Description

About IIFL

IIFL is a leading finance and investment services company in India headquartered in Mumbai with a global presence in Canada, UK, Singapore, US, Hong Kong, Switzerland, and UAE. The organization was founded by Nirmal Jain in the year 1995. As of today, IIFL has an overall net-worth of Rs. 45 billion and an employee workforce of over 12,000 spread across 1150 locations in India. IIFL offers diverse financial services such as Non-banking and Housing Financial Services, Broking, Wealth and Asset Management Services, Financial Product Distribution, Investment Banking, and Equities. IIFL has been awarded the prestigious ‘Best Private Banking Service in India’ for the year 2017 by Euromoney and the ‘Best Private Bank in India’ by Global Finance Best Private Bank Awards for the year 2017.

IIFL business loan

To start a business, you will require two main things: a business plan and funds. Sometimes you may have a great idea and may even start a new business with a small fund but with time your need for funding to keep the business growth steady will grow. Business loans, from banks or other lending institutions, can provide you with a great financing solution so that you can make most of the opportunities for your business growth. Keeping this in mind, IIFL (India Infoline Finance Limited) offers you customized business loans to meet your developing financial needs and upgrade your business to achieve the required growth. IIFL provides three product variants for a business loan as per your finance requirements:

  1. Insta Loan: Quantum of loan up to Rs. 10 lakhs
  2. Fast track Loan: Maximum loan amount up to Rs. 20 lakhs
  3. Business Loan: Loan up to Rs. 50 lakhs

You can avail a business loan and use it for expansion of an existing business or to start-up a new venture. IIFL also offers a hassle-free business loan application process with simplified documentation, flexible tenures and lower interest rates for businesses of all sizes. Afinoz.com has an exclusive tie-up with IIFL. Therefore applying for an IIFL business loan through Afinoz.com makes the process of application and approval of business loansfrom IIFL much easier and quicker. By availing of the benefits of IIFL business loans through Afinoz.com, business owners can achieve their dreams of making their business productive and more profitable.

What is Afinoz.com?

Afinoz.com is India's foremost online financial marketplace for availing of loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +918795021552 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Features & Benefits

Features and Benefits of IIFL Business Loan

IIFL has attractive benefits from quick approval of loans, to affordable interest rates along with longer loan tenures. Quantum of business loan offered by IIFL mainly depends on the factors such as profits generated by the business in the last 3 years, credit history etc., including the requirements of the borrower and his repayment history. Here are some features and benefits of IIFL business loan:

  • Online eligibility check: Check your eligibility for availing business loan online as per your requirements within a minute.
  • Quick Disbursal: Loans are usually disbursed within 3 to 4 working days based on your requirements
  • IIFL offers collateral-free business loans based on EMI’s.
  • You can avail a business loan up to Rs. 50 lakhs without providing any collateral/security/guarantor.
  • The maximum amount of business loan that can be sanctioned depends on the quality and size of your business including the profits being generated per year.
  • Flexible tenure: IIFL bank provides flexibility to its customers in the form of loan tenures which can range from 12 to 48 months.
  • Provides a high level of transparency to its customers about the charges involved at each step of the loan process.
  • Legal and technical advice at each stage of the loan process
  • Processing fee of around 3% of the loan amount is charged while taking a business loan from IIFL bank
  • Simple and easy documentation process
  • No hidden charges
  • Zero foreclosure charges
  • Very low pre-payment charges
  • Transfer of the loan balance: You can enjoy lower EMIs with the added benefit of getting extra finance by transferring your existing business loan to IIFL and saving on your interest payments.
  • Quantum of borrowing under IIFL business loan ranges from Rs. 1 lakh to Rs. 50 lakhs

IIFL business loan eligibility and IIFL business loan interest rates can easily be evaluated through and seen on Afinoz’s website. If there is any query about IIFL business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at info@afinoz.com and get all the solutions at one go.

