IIFL Finance Business Loan

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IIFL Finance Ltd. provides instant business loans to Micro, Small, and Medium Enterprises (MSMEs) with loan tenures of up to 5 years. Their Business Loan interest rates start from 12.75% per annum for unsecured business loans. The non-banking financial company (NBFC) offers MSME business loans with 100% online loan processing, from application to disbursement, and claims to approve loans within minutes.

IIFL Finance Business Loan Highlights
Interest Rate 12.75% to 44.00% p.a.
Loan Amount Up to Rs 30 lakh
Loan Tenure 1 to 5 years
Processing Fee 2% to 6% plus GST with an additional amount of up to Rs 500 charged as convenience fees

*Terms and conditions apply.

Table of Contents
Interest Rates
Fees & Charges
Eligibility Criteria
Documents Required
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IIFL Finance Business Loan interest rates range between 12.75% p.a. and 44.00% p.a.

Comparison Table of Business Loan Interest Rates offered by MybankingTips Partners:

Bank/NBFC/Fintech Interest Rate
SBI Bank 9.10% p.a. Apply Now
HDFC Bank 10.00% - 22.50% p.a. Apply Now
Kotak Mahindra Bank 16% p.a. onwards Apply Now
RBL Bank 14%-26% p.a. Apply Now
ICICI Bank Up to 17% p.a. Apply Now
Axis Bank 10.75% p.a. Apply Now
IDBI Bank 8.05% to 13.45% p.a Apply Now
Bank Of Baroda 10% to 15% p.a Apply Now
Ujjivan Small Bank Up to 2.50% Apply Now
Bajaj Finserv 9.75% - 25% p.a. Apply Now
IIFL Finance 12.75% - 44% p.a. Apply Now
FlexiLoans 1% per month onwards Apply Now
ZipLoan 1% - 1.5% per month (Flat) Apply Now
Indifi Finance 1.5% per month onwards Apply Now
Five Star Business Finance Up to 2% Apply Now
Lendingkart Finance 1.25% per month onwards Apply Now
Tata Capital Finance 12% p.a. onwards Apply Now
NeoGrowth Finance 15% p.a. onwards Apply Now
Hero FinCorp Up to 26% p.a. Apply Now
Aye Finance Up to 2.5% Apply Now
Clix Capital Up to 3% Apply Now
Protium Finance Up to 1.5% Apply Now
HDB Finance 8% - 26% p.a. Apply Now
U GRO Capital Up to 9% p.a. Apply Now
Mcapital Business Up to 2% p.a. Apply Now

Also read: Best Business Loan Interest Rate

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Particulars Rates
Processing Fees A convenience fee of 2% to 6%, plus GST, is charged, along with an additional amount of up to Rs 500.
Prepayment/ Foreclosure Charges
  • For prepayment / foreclosure within 1 – 6 months of EMI repayment: 7% plus GST
  • For prepayment / foreclosure within 7 – 24 months of EMI repayment: 5% plus GST

For prepayment / foreclosure above 24 months of EMI repayment: 4% plus GST
Cheque or ACH return charges Rs 500 plus GST per instance
Any other charges on case to case basis At actuals
Cheque or ACH swapping charges for duplicate no-dues certificate Rs 500 plus GST per instance
Duplicate statement / Repayment schedule /  Amortisation / Sanction letter / Agreement Rs 200 plus GST per instance
Penal interest 24% p.a.
EMI bounce charge Up to Rs 1,200
Loan cancellation Interest to be charged for the interim period between the date of disbursement and date of cancellation of loan

Also read: Best Business Loan EMI Calculator

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The requirements to be eligible for business loans from IIFL Finance are as follows:

  • The business should not be involved in blacklisted or excluded activities.
  • The office or business location should not be in a negative location.
  • Entities eligible for business loans include sole proprietorships, partnerships, private limited companies, limited liability partnerships (LLPs), and one-person companies.
  • Salaried individuals aged between 23 and 55 years with a minimum monthly income of over Rs 25,000 can also apply.
  • The business should be operating for at least 2 years when applying for the loan.
  • Applicants should have a CIBIL or credit score of 675 or higher.
  • Non-governmental organizations (NGOs), charitable organizations, or trusts are not eligible for business loans.

Also read: Best Business Loan Eligibility

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The documents needed to apply for an IIFL Finance Business Loan are:

1. KYC documents: Identity proof and address proof of the borrower and co-borrowers

2. PAN Card of the borrower and co-borrowers

3. Last 6 months bank statements of the main operative business account (12 months for maximum loan amount)

4. Signed copy of standard terms (for term loan facility)

5. GST Registration (for business loans of Rs 30 lakh)

6. Business registration proof

7. PAN Card & Aadhaar Card copy of Proprietor(s)

8. Deed copy and company PAN Card copy in the case of partnerships

9. Additional document(s), if required, for processing of loan request and credit assessment

Also Read :  Best Business Loan Documents Required

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