Business Loan

We have one of the best Business Loan solutions. Some of our major features are:

• Collateral-free loans up to Rs.1 Crore at attractive interest rates

• Flexible tenure up to 48 months

• Unique balance transfer and additional top-up facilities

• Higher loan facility basis audited financials

• Quick loan based on bank statements or basis GST returns

• Superior customer experience with easy documentation and a hassle-free digitized processes

Dropline Overdraft is another type of credit facility that allows you to withdraw funds from pre-approved credit limit as and when required.

With the dropline feature, the Overdraft limit gradually decreases over time until it reaches zero. You will be charged interest only on the overdraft amount utilized.

There are different schemes through which a Business Loan can be availed, including:

• Income scheme - Eligibility is based on the derived income & net profit of the business

• Banking scheme - Eligibility is based on the average bank balance

• GST returns scheme - Eligibility is based on the annual business turnover according to GST data

You can apply for IDFC FIRST Bank Business Loan via –

Our Website -  https://www.idfcfirstbank.com/business-banking/loans

Our Mobile App - https://my.idfcfirstbank.com/digital-banking-app

Our Branches - https://nearme.idfcfirstbank.com/

Our Loan Centres - https://www.idfcfirstbank.com/support/asset-branch

Or you can call us on 1800 10 888 and speak to our representative

Here's a step-by-step break down of our Business Loan application process

• Submit the application form with the required documents

• Document verification

• Personal discussion to assess the customer profile and risk level

• Loan sanction

• Loan disbursement

No, you don’t need any security or guarantor for this loan, however, a co-applicant is mandatory.

The documents required to apply for IDFC FIRST Bank Business Loan are:

- PAN Card

- Any one of the officially valid documents like Aadhar/Passport/Driving license/ Voter ID with your correct name, date of birth, current address.

In case you don't have a PAN Card, you can fill and submit Form 60 for verification.

At IDFC FIRST Bank, we aim to safeguard our customer's interest by offering the below insurance covers:

• Life Group Credit Protect - In the event of death, disability or illness of the insured member, this insurance will protect the insurer’s family from the burden of repaying the outstanding loan to the financial institution.

• Health Protect Plan - Covers medical expenses that arise due to illnesses

• Accident Protect Plan - Covers medical expenses pertaining to injuries like a broken limb, loss of a limb, burns, lacerations, or paralysis.

• EMI Protect Plan - Protection plan that offers insurance coverage on EMI in case you are unable to pay an EMI

The principal amount and the interest rate applied to the principal make up your EMI. The amount you borrow, the rate of interest charged, and the loan tenure are the variables that affect the EMI. If the interest rate increases, EMIs may alter.

You can calculate your potential EMI here.

Click on the link to know more about the charges.

You will be eligible for a top up on your existing loan only once you have completed regular repayment of your EMIs for 12 months without any date default.

Unlike a standard overdraft where limit remains constant, a dropline overdraft is a revolving credit line wherein limit decreases at the end of every month. The interest needs to be paid only on the amount utilized.

The interest is levied only on the utilized amount and not on the total amount borrowed. Interest is calculated daily and levied at the end of each month.

The withdrawal limit reduces every month till the end of the loan tenure. The limit can be renewed every year based on the repayment behaviour.