Everyone requires loan for start their Busniess. When it comes to get a business loan, there are various options available in the market. For a business loan you can either approach a bank or approach a non-banking finance company (NBFC). There are various Non banking Finance company such as IIFL Finance. IIFL Finance is one of the leading NBFCs that gave business loans at competitive interest rates. Today we discuss about the features of IIFL business loan, its eligibility criteria, interest rate, and other things. So to know all information connect with us till end.
Features of IIFL business loan
- IIFL offers you business loans of up to ₹30 Lakhs.
- The Loan tenure of these business loans is flexible. loan tenure vary from 12 months to 60 months.
- IIFL business loan is a security free loan. To avail this loan you does not need any security. you will not have to gave any collateral while obtaining a business loan from IIFL.
- taking loan from IIFL is very easy process. The entire process is digital, and requires very less documentation.
- If we talk about the current interest rates of the loan the Current interest rate varies from 12.75%-33.75% pa.
- IIFL Finance charges processing fees of up to 2-4% for business loans.
Eligibility criteria for taking loan from IIFL Finance
- For taking a business loan form IIFL you have to be a citizen of India.
- Your business needs to be a proprietary firm.
- The required age of the applicant should be between 23-65 years.
- Business should be in operation frim minimum of 2 years.
- Although there is no requirement for a minimum credit score, a higher credit score can help you to get higher credit and faster approval. credit score above 700 is considered as good credit score.
Documents Required for business loan from IIFL Finance
- PAN card of applicant
- Aadhaar card of the applicant
- Business Vintage Proof (Minimum 2 Years) i.e.
- proof of business being in operations for a minimum of 2 years
- Bank statement for the last 12 months
- GST
Process for Application of Business Loan By IIFL Finance
- To avail a business loan from IIFL first of all you have to Visit IIFL Finance’s website for applying.
- After getting it you have to Click on ‘Apply now’.
- Now Fill your details such as name, mobile number, and email address.
- After this You will receive a confirmation.
- Then You will then have to upload the required documents.
- After some time Your loan will then be disbursed.
- So with the help of very easy process you can avail the business loan from IIFL Finance.
Uses of IIFL business loan
A business loan can be used for various different business requirements . Here we discussion about some of the prominent usages of IIFL business loans.
Improve cash flow
One of the Problems for MSMEs is the lack of cash flow. With an IIFL Finance business loan, you can able to improve the cash flow of your business.
Marketing
You can the increase the reach of your business by using funds for creating marketing collaterals and running marketing campaigns. It is also helpful in this.
Technology upgrades
If you are planing to do any technology upgrades in your business, you can use the business loan from IIFL Finance to fund the upgrades. These are some uses with the help of them you can enhance your business.
Tips for getting a business loan
If you want to take a business loan from IIFL Finance first of all you have to Check your credit score. It plays an important role in getting a business loan. If your credit score is not good, you can get a short-term loan such as a gold loan, and make payments on time to improve your score. If you are planning to get a business loan, you can apply at multiple banks and NBFCs. For example, you can apply for SBI business loans, HDFC business loans, Canara Bank business loans, and many others. First of all you have to Read the eligibility criteria before applying for business loan. Otherwise, there are chances that you are loan application is rejected and you loose the processing fees.
Compare loan offers
After this Compare and understand the loan offers you get from all the lending institutes. You can also compare the rate of interest, loan repayment terms, calculate EMIs, etc., and select the best offer for your business. Now, many banks and NBFCs Offered digital loan approvals. Hence, it is compulsory to have your KYC documents and other required documents in one system. Now Check the required formats for uploading the documents. You may select Formats such as .jpg, .pdf, etc. That are acceptable formats widely.
Beware of business loan scams
Then you have to Read the business loan agreement carefully before signing it. Compare and understand the loan offers you get from all the lending institutes. You can also compare the rate of interest, loan repayment terms, calculate EMIs, etc., and determine the best offer for your business. Beware of business loan scams. Do not trust unauthorised calls and avoid clicking on random links. Otherwise you may be cheated. Do not trust unauthorised calls and always avoid clicking on random links. Apply all the precautions you can avoid fraud.