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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Max Tenure
09 to 60 Months
Best Rate
11.75%
Processing Fee
2%
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IIFL Finance Ltd. offers swift business loans tailored for small and medium-sized enterprises (SMEs). These loans are created to assist businesses in their growth by offering required capital.
You can apply for unsecured business loans with IIFL Finance starting at 12.75% per annum, and enjoy a loan tenure of up to 3 years.
IIFL Finance claims to offer a fully online loan application and approval process for SMEs. This means that businesses can apply for and receive approval for their loans in just minutes.
The maximum loan amount available is Rs. 50 Lakhs. The interest rate for these loans ranges from 12.75% to 44% per year.
About IIFL Business Loans
Business Entity:
Individual Eligibility:
Business Requirements:
Ineligible Entities:
Business loans from IIFL Finance feature competitive, variable-rate interest.
To apply for an instant business loan online, you'll need to submit the following documents:
Basic Documents:
Additional Documents (Depending on the Loan Amount):
Please note that additional documents may be required for credit assessment and loan processing.
Here's a step-by-step guide to the IIFL Finance business loan application process:
1. Visit an IIFL Branch:
2. Obtain the Application Form:
3. Prepare Required Documents:
4. Submit the Application:
5. Verification and Processing:
6. Loan Approval and Disbursement:
IIFL Finance offers business loans, but their specific offerings for startups may have certain conditions. Typically, IIFL prefers to work with businesses that have a proven track record. Therefore, startups could be asked to show financial history, offer collateral, or submit a convincing business plan to qualify for a loan.
If you're a startup without a history of operations, you might still be able to secure financing through these options:
Recommendation: For the most accurate and up-to-date information on IIFL's specific requirements for startups, it's best to contact them directly.
1. Loan Tenure:
2. Repayment Mode:
3. Prepayment/Foreclosure:
4. Late Payment Penalty:
5. Flexibility for SMEs and MSMEs:
Online Payments:
Branch Payments:
Before taking on a business loan, it's crucial to understand the concept of EMIs (Equated Monthly Installments). EMIs represent the fixed monthly payment you'll make to the lender, covering both the principal amount borrowed and the interest accrued.
Key Factors Affecting EMIs:
Using an EMI Calculator: To estimate your monthly payments, you can use a business loan EMI calculator. Input the loan amount, interest rate, and tenure to quickly determine the accurate figure.
Loan Details:
Calculation Breakdown:
Formula for Calculating EMI:
EMI = (P * r * (1+r)^n) / ((1+r)^n - 1)
Where:
Disclaimer: All the features, interest rates, steps, and other information specified above are sourced when this page was written and are subject to change. For exact information, refer to the IIFL’s website or contact them.
1. What is the interest rate for an IIFL business loan?
IIFL business loans come with interest rates starting at 12.75% and going up to 44% per annum.
2. What is the top loan amount you can access through IIFL?
IIFL offers business loans up to ₹50 Lakhs for eligible borrowers.
3. How long does it take to get loan approval from IIFL?
Loan approval from IIFL can be received within minutes for online applications, with funds disbursed in 48 hours.
4. What is the loan tenure for IIFL business loans?
The loan term for IIFL business loans falls between 12 and 60 months.
5. Can startups apply for an IIFL business loan?
Startups may qualify for loans if they demonstrate financial history, collateral, or a strong business plan.
6. What documents are required to apply for an IIFL business loan?
Applicants need to submit KYC documents, PAN cards, six months' bank statements, and business registration proof.
7. How can I apply for an IIFL business loan?
You can apply online through the IIFL website or offline by visiting a nearby IIFL branch.
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.