Idfc First Bank Business Loan Interest Rate at 10.50% onwards
|INTEREST RATE||Contact Bank Branch|
|LOAN TENURE||Max. 4 Years|
|PROCESSING FEE||Upto 3.5% of loan amount|
|GUARANTOR REQUIRED||Please Contact Bank Branch|
|PRE PAYMENT CHARGES||As decided by the bank from time to time|
About Idfc First Bank
Idfc First Bank is a private sector bank in india established on 2015. It has headquarter in Mumbai and address is Naman Chambers, C-32, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra. it has 801 branches across the state.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Idfc First Bank Business Loan Interest Rates, Business Loan at 10.50% onwards Updated on 25 Mar 2023. Apply for Business Loans Online. Find purpos, Eligibility, Margin, Repayment of Business Loan ,Security, Documents Required for Business Loan below.
Other Products of Idfc First Bank:
|Home Loan||Personal Loan|
|Education Loan||Business Loan|
|Car Loan||Two Wheeler Loan|
|Gold Loan||FD Interest Rates|
|RD Interest Rates||Bank ATMs|
Business Loan PurposeTo provide loan for any business upgrade or equipment purchase, which is repaid in equal instalments at fixed intervals, mostly monthly..
Business Loan Eligibility
- MSMEs/ non-Individuals such as Private Ltd, Partnership firms, LLPs, Sole proprietors etc.
- Minimum turnover of such entity should be Rs. 1 crore
- Minimum business vintage of such entity should be of 3 years
Business Loan Document Required
- Completely Filled Business Loan Application Form
- PAN Card - For Individual / Partnership Firm / Company
- Identity Proof - Any one (e.g. Voter ID / Driving License / Passport / Aadhar Card)
- Address Proof - Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Ownership proof of either residence or office either in the name of applicant or jointly with family members
- Business Continuity Proof - Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
- Proof of Vintage eg. Shops & Establishment certificate/VAT/Sales Tax Registration Certificate, etc
- KYC documents of Applicant/ Co-Applicant/ Promoters/ Guarantor
- Passport Size Photographs of all applicants and co-applicants
- Financial Projection for 2 years
- Last 3 year Financial Statement including latest 2 years Audited Statements along with all schedules
- Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet
- Any other document as required by the bank based on the status of the applicant.
Business Loan AmountMaximum Rs 1 Crore. Will be decided by the bank based on borrower's loan repayment capacity, income statements, cash flows and past track record of repayment.
Business Loan RepaymentMax. 4 Years
How to Manage your Business Loan Properly?
- Follow a financially disciplined attitude. You also need to manage your income and expenses well.
- Switch to loan having Lower Rate of Interest. Always be watchful about what rate of interest other lenders are charging. If you find considerable difference in the interest charge, you must think of switching you existing loan to the lender who is offering the loan at lower interest rate.
- Pay Higher EMI in case you are able to do so with ease and currently having no monetary issue. It will lower down you Business Loan amount and also lower your interest outgo.
- Opt for Partial Pre-payment. Whenever you receive extra funds by any means, you must try to make partial pre-payment of loan. It will reduce your debt marginally.
- Do not Avail Unnecessary Loan. If you can manage some small expenses out of the funds in your hand then you must not opt for any kind of loan.
- Pay your EMIs on Time. Do not make any delay in payment of your loan EMI and never ever miss your EMI. Delay in payment may attract penalty or extra charges. Also it will impact your credit score negatively.
- Make higher down payment. In that case, you will need lower loan which you can manager efficiently by repaying it on time and with ease.
- Try to repay other small loans, if possible. It will reduce your debt burden and so as your interest cost.
Tax Benefits Available in Business Loan
Interest paid on a business loan is tax deductible expense which means interest paid is an expense for the business and is deducted from gross income. However, the principal amount is not tax deductible because repayment of principal means paying back the money borrowed, hence cannot be considered an expense.
As the tax is paid on the net income earned by a businessman in a financial year. So the interest can be subtracted from the gross income in order to compute the net income. After deducting the interest expenses from the gross income, net income is arrived at, on which the income tax is paid.
As after deduction of interest from the gross income of the business, the net taxable income, on which tax is to be paid, reduces and hence the businessman needs to pay less income tax.
Contact details of Idfc First Bank, Idfc First Bank SMS balance check number, Idfc First Bank SMS banking, Idfc First Bank mobile banking, Idfc First Bank toll free number,Idfc First Bank toll free number 24*7, Idfc First Bank miss call number.
- MISSED CALL NUMBERS - 18002700720
- CUSTOMER CARE NUMBERS - 18602582000, 180010888
- CONTACT NUMBERS - 18602582000, 180010888
Idfc First Bank Contact Details
- BANK OFFICIAL WEBSITE - www.idfcfirstbank.com
- CONTACT NUMBERS - 18602582000, 180010888
- EMAIL ID - email@example.com
- MISSED CALL NO. - 18002700720
- CUSTOMER CARE NO. - 18602582000, 180010888
- TOTAL BRANCHES - 801
- HEADQUARTER - Mumbai
- BANK ADDRESS - Naman Chambers, C-32, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra
Idfc First Bank Personal Loan FAQsPersonal Loan Document Required
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