IDFC First bank business loan enables you to upscale your business to more success. Whether you want to expand your business, upgrade equipment and facilities or meet the standards of the demanding market, IDFC business loans make sure you get the best loan option to fulfill your capital requirements. The loan is offered for all the kinds of businesses for a good repayment tenure of up to 5 years.
|
Loan Amount |
Ranges between Rs 10 lacs and Rs 1 crore |
|
Interest Charges |
As per the bank’s discretion |
|
Processing Fees |
3.5% of loan amount plus applicable charges |
|
Repayment Tenure |
Up to 5 years |
|
Prepayment |
Up to 5% of principal outstanding |
Here is what you can count on when it comes to IDFC business loans:
This type of IDFC First bank loans is made to fulfill funding requirements to help businessmen fulfill their business goals. The lender brings business loans for all the types of businesses to help expand business or upgrade the facilities and resources.
The loan can be availed by private limited companies, sole proprietorships, partnership firms, professionals, traders, retailers and manufacturers, from small and medium to large enterprises.
IDFC bank loan amount can be availed for the requirements of up to Rs 1 crore. The loan amount you can avail under this scheme is totally up to your requirements.
Apart from that, the loan amount is also finalised upon a slew of checkpoints which include your credit score, age, type of business, and not to forget, the turnover.
IDFC bank business loan interest rates depend on the type of business loan you are applying for. The bank determines loan repayments tenure, your credit history, turnover and many other factors before deciding the interest rate.
The lender offers borrowers to avail the business loan for a good repayment tenure. IDFC First bank business loan repayment tenure ranges up to the period of 5 years.
If your existing business loan is costing you high interest rates then you can simply transfer the principal outstanding to the IDFC bank with the IDFC First bank business loan balance transfer facility. This feature allows you to reduce the interest rates and save up on EMIs.
The bank brings you the ease of topping with more funding in case you end up requiring extra funds to fulfill your requirements. With IDFC First bank top-up loan, you can avail extra amount of loan on your existing business loan, provided that you have a clean track of repayment.
If you want to get done with your business loan repayment once and for all, then you can do it with the IDFC bank business loan prepayment facility. You are allowed to make early repayment of your business loan only after completing the 6 months of loan tenure. Know that the bank charges a prepayment fee of 5% of the principal outstanding.
If you are applying for an IDFC bank business loan, then you have to make sure that you meet the eligibility criteria set by the bank in order to successfully avail the loan. Since failing the IDFC bank business loan eligibility criteria can lead to the rejection of your application, you should make sure to visit the criteria before applying.
Here is the IDFC bank business loan eligibility criteria:
Apart from meeting the eligibility criteria, you have to make sure you perform the correct IDFC First business loan documents. The bank requires you to submit all the documents that have to be submitted along with the loan application, which increases the chances of getting your loan disbursed quickly.
Here are the required IDFC First bank business loan documents:
|
Documents |
Self Employed Applicants |
|
Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
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Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
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Income Proof |
Balance sheet and profit and loss account, IT Returns, Business Proof |
|
Other Documents |
Passport-size Photographs, Duly Filled Application Form |
|
BANKS |
INTEREST RATE |
| Axis Bank Business Loan | 11.50% to 20% |
|
15.65% to 21.20% |
|
|
16.25% to 19.99% |
|
|
12% to 16% |
|
|
10.65% to 16.25% |
|
|
8.30% |
|
|
12.65% |
|
|
13.50% |
IDFC bank allows you to apply for business loans online and offline. Here is how you can apply:
You can apply for an IDFC business loan offline by going to the nearest branch of the bank. The bank representative will assist you in getting started with the loan application. While you visit the bank, make sure you have all the documents in order to avoid the delay.
The bank representative will get to you after you submit your IDFC bank business loan application form.
You can also reach out to the IDFC First customer service in order to know more or get started with the business loan application process.
Here is the IDFC business loan customer care number which you can dial in case of any assistance:
1860 500 9900
The IDFC First bank business loan will take about 5-7 days to get disbursed, provided that you have performed all the documentation correctly.
The minimum loan amount you can avail under this scheme is Rs 10 lacs and the maximum business loan amount that can be availed is Rs 1 crore.
The processing fee for IDFC First bank business loan is 3.5% of the loan amount.
The applicants must be at least 28 years of age at the time of applying for IDFC First bank business loan. The maximum age of applicants should not cross the age of 68 years when the loan completes.
You can apply for IDFC First bank business loan balance transfer online by visiting the official website of the bank. You can also visit the nearest branch of the bank to apply.
Last Updated on : 10/May/2021Know More About
You're eligible for a Idfc First Bank Business Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Business Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Idfc First Bank Business Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 18% - 0% |
| Processing Fees | 3.5% |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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