IDFC FIRST Bank Business Loan

Features & Benefits of IDFC Business Loan

Have a look below at the significant features and benefits of IDFC Business Loan:

• The loan tenure is of up to 48 months for IDFC Business.
• The collateral-free funding is of up to Rs. 1 crore.
• The immediate eligibility for a business loan is up to Rs. 50 Lakhs based on banking.
• Customers can avail themselves of easy balance transfer and top-up facility.
• Simple documentation is required.
• Customers are provided with door to door service.
• One can make the repayment in convenient equated monthly instalments.

Eligibility Criteria for IDFC Business Loan

Following are the entities for IDFC Business Loan eligibility:

• Manufacturers
• Traders
• Retailers
• Sole Proprietorship Firms
• Partnership Firms
• Professionals like CA, Doctors, etc. or Self-employed Individuals
• Private Limited Companies
• Closely Held Limited Companies

Apart from that, MSMEs / Non-Individuals who can also apply for the loan include:

• Partnership Firms
• Private Ltd.
• Sole Proprietors
• LLPs

Further, each entity should meet the minimum requirements of:

• Minimum business vintage of 3 years
• Minimum turnover of Rs. 1 crore

IDFC Business Loan Fees and Charges

Visit the official website for the process of IDFC Business Loan Apply Online. Learn about business loan fees and charges in the below table:

IDFC Business Loan Interest Rates

Check the below table to learn about IDFC Business Loan interest rates and eligibility:

Factors Affecting IDFC Business Loan Interest Rates

Here are some of the significant factors that affect IDFC Business Loan Interest Rates eligibility:

• Model of Business
• Applicant (Business Provider or Manufacturer)
• Outlook of Industry or Economy
• Past Track Record
• Customer’s Debt Servicing Ability
• Financial Ratios
• Business Vintage

Documents Required for IDFC Business Loan

Following essential documents are required to apply for an IDFC Business Loan:

• Identity Proof (Voter ID / Driving License / Aadhaar Card / Passport)
• PAN Card
• Address Proof (Voter ID / Driving License / Passport / Electricity Bill / Telephone Bill / Bank Statement / Registered Lease Deed or Sale Agreement)
• Ownership Proof of Residence or Office
• Proof of Business Continuity - Any 5-Year Old Document (Sales Tax Challans / Bank Statement / Shops & Est. Certificate / IT Returns / Certificate of Incorporation or Partnership Deed)
• Passport Size Photographs (of Applicants as well as Co-Applicants)
• Certificate Letter on Business Letterhead stating final use of the business loan funds

How does the EMI Calculation Work for IDFC Business Loans?

The EMI or Equated Monthly Installment Equator Calculator helps compute the instalment value per month. The EMI Calculator for IDFC Business Loan calculates monthly EMIs easy and quick. We need to put the details such as the loan amount, rate of interest and tenure in the calculator to get the results.

See the below example that comprises of the Business Loan’s EMIs and Interests:

How does IDFC Compare with Other Lenders?

You can avail of several benefits while applying for a business loan from IDFC bank. Check below the comparison of IDFC Business Loan with HDFC Business Loan and SBI Business Loan:

IDFC Business Loan Customer Care Number

The customer care number to apply for IDFC Business Loan is 1860 500 9900. Call anytime to learn about IDFC Business Loan Requirements.