IDFC FIRST Bank offers business loans to help businesses meet their financial requirements. These loans can be used for various purposes such as working capital, expansion, purchasing equipment, and more. The bank provides customized loan solutions to suit the specific needs of different businesses.
Read till the end to get detailed information about IDFC FIRST Bank Business Loan, including its eligibility criteria, interest rates, and application process.
When it comes to business loans, IDFC FIRST Bank stands out as a reliable option for businesses looking to secure financial support. With a diverse range of loan options, IDFC FIRST Bank aims to address the unique financial requirements of businesses, whether it's for working capital, expansion, or other business needs. For a comprehensive understanding, here are the highlights of IDFC FIRST Bank business loan:
|₹10 Lakhs to ₹1 Crore
|12 - 48 months
|Collateral-free business loans up to ₹1 Crore
IDFC FIRST Bank offers competitive interest rates on their business loans, making them an attractive option for businesses seeking financial assistance. These rates play a crucial role in determining the overall cost of borrowing and can significantly impact the affordability of the loan. Here is the overview of the interest rates and charges for IDFC FIRST Bank Business Loan:
|14% - 25% p.a.
|Up to 3.50% of the loan amount.
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IDFC FIRST Bank may apply various fees and charges in addition to the interest rates for their business loans. Here is the detailed breakdown of other fees and charges applicable to for IDFC Business Loan:
IDFC Business Loan Charges:
|Repayment instrument swap charges
|Duplicate No Objection certificate / No Due Certificate
|Other Statutory / Mortgage creation charges /Facilitation charges e.g. Stamp duty, MOD, MOE, etc
|Cancellation & booking charges
|For cancellation after disbursal
|Phsyical repayment schedule
|Physical statement of loan
|Cheque swap charges
|Document retrieval charges (per retrieval)
|As per actuals
|Part Payment charges
|*Part Payment is not allowed
Charges on account of delayed payments / defaults:
|Late Payment/Penal Charges/Default Interest/Overdue(Per Month)
|2% of the unpaid EMI or ₹300 whichever is higher
|EMI Pickup/Collection Charges
|EMI bounce charges
The business loan eligibility criteria outline the minimum requirements that entities need to meet in order to apply for a business loan from IDFC FIRST Bank.
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Specific business-related documents are necessary to verify the legitimacy and financial standing of the business. Here is what you need to submit:
IDFC FIRST Bank business loans are structured to address different aspects of business financing, providing flexibility and support to businesses across different sectors and stages of growth. Here the various types of business loans offered by IDFC FIRST Bank:
|Unsecured Business Loan
|Short-term business loans like working capital loans, inventory purchase, marketing expenses, or equipment upgrade without pledging any collateral. Ideal for established businesses with good credit history.
|Up to ₹1 crore
|Collateral-free loans for Doctors, CAs, Engineers, Architects, Lawyers for clinic setup, equipment purchase, practice expansion, or working capital.
|Up to ₹1 crore
|Loan Against Property
|Long-term loans for various needs like business expansion, renovation, debt consolidation loan, or capital expenditure by pledging commercial or residential property.
|Up to ₹10 Cr for tenure of 25 years
|Working Capital Loan
|Meeting short-term cash flow requirements for expenses like inventory purchase, raw materials, day-to-day operations, or receivables. Typically granted as a percentage of annual turnover.
|Not specified (Variable based on annual turnover)
|Commercial Vehicle Loan
|Financing the purchase of new or used commercial vehicles like trucks, buses, or tempos for business operations with flexible repayment options.
|Loans with EMIs starting as low ₹2222*
|FIRST STEP Micro Business Loan
|Small loans for sole proprietors and partnership firms with flexible repayment options to support working capital, equipment purchase, inventory, or business expansion.
|₹25,000 - ₹30 Lakhs
|Farmer Producer Organization Finance
|Lending solutions tailored to meet the specific needs of Farmer Producer Organizations (FPOs) for various agricultural activities like crop cultivation, storage facilities, processing units, or equipment purchase.
|Not specified (Varies based on FPO needs)
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IDFC FIRST Bank business loans offer a range of features and benefits to help businesses grow and succeed. These include:
Comparing the interest rates offered by various lenders helps you take an informed decision before availing a business loan.
|Business Loan Interest Rates
|IDFC First Bank
|14% to 25% p.a.
|9.40% p.a. to 14.40% p.a.
|10% - 22.50% p.a.
|14.95% - 19.20% p.a.
|9.75% - 30% p.a.
|1% per month onwards
|HDB Financial Services Ltd.
|Up to 36% p.a.
|1.50% per month onwards
|Kotak Mahindra Bank
|17% p.a. onwards
|12% - 27% p.a.
|2% per month onwards
|19% - 24% p.a.
|12% p.a. onwards
|9% - 36% p.a.
Read LessNote: The interest rates mentioned are subject to change. Do visit the official website for updated rates.
Looking for a business loan?
To apply for IDFC FIRST Bank Business Loan online, follow the steps mentioned below:
Follow the steps below to apply for a business loan through Buddy Loan:
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You can reach IDFC FIRST Bank Business Loan Customer Care through various channels:
The rate of interest for IDFC Bank business loans starts from 14% p.a. and varies based on factors such as the loan amount, tenure, and credit profile.
The minimum and maximum loan amounts for IDFC Bank business loans are ₹10 lakhs to ₹1 Crore and is subject to the specific eligibility and credit assessment of the applicant.
The interest rates for IDFC Bank business loans starts from 14% p.a. and are determined based on various factors, including the applicant's creditworthiness and the prevailing market conditions.
Business loan applications can be submitted online through the official website of IDFC FIRST Bank or by visiting a branch in person.
Required documents typically include KYC documents, business proof, financial statements, and other relevant paperwork. Specific document requirements may vary based on the nature of the business and the loan program chosen.
Yes, prepayment is usually allowed, and prepayment charges may apply based on the terms and conditions of the loan agreement.
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