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IIFL Business Loan in Royapuram, Chennai
- Chn-Royapuram Gl
- Chn-Royapuram GlOld No 26, New No 61, Ground Floor, Mannarsamy Koil Street
Royapuram
Chennai - 600013 - +917039001900
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Frequently Asked Questions (FAQ's)
- 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.
- 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.
- The business loan interest rate as offered by IIFL Finance starts from a minimum of 12.75% and ranges upto 36% per annum, effective from 1st September, 2024 onwards.
- 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.
- In order to apply for a start up 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.
- 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
- The business loan amount offered by IIFL finance ranges from a minimum of Rs. 40,000 to a maximum of Rs. 50,00,000.
- 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.