IIFL Business Loan

IIFL Business Loan is an unsecured financial product designed to meet the monetary requirements of businesses in India. This financial solution provides access to essential funds for diverse business needs, including working capital, expansion, equipment purchases, and more.

Key features of IIFL business loans may include competitive interest rates, flexible repayment options, swift approval processes, and customized loan solutions. These loans can be instrumental in driving the growth and development of many MSME enterprises in India.

Get the financial support you need and reach new heights with IIFL finance business loan!

IIFL Business Loan Details

IIFL business loans offer a range of features that impacts the growth and success of small and medium-sized enterprises. Before applying for an MSME Business Loan, let’s understand the interest rates, eligibility criteria, repayment options, and other relevant details.

Check the table below to ensure you're well-equipped with the specifics of IIFL Business Loan.

Loan Amount Up to ₹30 Lakhs
Tenure Up to 5 years
Interest Rate 12.75% - 44% P.a.
Processing Fee 2% to 6% + GST*
Eligibility Criteria Business should be operating for at least two years

IIFL Business Loan Interest Rates

Interest rates tend to vary based on a range of factors, including the loan amount, tenure, creditworthiness, and market conditions. Knowing and understanding the IIFL business loan interest rate is essential as it can significantly influence your business's financial decisions and goals.

Interest Rate Starting at 12.75% - 44% P.a.

IIFL Business Loan Fees & Charges

Knowing the financial aspect of the IIFL business loan is crucial to ensure transparency in your loan agreement and for making informed decisions in managing your business's financial health.

Let's look at the IIFL business loan details to have a clear grasp of the financial product.

Processing Fee Up to 2% of the loan amount
Prepayment Penalty 2-7% of the outstanding loan amount
Cheque / ACH return charges ₹500 + GST per instance
Penal Interest 24% per annum

Calculate EMI For IIFL Business Loan

With the business loan EMI calculator, you can estimate your monthly repayment amount and manage your loan repayments more effectively. In just a few simple steps, this tool will provide you with the financial insights needed to manage your business loan efficiently.

Start by entering the loan amount, interest rate, and tenure to get an instant estimate of your monthly EMI. Make right financial choices for your business by calculating and planning your loan repayments wisely.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

IIFL Business Loan Eligibility Criteria

Before applying for an IIFL business loan, understand the specific eligibility criteria required to qualify for this loan. Know the terms and conditions, and ensure that your business meets the necessary criteria to benefit from this funding.

Now, let's go through the IIFL finance business loan eligibility criteria.

Credit Score: A credit score or CIBIL of 675 and above is preferred. It shows lenders that you are a creditworthy borrower and that you are likely to repay your loan on time.

Age Bracket: To apply for an IIFL business loan, you must be within the age range of 21 and 65.

Business Vintage: To be eligible for an IIFL business loan, you need to have a minimum of 2 years into the business.

Business Status: To qualify for an IIFL business loan, your business should have a clean record and not be flagged or blacklisted.

Employment Type: Applicants must be self-employed. Professionals such as doctors and chartered accountants can also apply.

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Documents Required for IIFL Business Loan

Having a clear understanding of these document requirements will make way for a smoother application process. It also improves your chances of getting the financial support your business requires.

Below is the list of documents that are required to apply for an IIFL business loan.

Identity Proof: Pan cards of borrower and co-borrower.

KYC Documents: Verification of the borrower's and all co-borrower's identity and address.

Bank Statements: Last 6 months' primary business account statement (Preferably 12 months for maximum loan amount).

Other Documents: Signed copy of standard terms (for term loan facility), documentation for credit evaluation and loan processing.

Compare IIFL Business Loans Over Other NBFCs

Recognizing the impact of interest rates on your loan expenses and overall financial health is key. To make informed decisions, let's dive into the comparison between IIFL Business Loans and other NBFCs.

Top Business Loan NBFCs Interest Rate (p.a.)
IIFL 12.75% onwards
Indifi 18% onwards
Mcapital 24% onwards
NeoGrowth Finance 18% onwards
Tata Capital 12% onwards

Read More

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Note: The interest rates mentioned above are subject to change at the lenders' discretion.

Features & Benefits of IIFL Business Loan

IIFL business loans offer essential access to funds for various purposes, from working capital to expansion. This financial support plays a crucial role in helping businesses thrive.. Let's explore the features and benefits and know how it can positively impact your business.

Instant Approval

Get Business loan upto ₹30 Lakhs

Minimal Documentation

Easier and faster loan application with minimal documentation

Zero Hidden Cost

No hidden charges applied for your loan

Low Interest Rates

Interest rates starting from 12.75%p.a.

Flexible Repayment Terms

Choose your tenure up to 5 years

Zero Colleteral

Unsecured business loans with zero collateral

How Do You Apply for IIFL Business Loans with Buddy Loan?

Follow these steps to apply for an IIFL Business Loan online on Buddy Loan:

Step 1 - Visit buddyloan.com or Download & install Buddy Loan app.

Step 2 - Fill out the application form, including the loan amount, the tenure in months, and contact details.

Step 3 - Fill out the following personal details as required:

Step 4 - Submit the details & wait for the loan confirmation.

Ready to take next step ?

Frequently Asked Questions

An IIFL Personal Loan is an unsecured loan that you can use for a variety of purposes, such as debt consolidation, home improvement, medical expenses, and travel.

To be eligible for an IIFL Personal Loan, you must be a resident of India, must be at least 21 years old, must have a stable income, and must have a good credit score.

To apply for an IIFL Personal Loan, you can Visit the IIFL Finance website or visit one of their branches, fill out the online loan application form, provide the required documents, such as your KYC documents and income proof, and submit your application.

With IIFL Personal Loans, you can avail of a loan amount of up to ₹5 lakhs. The minimum loan amount that you can avail of is ₹50,000.

IIFL Personal Loan interest rates range from 12.75% to 44% p.a. The exact interest rate that you are offered will depend on a number of factors, including your credit score, income, and employment history.

No, collateral is not required for an IIFL Personal Loan. IIFL Personal Loans are unsecured loans, which means that you do not need to provide any security to secure the loan.

Yes, you can use an IIFL Personal Loan for any purpose. IIFL Personal Loans are unsecured loans, which means that you are not required to specify the purpose of the loan when you apply.

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