Eligibility & Documents Required

IIFL Business Loan Eligibility Criteria

Eligibility for IIFL business loan is decided on the basis of certain parameters. Any Indian citizen having his own business and having residual income and the ability to repay the loan is eligible for IIFL business loan. Other parameters that a loan seeker must satisfy in order to be eligible for getting business loans are:

  • Individuals whose businesses are constituted as any one of the following are eligible to apply for a business loan from IIFL :
    • Partnership Firm
    • Private Limited Company
    • Self-employed Professional/Non-Professional
    • Unlisted Public Limited Company
    • Proprietorship company
    • LLP(Limited Liability Partnership Company)
    • Trust, Societies and Section 25 Companies (mainly for hospitals or educational institutions)
  • Age: Minimum age of the borrower at the time of application of loan should be 21 years; Maximum age at the time of maturity to be 65 years
  • Business Vintage: The business should have been well-established and should be up and running for more than 3 years
  • Turnover: The gross income of the company should range from Rs. 30 lakhs to Rs. 10 crores or more, per annum
  • Work Experience: Minimum 2 years of experience in the current line of work for Self-employed individuals
  • CIBIL score: Loan approval will be difficult if your CIBIL score is low. In some cases, even if your credit score is low, but your business is doing good then your loan application might get approved, but you might be asked to pay a high-interest rate and will be offered many unfavorable terms and conditions on your loan.
  • IIFL business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com you can easily calculate the exact amount of your monthly instalment and your eligibility as per your potential.

IIFL Business Loan Documents Required

Business loan entails the simplest form of documents which can vary slightly for different types of companies like Sole Proprietorship Firms, Partnership Firms and Private Limited Companies engaged in the business of Manufacturing, Trading, and Services. Thus, for obtaining the maximum amount of loan as per your finance requirement, a borrower should produce the documents according tothe different IIFL SME business loan products as follows:

Documents for Insta Loan

  • Application form with a recent photograph of all co-applicants
  • PAN card/Form 60 - For applicant/co-applicant/guarantor
  • Address proof - For entity, partners/proprietors/directors, security providers and guarantors
  • Financial Documents - Copy of IT returns/P&L and balance sheets of last 2 years as documented and verified by CA
  • Bank statement - Latest 6 months bank statements
  • Proof of business ownership - Certified copy of Proprietorship deed/ Service tax certificate/Tax bill/Certificate of Shop and establishment

Documents for Fast Track Loan

  • Application form with a recent photograph of all co-applicants
  • PAN card/Form 60 - For applicant/co-applicant/guarantor
  • KYC (ID and Address Proof) of all directors (as they stand as co-applicant)
  • Financial Documents - Last 3 years Individual ITR + COI(certification of incorporation) of all directors
  • Last 3 yrs. ITR with Complete financials
  • VAT returns / Sales tax / GST return for last 12 months
  • MOA(Memorandum of Association)
  • Proof of business ownership - Copies of property documents
  • Additional document(s) may be asked for credit evaluation and processing of loan request

Documents for Business Loan

  • Application form with a recent photograph of all co-applicants
  • PAN card/Form 60 - For applicant/co-applicant/guarantor
  • VAT returns / GST challans / last year ITR duly certified by a CA
  • Residence address proof of all partners (electricity bill, water bill, house tax receipt)
  • Proof of business ownership - Office address proof of firm (latest phone bill not older than 2 months)
  • Any registration proof in the name of firm
  • Any 3 yr. old continuity proof (if incorporation date mentioned in registration proof then not required)
  • Bank statement - Last 1-year bank statement of the main account

Interest Rates

IIFL Business Loan Interest Rates

TYPECHARGES
Interest Rates18% ( Up to 50 lakhs )

25% ( Above 50 lakhs )

Loan tenure1 TO 5 YEARS
Processing ChargesUp to 3.00% of the total loan amount
Prepayment charges4% of the Principal Outstanding Amount + GST
PDC/ECS/ACH dishonor ChargesRs. 500 per instance
PDC/ECS/ACH dishonor ChargesRs. 500 per instance
Charges on late payments2 % per month on overdue installment amount

Special Note: Rates are subject to periodic change. Business loan interest rates in IIFL and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with IIFL etc.

