Indifi Business Loan

Overview

Non Banking Finance Companies are fast becoming the preferred option for acquiring prompt and hassle free finance especially by the SME and the MSME sector. NBFCs offer relatively hassle free loans at minimal documentation thereby ensuring that the businesses do not lose valuable time in negotiating for finance rather than focusing on their business operations. Indifi is one such NBFC providing financial solutions to the SME Sector. It offers financial assistance to the small and medium enterprises for various business needs like working capital needs, infrastructural development, product development and much more.

Indifi offers many types of business loans to the small businesses like term loans, line of credit or overdraft facility, Invoice discounting merchant cash advance, working capital loans, etc.

The details of some of these loans offered by Indifi as financial solutions to various business needs are provided here.

Eligibility for Indifi Business Loans

Indifi has laid down certain basic eligibility criteria for the business to be eligible for loans. These criteria are basically related to the existence of the business and to validate the viability of the loans given. The basic eligibility criteria set by the Indifi across all sections of the loans are,

• Existence - An entity having a minimum operational history of 2 year
• Business value – Indifi requires the entity to have filed ITR for the Past 2 years for a minimum value of Rs. 10,00,000
• VAT returns – another mandatory requirement for small business loans is that the entity should have filed the VAT returns for the minimum period of the previous 12 months.

There are certain loan specific requirements that the applicants are required to meet as well. The details of the same are mentioned below.

Line of Credit or overdraft facility – Indifi requires the promoter’s age to be at least 24 years to be qualified or eligible for application of an overdraft facility offered by the company.

Merchant advance loans against POS Machine – In this case, Indifi has stated two special or specific eligibility requirements relating to the usage of the debit or credit card. Indifi requires.

• Transaction history or swipe history of minimum period of 6 months
• Value of monthly transactions to be minimum Rs. 50,000.

These were certain eligibility criteria set by Indifi for the small businesses to qualify for a business loan.

Documents for Indifi Business Loans

The documentation process of the NBFCs is designed to be hassle free and with minimal documentation to ensure speedy approval of loans without wasting any crucial time for providing financial assistance to the small businesses. Indifi also has designed its documentation process in similar fashion. It requires a basic set of minimum documents for the loans to be processed and approved. The list of documents required by Indifi is mentioned below.

• Identity Proof
• Address Proof
• Business Registration Proof
• Bank Statements for the past 6 months
• PAN Card and Aadhaar Card of the promoter
• Latest ITR for loans over Rs. 15,00,000

Types of Indifi Business Loans and its Features

As discussed above, Indifi provides many types of loan solutions to small businesses. These loans can be used for working capital requirements or any other specific requirements of the business and thereby help them gain a niche in the market.

Some of such business loans of Indifi and their features are discussed below.

Term loan

The term loans from any financial institutions are always a preferred loan option as they come with extended tenure, lower rate of interest and a maximum amount of finance. The term loans of Indifi are also similar in such features as they offer business loans at flexible and comfortable repayment tenure at very reasonable rates. The key features of the term loans of Indifi are,

• Tenure of 36 months (which can be extended upon case to case basis and on the discretion of Indifi)
• Loan amount can be sanctioned up to a maximum of Rs. 50,00,000 under the term loans of Indifi
• The rate of interest on Indifi term loans starts from a very reasonable rate of 1.5% per month or 18% per annum. This rate depends on many factors like the credit profile of the borrower, amount required as loan, tenure of the loan, etc.
• The processing fees charged by Indifi are set at a nominal charge of 2% of the loan amount and there are no further hidden charges.

Line of Credit/ Overdraft Facility

The line of credit or overdraft facility is like a lifeline to any organization. The immediate needs of funds are often solved by a standing line of credit offered by banks or financial institutions like Indifi. This line of credit ensures that the business does not waste precious time in procuring funds when every minute may be crucial for survival or reducing the burden on the entity. The highlights of the overdraft facility of Indifi’s business loans are,

• Amount of loans that can be sanctioned under this facility is up to Rs. 50,00,000 depending on the business needs.
• The rate of interest on this facility starts from 1.5% per month or 18% per annum which is the usual norm of Indifi. This rate of interest will also depend on the factors like credit history of the borrower, loan amount, etc.
• Indifi offers the overdraft facility with a one time approval for usage up to a period of 12 months or 1 year. The organization can renew this term on a yearly basis depending on their needs.
• The organization has the facility to pay interest only on the funds utilized by them. Balance funds will be available for utilization till the completion of the period of 12 months and further upon renewal of the term.
• The processing fees or charges on such a facility are at 2% of the loan amount sanctioned.

Bill discounting/Invoice Discounting facility

This is a very favorable alternative to the traditional term loans or overdraft facility. Bill discounting provides instant cash or liquidity to the organization against its outstanding bills rather than waiting for the sanction of the loan. Borrowers can get instant cash disbursal within 24 hours of the bill discounted at no extra or hidden charges. The features of the bill discounting or invoice discounting model of Indifi are mentioned below.

• Borrowers can get value for the bill discounted up to a maximum of Rs. 1,00,00,000
• Indifi provides upfront/prompt finance against the bill discounted up to a maximum of 90% of the value of the bill.
• Indifi provides easy repayment options to the borrowers. They can repay the amount availed against bills discounted only upon receiving the funds from the entity’s or borrower’s client. This ensures that the client or the borrower is not burdened with the need or urgency to repay the funds borrowed against the bills discounted with Indifi.

Merchant Advance Loan against POS Machine

Merchant advance loans are an easy loan option against the POS machine. These loans are beneficial to both the businesses and the credit issuer. The features of this type of loan provided by Indifi are,

• The maximum amount of loan that can be availed against this type of finance is up to 200% of the value of the transaction. The maximum amount that can be availed as loan in this loan category is Rs. 50,00,000.
• The rate of interest on POS Machine loans is 1.5% per month or 18% per annum. Indifi provides daily repayment options or plans thus it ensures that the borrower is not burdened with a heavy interest cost.
• The loan duration for this type of loan is anywhere for a period of 6 months to 12 months.
• Indifi provides loans against POS machines at a processing charge of 2% of the loan amount.
• The loan against POS machine scheme is approved quickly within 3 working days, maximum up to a week.
• POS machine scheme provides a flexible repayment option depending on the daily revenue generated. This ensures that the borrower does not have to repay the loan in the standardized EMI manner and thereby does not put any unnecessary pressure on the borrower’s income.

Besides the above loans, Indifi also provides finance options like travel agency financing, MSME Loans, Unsecured Line of Credit, Business loans for Women and many other options for providing easy access to the business solutions.

Indifi Customer Care

The customer care of Indifi can be easily contacted for any queries or information required regarding its loan products. The details of the customer care of this financial company are mentioned below,

Telephone Number – 7289904934

Email id – cs[at]indifi[dot]com (for existing customers)

Postal address – Plot # 120 First Floor, Industrial Area, Sector 44, Gurgaon 122002

For any grievances that may be faced by the customers pertaining to any products of Indifi, they can contact the Relationship Manager or the Customer Service Officer at the following email id – grievances[at]indifi[dot]com

Customers will have to mention the loan id or the ticket id provided at the time of availing the loan or raising the complaint respectively.