IDFC First Bank Business Loan in Purnea, Bihar

When it comes to your business, you want to do everything in your power to ensure that it grows and flourishes. With IDFC First Bank Business Loan, we help you take your business to newer heights. Whether it is expanding into new markets, buying new equipment, upgrading existing facilities, or meeting your working capital requirements, IDFC First Bank offers you unsecured business loan solutions that meet your diverse needs. Is. Choose a bank with us and create a better financial plan for your business.

EMI Calculator

Loan Amount

₹

500000

No. of Months

months

Rate of Interest

Monthly EMI

₹

₹ 32,124.56

Total Interest

₹

10,622.78

Principal Amount

₹

500000

Payable Amount

₹

160,622.78

Pay No.	Begining Balance	EMI	Principal	Interest	Ending Balance
1	150000.00	32124.56	28637.06	3487.50	121362.94
2	121362.94	32124.56	29302.87	2821.69	92060.07
3	92060.07	32124.56	29984.16	2140.40	62075.91
4	62075.91	32124.56	30681.30	1443.26	31394.61
5	31394.61	32124.56	31394.64	729.92	-0.03

IDFC First Bank Business Loan Important Information

Loan tenure up to 48 months

Collateral-free funding up to ₹1 crore

Quick eligibility up to ₹50 lakhs basis banking

Avail easy balance transfer & top up facility

Eligibility Criteria for IDFC First Bank Business Loan

MSMEs/ non-Individuals such as:

Private Ltd.

Partnership firms

LLPs

Sole proprietors etc.

Each meeting the minimum requirements as below:

Minimum turnover of ₹1 crore

Minimum business vintage of 3 years

Documents Required for IDFC First Bank Business Loan

Photo identity and Address proof : As per RBI defined KYC guidelines. Ownership proof of office or residence

Business Proof : Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed

Any one of the additional documents basis selected program

Basis Banking - Latest 2 years ITR and Net worth statement, Latest 6 months Bank statements

Or Basis GST - Latest 6 months banking, GST returns for the last 12 months, Latest ITR and computation

Or Basis income - Latest 2 years ITR & computation, Latest 2 years audited PnL & Balance sheet, Latest 6 months Bank statements

Fees & Charges for IDFC First Bank Business Loan

Processing Fees: Upto 3.5% of loan amount

Repayment instrument swap charges: ₹500

Duplicate No Objection certificate / No Due Certificate: ₹500

Phsyical repayment schedule: ₹500

Physical statement of loan: ₹500

Cheque swap charges: ₹500

Document retrieval charges (per retrieval): ₹500

FAQ for IDFC First Bank Business Loan

What is a Business Loan?

It is an unsecured loan which is provided to a self-employed individual and entity. It is typically used by businesses to upgrade or purchase equipment. It is repaid in equal installments at fixed monthly intervals.

What is the turnaround time for the disbursal and/or decision of the loan?

We do our best to create a quick turnaround time for your loan. We process your loan within 6-7 days.

What are some of the main features of this loan?

Here’s a list of some of the many features you can access to under this loan:

Collateral-free loans up to Rs.1 crore
Attractive business loan interest rates
Flexible tenure up to 48 months
Unique loan transfer and top-up facility
Attractive top-up facility for existing customers
Higher loan facility basis audited financials
Quick loan based on business bank statements or your GST returns
Superior customer experience with easy documentation and processes

When can I get a line increase on my existing loan?

Once you complete regular repayment of your EMI for 12 months, you will be given the opportunity to get a line increase on your existing loan.

What are the maximum and minimum loan amounts that can be sanctioned?

Once you meet our Business Loan eligibility requirements, we can offer you a loan amount from a minimum of Rs.10 lakhs up to a maximum of Rs.1 crore

Note: This content is taken from IDFC First Bank website

Purpose for Business Loan

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