Why Afinoz?

Why should you apply for an IIFL Business Loan through Afinoz?

Afinoz.com is India’s finest personalized financial market place. We have created a business loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.

  • Instant Approval - Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
  • Real-time application tracking - Keep track of your application status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
  • Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from IIFL for financing your business.
  • Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
  • 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
  • No third-party agent - Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz.com without approaching any agent.
  • Free quotations - Get the best online deals on IIFL business loans and free unbiased quotes on business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.

How to apply for IIFL Business Loan on Afinoz?

IIFL has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.

Business owners can apply for a loan in IIFL through Afinoz.com in the following three simple steps:

  1. Check your eligibility for a business loan - Firstly, you need to make sure you meet the IIFL business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page. Once you submit these details, our system intelligence then runs an algorithm and gets you a quick quotation on the best business loan options available to you immediately.
  2. Select the loan amount and tenure - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
  3. Upload and submit documents - In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from IIFL. The institution then verifies the applicant's information and starts processing the loan for disbursement.

At each step of the application process, Afinoz.com allows it's applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become a popular option among a large number of business owners.

FAQs

Query- What is the loan amount that I can avail of IIFL Business Loan?

Reply- IIFL offers business loans ranging from a minimum amount of Rs. 1 lakh to a maximum amount of Rs. 50 lakhs.

Query- What is the tenure available for the IIFL business loans?

Reply- IIFL business loan tenure can range from 12 months to 48 months.

Query- Can I repay my business loan early?

Reply-Yes, you can pre-pay your business loan after a period of 6 months or after a repayment of 6 EMIs whichever is earlier or as per the terms and conditions stated by IIFL. In case you want to prepay your loan before 6 months, a small prepayment fee will be charged by the institution.

Query- How much time will it take to get the loan disbursed?

Reply- Once you fill in and submit the application form online on Afinoz.com, the institution will take 3 to 4 business days to process and disburse the business loan amount. The sole approval of the loan depends exclusively on the institution.

Query- Do I need to provide any collateral/security for availing a business loan from IIFL?

Reply- No collateral/security is needed while applying for a business loan from IIFL.

Query-How can I find out if I am eligible for IIFL business loan?

Reply- Afinoz.com provides you with an eligibility calculator called business loan eligibility calculator which you can use to determine your eligibility for the business loan. It will also tell you the amount up to which you can avail this loan.

Query-Will my information be safe online?

Reply- Afinoz.com is one of India’s most committed financial platforms which does not share any of its client data with third-parties other than the concerned financial institution/s. All the data is sent online in an encrypted format making it safe and secure at all times.

Query- How do I repay my IIFL business loan?

Reply- You can repay your IIFL business loan in EMIs (Equated Monthly Installments).

Query- What is the mode of repayment of IIFL business loan?

Reply- You can repay your business loan through Electronic Clearance Service (ECS) or Direct Debit.

Query- How can I track my loan application process?

Reply- You can log onto our website www.afinoz.com with the unique transaction ID provided to you at the time of signup and track your application. You can also track your application process through your registered mobile number and email-ID in real-time.

Query- What is the basis on which the loan limit is decided by IIFL?

Reply- Loan amount is mainly decided based on your annual income/earnings and your credit history.

Query-What are the interest rates offered by IIFL for a business loan?

Reply- IIFL business loan interest rates currently range from 18% to 25%

Query-Is the interest rate offered by IIFL on a business loan, fixed or floating?

Reply- IIFL offers a fixed rate of interest on business loans.

For any query about IIFL business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at info@afinoz.com.