Question 1

Why should you take business loan?

Accepted Answer

A business loan can be helpful for your business if you are looking to expand your business operations, improve cash flow or seize new opportunities. Once your business loan is approved and you receive the amount, you can focus on investing in new equipment, improving yourservice, hiring competent and efficient staff, setting up new offices or branches or consolidating existing debts. This in turn can help take your business to greater heights, increase revenue and improve the compamy's financial strength.

Question 2

What is an MSME business loan?

Accepted Answer

An MSME loan or a Micro, Small, and Medium Enterprise business loan is basically a financial product that has been specifically customised as per the needs of small and medium-sized businesses in India. The MSME loans offer several advantages, including lower interest rates, flexible repayment options, government subsidies and incentives, and simplified, minimal documentation.

Question 3

What is the interest rate on business loan?

Accepted Answer

The interest rate on business loan as offered by IIFL Finance starts from a minimum of 12.75% and ranges upto 36% per annum, effective from 1st September, 2024 onwards.

Question 4

How is business loan EMI calculated?

Accepted Answer

A business loan EMI can be calculated using three essential components, namely the loan amount, the preferred interest rate and the tenure of the loan. It can be either calculated manually using the formula or one can take the help of a business loan calculator which is readily available on the IIFL Finance website.

Question 5

How to apply for start up business loan?

Accepted Answer

In order to apply for a start up business loan, all you have to do is go to the official website of IIFL Finance and fill the online business loan application form and submit it alsong with your required KYC documents.

Question 6

What documents are required for business loan?

Accepted Answer

There can be 2 scenarios while submitting your business loan documents with IIFL Finance. When the business loan is upto Rs.10 lakhs and when the loan is above Rs. 10 lakhs upto Rs. 50 lakhs. In both the cases, you are expected to submit the following:
- KYC documents providing identity and address proof of the applicant
- PAN Card of borrower and all co-borrowers
- Signed copy of standard terms
- Additional document(s) may be required for credit assessment and processing of loan request
- Last 6 months bank statement of main operative business account

When the loan amount is between Rs 10 lakhs and Rs. 50 lakhs, there are some additional requirements such as:
- Last 6 months bank statement of main operative business account
- GST Registration

Question 7

What is the minimum and maximum loan amount IIFL offers for business loans?

Accepted Answer

The business loan amount offered by IIFL finance ranges from a minimum of Rs. 40,000 to a maximum of Rs. 50,00,000.

Question 8

What are the eligibility criteria for business loan with IIFL?

Accepted Answer

IIFL Finance's business loan eligibility criteria is as follows:
- You must be self-employed or operate a proprietorship business. Professionals like Doctors and CAs can also apply. 
- A CIBIL score of 700 or above is generally required.
- Your business should have been operational for at least 6 months.
- Your business should not be listed on any negative or blacklisted business lists.
- Charitable organizations, NGOs, and trusts are not eligible for business loans.

Question 9

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