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Enjoy Zero Charges on All Commonly Used Savings Account Services
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- MD & CEO letter about the bank
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Get customized credit
solutions for Micro Enterprises
Avail no ITR loans for
up to ₹50 lakhs
Get customized credit solutions
for Micro Enterprises
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Collateral-free loans
up to ₹10 lakhs -
Maximum loan tenure of 300 Months
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Seamless digital journey with upfront eligibility
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Widest outreach
across 18 states -
Loans disbursed
within 4 days
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Collateral-free loans
up to ₹10 lakhs -
Maximum loan tenure of 300 Months
-
Seamless digital journey with upfront eligibility
-
Widest outreach
across 18 states -
Loans disbursed
within 4 days
FIRST STEP Micro Business Loan
FIRST STEP Micro Business Loan by IDFC FIRST Bank is an offering for small businesses with big dreams. Our customized credit solution caters to the needs of Micro Enterprises. Our team of experts guides you through a seamless journey of availing this credit facility. We offer multiple benefits such as flexible repayment options for loans ranging from ₹25,000 to ₹50 lakhs, best business loan interest rates, quick and easy documentation.Read More
Take the next step for your business with loans from IDFC FIRST Bank.Read Less
Key Features
24/7 agent service at your doorstep
Seamless digital journey with upfront eligibility
Loan amounts up to ₹50 lakhs and tenure up to 300 months
Credit/shop insurance cover with lowest premium
Loans disbursed
within 4 days
226 branches present across 18 states
Interest Rate Table
| Type of Loan | Minimum RAAC Rate | Maximum RAAC Rate |
| Unsecured Loan | 21.60% | 27.60% |
| Secured Loan | 14.60% | 16.60% |
EMI Calulator
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Parminder Singh
“I've been in the business of fabric knitting for 10 years. Post the partial lifting up of the lockdown, I need working capital to pick up the business. I approached IDFC FIRST Bank for the same. After my loan got sanctioned, with the help of the money I could enhance capacity utilization of the machines.The process is so simple and doesn’t require minimum documents like bank statements. Their empathetic sales client management team ensures efficient after sales service. I would legit recommend IDFC FIRST Bank to my friends looking for capital help.”
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Ajay
"I have been involved in the shoe manufacturing business for the last 4-5 years, after being passed on from my father. . I needed capital to achieve my expansion goals. I approached IDFC FIRST Bank for they process the documents in just 3 working days without any hassle. This has helped me transform the business positively. My daily average manufacturing is now 400 pairs of shoes, which has increased over a period of time. Even my monthly turnover increased to 12-15 lacs."
ELIGIBILITY
Who can apply?
- Self-Employed Individuals
- Sole Proprietors and Partnership Firms
- Age requirements:- Minimum: 23 years at the time of taking the loan & Maximum: 68 years at the time of loan redemption
- No derogatory report in credit bureau
- Minimum 3 years of business continuity
- Eligibility assessment basis Banking and Cash Flow
Documentation
FEES & CHARGES
Find out about our minimal and transparent fees & charges
FREQUENTLY ASKED QUESTIONS
What is FIRST STEP Micro Business Loan?
FIRST STEP Micro Business Loan is a funding program which specifically targets small businesses such as Kirana stores, Medical Shops, Tailors, Carpenters, Laundries, Eateries / Bakeries, Manufacturing Units, Repair shops, etc., whose financing needs are smaller in size & have comparatively less access to organized funding.
What is the range of FIRST STEP Micro Business Loan amounts, minimum and maximum, that I can apply for?
The minimum loan amount one can avail of is ₹25,000 and up to a maximum of ₹10 Lakhs for collateral-free loans and ₹50Lakhs for collateral backed loans.
What is the maximum loan tenure for FIRST STEP Micro Business loan?
The maximum loan tenure offered on our FIRST STEP Micro Business Loan currently is 300 months.
What are the advantages of availing a FIRST STEP Micro Business Loan?
We have one of the best Small Business Loan solutions. Some of our major features are:
• Collateral-free loans up to Rs.10 Lakhs
• Maximum loan tenure up to 300 months
• Widest outreach across 18 states
• Seamless digital journey with direct eligibility
• Loan disbursal within 4 days*
• Minimal documentation
What is the eligibility criteria to avail of a FIRST STEP Micro Business Loan?
The eligibility criteria for availing FIRST STEP Micro Business Loan include factors such as:
• A business continuity of minimum 2 years
• Applicant to be a minimum of 23 years of age and a maximum of 68 years of age at the time of loan maturity.
If both of these conditions are met, applicants will further be assessed basis:
• Income - Eligibility calculation basis the derived income & net profit of the business
• Banking - Eligibility calculation basis the average bank balance
If I reside in a rented house and have been running my business through a rented shop, can I still avail of FIRST STEP Micro Business Loan?
To avail of a FIRST STEP Micro Business Loan, you will need to have a house or a shop in your name or in the name of your spouse/parents.
Is it mandatory to have a Savings Account with IDFC FIRST Bank to avail of a FIRST STEP Micro Business Loan?
No, it is not mandatory to have a Savings Account with IDFC FIRST Bank to avail of a FIRST STEP Micro Business Loan.
How do I apply for a FIRST STEP Micro Business Loan?
To apply for a FIRST STEP Micro Business loan, you can visit our branch and our bank representative will assist you with the application formalities.
How can I get a FIRST STEP Micro Business Loan if I reside in an area which doesn't have an IDFC FIRST Bank branch?
We offer FIRST STEP Micro Business Loan within a radius of 5-10Kms of the nearest IDFC FIRST Bank Branch or Loan Centre.
Which KYC documents will be required to apply for the Loan?
You will need to provide a PAN Card and any one of the officially valid documents - 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.
Do I still need to submit KYC documents if I have a savings account with IDFC FIRST Bank?
Yes, existing IDFC FIRST Bank Savings Account customers will also be required to submit the KYC documents.
Apart from the KYC documents, do I need to submit any business proof to avail of FIRST STEP Micro Business Loan?
Yes, you will need to provide us with a proof of business and proof of your business' existence in the same place for minimum of 2 years to avail of FIRST STEP Micro Business Loan.
How long does it take to disburse a FIRST STEP Micro Business Loan?
A loan amount of up to ₹10 Lakhs is disbursed within 3 days of approval depending on the customer's profile and our internal policies.
What are the different payment channels that I can use to pay my loan EMIs?
Your EMIs will be auto-debited from your bank account on the due date through the NACH registered at the time of your loan application. In case your EMI has bounced, you can pay via:
- https://partner.idfcfirstbank.com/QuickPayEMI/Login/LoginEMI.aspx
- Nearest IDFC FIRST Bank branch
- UPI channels like Google Pay, Paytm, etc.
Feel free to reach out to our sales officer in case you need guidance on payment via UPI channels.
