IDFC First Bank Business Loans

 The best aspect of IDFC First Bank is that it can assist you with business financing. Even for equipment acquisitions, business upgrades, or any other business needs, the bank can help. The IDFC business loan, on the other hand, must be repaid in equal monthly payments. As a result, the bank refers to the loan as Business Installment Loans (BIL).



What are the benefits of the IDFC Bank Business loan?

Here are some advantages that set it apart from conventional bank business loans:

  • Businesses, as well as professionals and non-professionals, can apply for Business Installment Loans.
  • It's an unsecured loan that doesn't require any kind of collateral or security.
  • The amount of a loan from IDFC First Bank is determined by the type of business, repayment capacity, and income.
  • The bank only gives the interest rate on the day the loan is processed.
  • Your firm must be three years old to qualify for a BIL loan from IDFC bank.

For individuals looking for unsecured loans, the IDFC first bank business loan is the ideal option.

Who can apply?

MSMEs/ non-Individuals such as:

  • Private Ltd.
  • Partnership firms
  • LLPs
  • Sole proprietors etc.,
Which are the factors IDFC First Bank Business Loan Interest Rate calculates?

The premise on which a bank calculates your interest rate is based on a number of criteria. The following are some of these elements:
  • The loan amount determines the interest rate. The bigger the loan amount, the lower the interest rate. The bank offers loans ranging from Rs. 1 lakh to Rs. 9 lakh. For large loan amounts, the interest rate may be lower, resulting in lower EMIs.
  • CIBIL Score: A CIBIL score of at least 750 is required to obtain a loan from IDFC First Bank. The higher your CIBIL score, the better your chances of securing a low-interest business loan.
  • Revenue: If you have a greater monthly income, IDFC First Bank will give you a loan with a lower interest rate. Borrowers with a yearly turnover of at least 12,00,000 are eligible for loans from the bank.
  • Time in Business: To secure a loan from IDFC First Bank, you must have been in business for at least 36 months.
What are the IDFC First Bank Business Loan Eligibility Criteria?

The following are the primary variables that determine an applicant's eligibility:
  • Age: At the time of loan acceptance, you must be at least 25 years old, and at the time of loan maturity, you must be at least 65 years old.
  • Loan Amount: The bank offers loans ranging from 1 lakh to 9 lakhs based on your loan amount eligibility.
  • Profitability and Revenue: IDFC First Bank demands a profit for at least two years and a business turnover of at least 12,00,000.
  • Business Stability: IDFC First Bank demands a minimum of 36 months of business experience. The bank will also look for revenue growth over the previous three years. A drop in sales could affect your ability to acquire the loan.
  • ITR and Banking: A bank will only issue you a loan after reviewing your tax return and bank statements. IDFC First Bank will require your ITR details for a minimum of 0 months and a bank statement for a minimum of 0 months.
  • CIBIL Score: IDFC First Bank will evaluate your payback history for all current and previous loans and credit cards to get your CIBIL score. To secure a loan, the bank recommends that you maintain a score of 750 or highe
What are the Documents Required?

  • Passport, PAN card, voter ID card, or driver's licence are all acceptable forms of identification.
  • Driving licence, Aadhar Card, Voter's ID are all acceptable forms of proof of address.
  • Bank statement from the previous six months
  • the last two years CA-certified ITR includes income computation, P&L account, and balance sheet
  • (Trade license/Establishment/ITR/Sales Tax Certificate) Proof of Continuance
  • Report on the business plan/project
  • Photo identification and proof of address are required by the RBI's KYC rules. Proof of office or housing ownership
  • Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed are examples of business proof.
Conclusion

We may operate in both existing and emerging markets at any time during the loan lifecycle. We are capable of handling both simple and complex large syndicate transactions. To find about the best pricing and deals, call our toll-free number +91-9477079053. They'll help you in every way they can. Please contact me at Business Loan Online Apply if you have any more.

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