Business Loan

When it comes to your business, you want to do everything in your power to ensure that it grows and thrives. With IDFC FIRST Bank Business Loan, we help you take your business to new heights. Whether it is to expand to new markets, buy new equipment, upgrade existing facilities, or meet the requirements of your working capital, IDFC FIRST Bank provides you with unsecured business lending solutions that cater to your diverse needs. Choose to bank with us and plan finances better for your business.Read More

Upscale your business with an IDFC FIRST Bank Business loan.Read Less

Key Features

ELIGIBILITY

Who can apply?

MSMEs/ non-Individuals such as:

  • Private Ltd.
  • Partnership firms
  • LLPs
  • Sole proprietors etc.,

Each meeting the minimum requirements as below:

  • Minimum turnover of ₹1 crore
  • Minimum business vintage of 3 years

Documentation

  • Photo identity and Address proof : As per RBI defined KYC guidelines. Ownership proof of office or residence
  • Business Proof : Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed

Any one of the additional documents basis selected program

  • Basis Banking - Latest 2 years ITR and Net worth statement, Latest 6 months Bank statements
  • Or Basis GST - Latest 6 months banking, GST returns for the last 12 months, Latest ITR and computation
  • Or Basis income - Latest 2 years ITR & computation, Latest 2 years audited PnL & Balance sheet, Latest 6 months Bank statements

Business loan eligibility

FEES & CHARGES

Know about our minimal and transparent fees & charges

View Fees & Charges

fees and charges

FREQUENTLY ASKED QUESTIONS

What is a Business Loan?

It is an unsecured loan which is provided to a self-employed individual and entity. It is typically used by businesses to upgrade or purchase equipment. It is repaid in equal instalments at fixed monthly intervals.

What is the turnaround time for the disbursal and/or decision of the loan?

We do our best to create a quick turnaround time for your loan. We process your loan within 6-7 days.

How do I apply for a Business Loan?

If you’d like to apply for a Business Loan in India, we would request you to fill the form by clicking ‘Apply Now’. Our relationship manager will be in touch with you shortly.

What are some of the main features of this loan?

Here’s a list of some of the many features you can access to under this loan:

·         Collateral-free loans up to Rs.1 crore

·         Attractive business loan interest rates

·         Flexible tenure up to 48 months

·         Unique loan transfer and top-up facility

·         Attractive top-up facility for existing customers

·         Higher loan facility basis audited financials

·         Quick loan based on business bank statements or your GST returns

·         Superior customer experience with easy documentation and processes

When can I get a line increase on my existing loan?

Once you complete regular repayment of your EMI for 12 months, you will be given the opportunity to get a line increase on your existing loan.

What are the different requirements based on which I can avail a Business Loan?

You can get a loan for your business basis the following:

·         Income

·         Banking

·         GST returns

·         Balance transfer with top-up

·         OD/CC surrogate 

What is the maximum and minimum loan amounts that can be sanctioned?

Once you meet our Business Loan eligibility requirements, we can offer you a loan amount from a minimum of Rs.10 lakhs up to a maximum of Rs.1 crore

What is the maximum tenure under BIL?

Our loan tenures range from a minimum of 12 months up to a maximum of 48 months.

What is the minimum business continuity required?

We require a minimum business continuity of 3 years to avail a loan.

Is there any age criteria to apply for a Business Loan?

Applicants need to be a minimum of 28 years old and a maximum of 65 years old at the time of loan maturity.

Do I require any security or guarantor to avail this loan?

While we don’t require any security or guarantor for this loan, a co-applicant is mandatory.

What is the provision for any unforeseen event post availing the Business loan from IDFC First Bank?

We cannot predict future and hence we try to protect it by providing you insurance cover as below-

·        Group term insurance

·        Life Group Credit Protect

·        Health Protect plans

·        Accident protect plan

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