IIFL Business Loan Review | Get Up to Rs. 10 Lakh Instantly Through Whats App

IIFL Business Loan, Get up to Rs. 10 lakh Instantly through What’s App, Interest Rate, How to Apply, Eligibility Criteria

We know that in order to expand or to start the business we need money, and to help you with that IIFL business loan is available.

Loan Amount	Rs. 10 lakh Instantly, Business loan up to 50 lakhs
Interest Rate	11.75% to 26%
Loan Tenure	5 years or 60 months
Processing Fee	Up to 2.5% to 4% of the loan amount + GST

IIFL Business Loan

IIFL stands for India Infoline Housing Finance Limited, which provides various types of loans and a business loan is one of them.

Getting a business loan means you concentrate on growing or expanding your business and the money required will be taken care of by an IIFL business loan.

IIFL offers a quick business, which is suitable for MSME with small financial requirements.

Features & Benefits of IIFL Business Loan

• It offers an instant loan up to Rs. 10 lakh which can be extended up to Rs. 50 lakh.

• The loan application process is completely online.

• You do not need to visit any branch.

• It offers the loan tenure of 60 months or 5 years.

• The interest rate varies from 11.75% p.a to 26% p.a.

• The loan processing fee varies from 2.5% to 4% of the loan amount.

• It offers both secured and unsecured loan.

IIFL Business Loan Eligibility & Requirements

• You must be an Indian Citizen.

• It provides loan to proprietorship firms engaged in the businesses of manufacturing, trading and services.

• You must be in the same business for at least 2 years for the amount of 2 lakh to 10 lakh.

• The business have positive net worth.

• The applicant must have a good repayment history.

IIFL Business Loan Required Documents

• Application form with a recent photograph of all co-applicants.

• KYC documents – Identity proof and address proof of the borrower and all co-borrowers as per RBI guidelines.

• PAN Card of borrower and all co-borrowers

• VAT returns of current year / GST Registration certificate / Last year ITR

• Last 6 month’s bank statement of main operative business account

• Property (residence or office) ownership proof

• Signed copy of standard terms (term loan facility)

• Additional document(s) may be required for credit assessment and processing of loan request

How to Apply For IIFL Business Loan Online

IIFL provides the facility to apply for a business loan online. follow the steps below.

• Visit the IIFL Business Loan official website

• Click on the button Apply Now

• Enter your name, Mobile Number and click on the next button.

• Enter the OTP sent to your mobile number and click on Apply Now.

• Follow the steps further and enter your basic details to apply for business loan.

• You may get a call to verify your entered details or for collecting any information.

• Upload the relevant documents and wait for the approval.

• After verifying your details and documents your loan amount will get approved and will be transferred to your bank account.

Get IIFL Business Loan Through What’s App

IIFL has launched the facility last year to avail the business loan using What’s App. you can avail of a loan of up to Rs. 10 Lakh. follow the steps below to apply for an IIFL business loan.

• To get loan from IIFL Finance through Whats App, you have to send a Hi to 9019702184 or 82910 55555.

• Next, you need to share your basic details.

• Once the loan is approved, the user will complete know-your-customer procedure (KYC).

• Next, you need to verify bank transfer details and mandate registration on Whats App.

• Once everything is set and verified by the bank, your approved loan amount will be transferred into your bank account.

IIFL Business Loan Repayment

You can repay through Electronic Clearance Service (ECS) or Direct Debit facilities. In case you did not choose auto-debit to repay your loan amount use the below methods to repay the loan.

• Online Payment : Visit the link , Choose type of loan, enter your loan number and click on the proceed button.

• Payment Via Mobile App : You can register to the IIFL mobile app and pay the loan due amount.

• Branch Payment : You can visit your nearest IIFL branch to pay your loan amount. click here to locate your nearest branch.

IIFL Business Loan Interest Rate, Fees & Charges

Fee & Charges	Amount Chargeable
Interest Rate	from 11.75% to 26% p.a
Loan processing Fee	Up to 2.5% to 4% of Loan Amount + GST
Cheque/ACH Return Charges	Rs. 500 per instance + GST
Cheque/ACH Swapping Charges Duplicate No dues certificate	Rs. 500 per instance + GST
Duplicate Statement / Duplicate Amortization / Original Repayment Schedule	Rs. 200 per instance + GST
Penal Interest	24% p.a
Foreclosure (1 to 6 months of EMI Repayment)	7% + GST(approval required)
Foreclosure (7 to 24 months & 25 to 36 months of EMI Repayment )	5% + GST
Foreclosure (More than 24 months of EMI Repayment)	4% + GST
Loan Cancellation	Interest will be charged for the interim period between the date of disbursement and the date of loan cancellation
a. Inspection Charges b. Legal Collection Charges c. Documentation Charges d. Security Creation & perfection Charges e. Stamp Duty Charges f. Property Valuation Charges	At Actuals

NOTE: Part payment allowed up to 25% of principal outstanding. It is allowed only once a year and twice during the entire loan tenure. Government taxes and other levies as applicable would be charged additionally.

IIFL Business Loan Customer Care Details

IIFL Business loan customer care number	1860-267-3000, 7039-050-000
IIFL Business time	Monday to Friday = 09.30 am to 6.00 pm Saturdays = 09.30 am to 4.00 pm Sunday & Public Holidays = Closed
IIFL raise request link	https://www.iifl.com/contact-us/raise-a-request
IIFL Registered office	IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, Thane Industrial Area, Wagle Estate, Thane – 400604

Conclusion

We have learned how to apply for an IIFL Business loan, its eligibility, interest rate, and various other important details. I hope the above information will help you to decide the correct business loan provider.

IIFL can be a good option if you are looking for a quick business loan to meet your urgent requirement. Make sure to go through all the fees and charges before finalizing the business loan. check all the details carefully.

Read Also

• IIFL Loan Against Securities | How to Avail Loans Against Shares
• Fullerton India Business Loan | Documents Required | Eligibility | Loan Interest Rate
• Equitas Small Finance Bank Business Loan | How to Apply for Equitas Business Loan?

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