Micro Business Loan (Pragati) 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 ₹20 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
No, you cannot. Your business should be running for at least 2 years to apply for small business loans.
For this business loan without collateral, you need to provide at least one OVD (Aadhaar/Passport/Driving license/ Voter ID) with your correct name, date of birth, current address, and PAN. If PAN is not available, your Form 60 will have to be filled and submitted for verification.
Yes, you need to provide proof of business as well as the proof for your business’ existence in the same place for at least 2 years to get a bank loan for business.
For our small business loans, a loan amount of up to 5 lakhs can be disbursed within 3 days of approval if all the required documents are provided.
You will need to visit the bank branch once to sign the micro business loan agreement and complete all pre-disbursement formalities.
We offer micro business loans in the radius of 5-10 kms of the nearest IDFC FIRST Retail Asset Branch.
Yes, you are required to submit your KYC documents to avail a small business loan.
No, it is not mandatory to have an account with IDFC FIRST Bank to avail a small business loan. However, we suggest opening a savings account with the IDFC First Bank to avail the benefits offered by the bank over a savings account.
Your EMIs are debited from your bank account on the due date through the NACH registered at the time of loan application. In case your EMI has bounced, you can visit https://reporting.capitalfirst.com/quickpay/QPInfo_Customer.aspx to pay your EMI. You can visit our nearby retail asset branch to pay your EMI as well. You can also reach out to our sales officer who can guide you to pay your EMI through other available options like Paytm/Google Pay, etc.
You need to have a house/shop in your name or in the name of your spouse, father or mother to avail a small business loan.