in Indifi are very attractive starting from 24.00% to 32.00%. 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 Indifi?

If you apply for loan from Indifi, your lowest EMI per lakh will be ₹ 2,000.

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 12 months to maximum echo 60 months.

How much business loan amount I can borrow from Indifi?

Indifi offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 50 Lakh.

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

Indifi charges a processing fee of 2 to 3% with applicable tax.

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

Yes, age is an important eligibility factor to get 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 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.


Indifi Business Loan Reviews 5/5  by 1 customers
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PRASHANT GUPTA, Delhi
Reviewed on 21st Mar 2020
5 / 5 stars
Indifi Business Loan Availed in Mar 2020

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*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. Read More
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