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IDFC First Bank Business Loan

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.

IDFC Business Loan Interest Rates 2021

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

IDFC First Bank Business Loan Features & Benefits

Here is what you can count on when it comes to IDFC business loans:

  • Purpose

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.

  • Loan Amount

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.

  • Rate of Interest 

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.

  • Loan Repayment Tenure 

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.

  • Balance Transfer 

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.

  • Top Up Loan

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. 

  • Prepayment 

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.

Eligibility for IDFC First Bank Business Loan

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:

  • This loan is offered to all the businessmen (MSMES and non-individuals).
  • The following profiles are eligible for IDFC business loan:
    • Private limited companies
    • Sole proprietorship firms
    • Partnership firms
    • Self-employed individuals 
    • Professionals such as Doctors, CAs etc.
    • Retailers
    • Manufacturers and traders
  • Applicant’s business must have been in existence for at least 3 years.
  • The turnover of the applicant's company should be at least Rs 1 crore. 
  • The company must earn a good net profit.
  • The company should have a good credit rating.

Documents Required for IDFC First Bank Business Loan

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

Address Proof

PAN Card,  Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills

Income Proof

Balance sheet and profit and loss account, IT Returns, Business Proof

Other Documents

Passport-size Photographs, Duly Filled Application Form

Compare Other Bank Business Loan Interest Rates

BANKS 

INTEREST RATE

Axis Bank Business Loan 11.50% to 20%

HDFC Bank Business Loan

15.65% to 21.20%

Yes Bank Business Loan

16.25% to 19.99%

Citi Bank Business Loan

12% to 16%

RBL Bank Business Loan

10.65% to 16.25%

Indian Bank Business Loan

8.30%

PNB Bank Business Loan

12.65%

Tata Capital Business Loan

13.50%

How to Apply for IDFC First Bank Business Loan?

IDFC bank allows you to apply for business loans online and offline. Here is how you can apply:

  • Apply for IDFC First business loan offline

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.

  • Apply for IDFC First business loan online
    • Go to the official website of IDFC First bank.
    • Head to the “Loans” options under the “Business” banking menu.
    • Find and click on the type of business loan you wish to apply for.
    • Tap the “Apply Now” button to proceed.
    • Fill in the necessary information on the given loan application page.
    • Submit your application once you have entered all the required information.

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.

IDFC First Bank Loan Customer Care Number

Here is the IDFC business loan customer care number which you can dial in case of any assistance:

1860 500 9900

Other Products Of IDFC First Bank

FAQs On IDFC First Bank Business Loan

Q.1 How much time will my IDFC First bank business loan take to get disbursed? 

The IDFC First bank business loan will take about 5-7 days to get disbursed, provided that you have performed all the documentation correctly.

Q.2 What is the minimum and maximum loan amount that can be availed under IDFC business loan?

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.

Q.3 What are the processing fees for IDFC First bank business loans?

The processing fee for IDFC First bank business loan is 3.5% of the loan amount.

Q.4 What is the age criteria for IDFC bank business loans?

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.

Q.5 How do I apply for IDFC bank business loan balance transfer? 

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/2021

Know More About

Idfc First Bank Business Loan

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

Idfc First Bank Business Loan Interest Rates

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

Business Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959