IDFC First Bank is in service since 18 December 2018. It is formed by adding IDFC Bank and Capital First known as IDFC First Bank. This provides many loan services, including personal loans, home loans, loans against Property, Business Loans, and more. You can get a business loan of up to Rs. 1 crore with interest rates starting at 20% per annum.
Table of Contents
Feature and Benefits
- Loan tenure up to 48 months
- Loan amount up to Rs.1 crore without collateral.
- Balance Transfer Facility available
- Top-up plans available
- Loan up to Rs. 50 lakhs on quick eligibility
- Use your loan amount to expand your business, and buy new inventory, for day-to-day expenses.
Who can apply for IDFC First Bank Business Loans?
- Indian Resident
- The minimum age to apply is 25 years
- Maximum age 68 years
- The minimum Turnover of your business must be Rs.1 crore
- Your business must be 3 years old
- Self-employed individuals
- Professionals
- Manufacturers/ Traders
- Private Companies
- Partnership firms
- Limited Liability Partnership
- Retailers
- Sole Proprietorship
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Documents Required
- Id proof, any approval by GOI
- Address proof (utility bills/passport/rent agreement/ Aadhar card/pan card/driving license)
- Passport size photograph
- Business proof
- Certificate of commencement, AOA, MOA
- Partnership agreement in case of partnership firm
- Income proof
- GST registration number.
- ITR of last 2 years
- Bank statements for 6 months
- GST returns for the last 12 months
Fee and other charges
| Sl.No | Fee and charges | Rates |
|---|---|---|
| 1 | Rate of Interest | up to 3% of the loan amount including administrative charges |
| 2 | Processing fee | up to 3% of loan amount including administrative charges |
| 3 | No due certificate/ Duplicate NOC charges | Rs.500 |
| 4 | Documents retrieval charges per retrieval | Rs.500 |
| 5 | Late payment charge | 2% of EMI amount or Rs.300 w.e.h |
| 6 | EMI bounce charges | Rs.400 |
How to apply for IDFC First Bank Business Loan?
- Type IDFC First Bank Business Loans on Google.
- Click on the Title Apply for IDFC first bank business loans.
- Their website will be opened.
- Now, click on Apply now.
- A new page will open and ask you to enter your mobile number and will verify your mobile number.
- After verification, it will ask for your basic information and documents.
- Fill out everything asked for and submit the info.
- Their team will contact you and guide you for further assistance.
Contact Details
Call – 1860 500 9900
Email ID – customer.care@idfcfirstbank.com
Official Website – IDFC First bank
FAQs
1] What are the interest rates applied on IDFC First unsecured business loans?
The interest rate applicable starts from 20% per annum and depends upon your loan amount.
2] Can I apply for the loan online?
Yes, you can apply for a loan online by visiting your closest IDFC First Bank branch.
3] How much processing fee is applicable?
The processing fee applied is up to 3% of your loan amount.
4] I have a query regarding my loan application, whom to contact?
You can mail your query to customer.care@idfcfirstbank.com or call 1860 500 9900.
5] What is an unsecured business loan?
Unsecured Business loans mean to get a loan you don’t need any collateral or guarantor or security to attach to your loan.
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