IDFC Business Loan

IDFC Business Loan

IDFC First Limited provides business loan at low interest rates to small and medium sized businesses to meet their business needs. The business loan can be availed by business owners and entrepreneurs for business expansion. The loan can be repaid in easy monthly installments (EMIs). MSMEs engaged in manufacturing, services, retail or wholesale trade activities can avail business loan from IDFC First at affordable interest rates.

Why Business Loan from IDFC?

IDFC First Limited offers business loan at affordable interest rates. The process of availing loan is instant and quick with minimal documentation. Business loan can be used for multipurpose. It can be used for to fulfill multiple business requirements including business expansion and need for working IDFC. You can trust on the services and the excellent customer service approach.

Fees And Charges
The mentioned below are the fees and charges applicable that are levied by IDFC Bank are as follow:
TYPES OF FEESCHARGES APPLICABLE
Interest Rate 11.50% to 13.50%
Loan AmountUp to 90% of ex-showroom
Loan Tenure7 years
Per cheque charges for dishonorRs. 500
Foreclosure Charges5.21% + GST
Security Deposit Receipt duplicate issue charges/receiptRs. 250
Post-dated cheques swap chargesRs. 500 per swap
Statement of AccountRs. 500
Advantages of IDFC Business Loan

IDFC First Limited provides attractive benefits and advantages to its customers to select it as its lender for business finance.

  •    Offers business loan of minimum amount of 3 Lakhs that can go up to maximum amount of 75 Lakhs.
  •    Facilitates loan top facility.
  •    The loan EMIs can be repaid via several payment options including PDCs (Post Dated Cheque), ECS (Electronic Clearing System) and Standing Instructions to auto debit your HDFC Bank account.
  •     Business loan can be availed without any mortgage or collateral
  •    Flexible tenure that ranges between 6 months to 3 years.
  •    Quick and hassle free process.

Eligibility Criteria for applying for IDFC Business loan

Who can apply?
A self-employed individual, sole proprietorship firm, partnership firm, private limited company and closely held limited company, doctors and other professionals can apply for business loan.
Business Stability
Individuals who have an experience of at least three years in current business are eligible.
Age
The age of the borrower should be at least 23 years and above at the time of applying and 65 years at the time of loan maturity.

Documents required for applying for a Business Loan from IDFC

Before applying for a business loan online check out the essential documents required:

Check your eligibility and fill in the Used Car Loan Application FormCompare various Used Car Loan options, and apply for the best optionAfter successful submission of the application get quick approval

Procedure for applying for Fullerton Bank Business Loan Online

One can apply online for business loan through our website with few simple steps by registering online:

First, register with us by providing the following details:

  •    Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
  •    Provide your consent.
  •    Choose HDFC Bank as your Business Loan partner.
  •     Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.

For further queries you can go through www.idfcbank.com

Know more about IDFC Business Loans – FAQs

Q. What is a Business Installment loan?

A. Business Installment loan (BIL) is an unsecured loan which is provided to a self-employed individual and entity. It can be availed for any business upgrade or equipment purchase, which is repaid in equal installments at fixed intervals, mostly monthly.

Q. What type of entity can be funded under BIL?
  • Proprietors
  • Partnership firms
  • Pvt Ltd Co
  • Closely held limited co
  • Individuals
Q. What is the loan amount that can be sanctioned?

A. Based on your kind of business, income and repayment capability, you can get loan up to Rs 40 lakhs.

Q. What is the minimum business vintage required under BIL?

A. The minimum business vintage required under BIL is 3 years.

Q. Is there any security or guarantor required for availing Business Installment Loan?

A. No, requirement of any collateral or security guarantee.

QUICK OVERVIEW
Apply online at interest rate starting @18.00% p.a.
Loan amount varying from Rs.50,000 to Rs. 40 Lakhs
Minimal documentation
Quick approval and disbursal rate
Competitive and transparent process

Reviews

 Competitive and transparent process  Umesh Yadava

I compared the features with other banks online and found IDFC the most convenient one.  Anju Jain

I need not visit the bank premises, everything was handled online and even executives visited my home to complete the process.  Garima Gandhi