Range of Interest Rate
14% Onwards
Processing Fee Range
Up to 3%
Loan Amount
5 Lakh – 1 Crore
Range of Loan Tenure
1-4 Years
Key Salient Features
- Collateral ‘FREE’ loan
- Fast loan sanction
Documentation
- KYC– Aadhar Card and PAN Cardd
- Financial– 6 Month bank statement, latest form 26AS & ITR 3 years
Trivia
- The total number of branches of IDFC First Bank branches in India is 809
- Average loan approval time is about 20 working days
USP’s
Doorstep Service
Dedicated Relationship Manager
Minimum Documentation
Fastest Sanction Process
Fee and Charges Details
- Prepayment charges Individual Primary Applicant: For Personal Use: 5% (fixed) and 0% (floating). For Business Use: 5% (fixed) > 24 MOB- 3% else 4%- floating. Non-individual Primary Applicant for personal/business use- 5% (fixed) > 24 MOB- 3% else 4% FLOATING
- Foreclosure charges: Individual Primary Applicant for personal use- 5% (fixed) 0% (floating). For business use: 5% (fixed) > 24 EMI’s cleared- 3% else 4%- floating. Non-Individual Primary Applicant. For personal/business use 5% (fixed) > 24 EMI’s cleared- 3% else 4% (floating)
Disclaimer
- All intellectual property including trademarks, logos belong to the owner
| Particulars | Self-Employed |
|---|---|
| Age | 25 to 65 years |
| Prepayment charges/Foreclosure | Prepayment charges Individual Primary Applicant: For Personal Use: 5% (fixed) and 0% (floating). For Business Use: 5% (fixed) > 24 MOB- 3% else 4%- floating. Non-individual Primary Applicant for personal/business use- 5% (fixed) > 24 MOB- 3% else 4% FLOATING Foreclosure charges: Individual Primary Applicant for personal use- 5% (fixed) 0% (floating). For business use: 5% (fixed) > 24 EMI’s cleared- 3% else 4%- floating. Non-Individual Primary Applicant. For personal/business use 5% (fixed) > 24 EMI’s cleared- 3% else 4% (floating) |
FAQs
While applying for an IDFC First Bank Business you need to follow a few instructions given below:
- Submit the IDFC First Bank Business Loan digital application form
- A few essential documents like KYC & Financial will need to be submitted
- The IDFC First Bank will initiate the processing of the business loan which includes legal and technical verification
- A sanction a letter will be provided by the private bank, which will include a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions
- IDFC First Bank will raise a request for business loan disbursement, after which they will issue a cheque
There are a few documents that you will need to submit while applying for IDFC First Bank Business Loan. They are given in the table below:
KYC Documents
KYC Documents
- The previous three months’ salary slips and
the Latest Form-16 - Latest 2 years Form 16
- IT Returns for the last three years
-
Business Profile of the Applicant
Latest 3 years ITR with Computation of Income - Balance Sheet, Profit, and Loss Account, and respective schedules
- GST Registration Certificate, GSTR-3B Returns of
latest 1 Year, and GSTR-3B Returns of latest 1 Year
Company Udhyam certificate
Property Documents
A major reason ‘Why’ you should opt for an IDFC First Business Loan is because they offer you collateral ‘FREE’ loan up to Rs 1 crore. Besides, they provide for a ‘Digital’ business loan processing which is ‘Seamless’.
Usually, after you fill a business loan form online and submit all the required documents, it will take the IDFC First Bank about a minimum of 6-7 working days to sanction your business loan.
To successfully secure an IDFC First Bank Business Loan you need to have a minimum CIBIL score of at least 700 above.
The IDFC First Bank usually sanctions a minimum amount of 10 lakh and maximum 1 crore
The EMI you will have to pay for IDFC First Bank Business Loan when you apply at the lowest minimum interest rate of 14%, given below a table containing loan amount and tenure.
Table of IDFC First Bank Business Loan EMI @14% interest rate for different loan amounts and tenures:
| Amount | ||||
|---|---|---|---|---|
| Tenure | 10 lacs | 25 lacs | 50 lacs | 1 cr |
| 2 Years | Rs 48,013 | Rs 1,20,032 | Rs 2,40,064 | Rs 4,80,129 |
| 3 Years | Rs 34,178 | Rs 85,444 | Rs 1,70,888 | Rs 3,41,776 |
| 5 Years | Rs 23,268 | Rs 58,171 | Rs 1,16,341 | Rs 2,32,683 |
Typically, you may not need a co-applicant while applying for a IDFC First Bank Business Loan . Moreover, having one significantly helps in proving ‘Creditworthiness’ to your lender . Therefore, improving your chances of securing a business loan easily.
In case of Business Loan which is an unsecured loan, the interest rates remains fixed during the entire tenure of the loan period.
Having ITR documents for three financial years, it means that it increases your chances of obtaining a Kotak Mahindra Bank Business Loan. It is however very possible that you secure a business loan despite not possessing ITR documents for three financial years.
However, for that to be possible you need to be seeking a small loan and you need to have a good CIBIL score to prove to your lender your ‘Creditworthiness’.
On applying for an IDFC First Bank Business loan, submitting all the necessary documents, and receiving a sanction letter, it should take the bank anywhere between 6 to 7 working days to disburse the business loan.
There are a few additional details about IDFC First Bank Business Loan that you need to know given below: They are as follows:
-
Types of IDFC Bank Business Loan:
There are several types of IDFC First Bank Business Loan. They are as follows:
-
IDFC First Bank Business Loan:
Typically, IDFC First Bank provides this business loan scheme to help self-employed individuals or businesses to meet all their working capital requirements.
-
IDFC First Bank Working Capital Home Loan:
This is an IDFC First Bank business loan scheme that offers a wide range of working capital products. These include, overdraft, cash credit, letter of credit, bank guarantee, term loan, and other trade products.
-
IDFC First Bank Professional Loans:
This is a type of IDFC First Bank business loan scheme designed specifically for meeting financial requirements of salaried CA’s and doctors.
-
IDFC First Bank Loan Against Property:
IDFC First Bank provides LAP or Loan Against Property specifically for businesses and self-employed individuals for all kinds of residential and commercial properties.
-
IDFC First Bank Dropline Overdraft Loan:
It is a business loan scheme which permits applicants to utilize the entire loan amount to agreed limit.
-
EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Tenure (Years)
Years
Monthly EMI
₹ 21,617
Principal Amount
₹ 25,000,000
Interest Amount
₹ 23,000,000
Total Amount Payble
₹ 47,000,000
Interest Amount
Principal Amount
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