Business Loans are important for those businessmen who want to expand their business. It is designed in such a way to cater to businesses seeking funds. Small business loan fulfill capital requirements for small and medium enterprises and medium business loan offers funds on an immediate basis enabling the growth of small business while making an investment in vital infrastructure, machinery, plants, operations, advertising, marketing, etc.

IIFL is the Best NBFC for Business Loan that provides loans for new businesses as a source of capital for all business needs. It can be availed at attractive and affordable interest rates without cutting down on essential expenses of the business.

Benefits of IIFL Business Loan

Below mentioned are the benefits of an IIFL Business Loan:

• Quick Disbursal: Business loans can be availed of very quickly so as to run operations smoothly or operate business expansion plans.
• Better Cash Flow Management: To manage cash flow, it also provides flexibility instead of utilizing all available cash, the loan can be used to cover expenditures.
• Building Brand & Reputation: It helps to build a brand & reputation by making investments, advertising, and other promotional activities.
• Convenient & Easy: It does not require any additional paperwork. Also, some loans can be availed of without any collateral, guarantor, or security, to meet the business expansion requirements.
• Competitive Interest Rates: As it can be availed at a competitive rate of interest, that in turn leads to saving in business growth and expansion. It allows to manage the cash flows and maintain financial stability.
• Improved Business Credit: The credit rating gets improved by making regular payments.

Interest Rates

Tips to Avail Business Loans at Low-Interest Rates 

• Maintain a good credit score, preferably above 750 out of 900.
• Try not to default on any interest payments to maintain a good credit history.
• Ensure that you have a consistent source of income with a financial blueprint.
• Avail of a business loan only from a reputed and experienced financial entity.
• Use online tools and calculators to ensure the interest rate is affordable.

Factors Affecting Business Loan Interest Rates 

• Nature of Business
• Business Existence
• Business Turnover
• Credit Score

Features of IIFL Business Loan

Below mentioned are the features of the IIFL Business Loan:

• Instant Loan amount of up to INR 30 lakhs.
• The loan process is easy and available online as well.
• The loan amount is credited instantly to the bank account of the applicant.

Documents Required

Proprietorship firms that are engaged in the manufacturing business, trading & service, and have a vintage of a minimum of 2 years only for loan amounts up to 30 lakhs, positive net worth, and good repayment history.

Below mentioned are the documents required to apply for IIFL Business Loan:

1. Documents for 10 lakhs:

• KYC documents – Identity proof and address proof of the borrower and all co-borrowers
• PAN Card of the borrower and all co-borrowers
• Last 6 months’ bank statement of main operative business account (12 months preferable to avail maximum loan amount)
• Signed copy of standard terms (term loan facility)
• Additional document(s) may be required for credit assessment and processing of loan requests.

1. Documents for 30 lakhs:

• KYC documents – Identity proof and address proof of the borrower and all co-borrowers.
• PAN Card of the borrower and all co-borrowers.
• Last 12 months’ bank statement of the main operative business account
• Signed copy of standard terms (term loan facility).
• Additional document(s) may be required for credit assessment and processing of loan requests.
• GST Registration.
• Previous 12 months’ bank statements
• Proof of business registration
• PAN Card and Aadhar Card copy of the Proprietor(s).
• Deed copy and company PAN Card copy in the case of partnerships

Eligibility Criteria

Below mentioned are the eligibility criteria to apply for IIFL Business Loan:

• The business shall be in operation for more than 2 years at the time of application.
• It shall not be a part of any category or list of blacklisted or secluded businesses.
• Charitable organizations, NGOs, and trusts are not eligible for a business loan.
• The office/business location is not on the negative location list.

Business Loan Application Process

Step 1: Click on “Apply Now” and complete the application form.

Step 2: Complete KYC by submitting all required documents.

Step 3: Click the “Submit” button to submit your loan application.

Step 4: If the lender approves your loan, we will deposit the money into your bank account within 48 hours after approval.

Fees & Charges

Below mentioned are the Fees & Charges to apply for IIFL Business Loan: