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IIFL Business Loan Eligibility

IIFL Business Loan Eligibility Calculator is an online tool which eases up your loan process by checking your IIFL Business Loan Eligibility in few seconds. In order to expand your business you can easily opt for IIFL Business Loan apply online. You need to check your IIFL Business Loan Eligibility using IIFL Business Loan Eligibility Calculator which increases the chances of your loan approval. For using IIFL Business Loan Eligibility Calculator, you need to input details like- your monthly income, your fixed liability, yearly turnover etc. An added advantage of using IIFL Business Loan Eligibility Calculator for checking IIFL Business Loan Eligibility is absolutely free. You need to maintain a minimum credit score of 750 or above to have a high IIFL Business Loan Eligibility and avail the loan for the growth of your business.

Factors that affect IIFL Business Loan Eligibility Calculator

IIFL Business Loan Eligibility check using IIFL Business Loan Eligibility Calculator before you opt for IIFL Business Loan apply online is a wonderful thing. IIFL Business Loan is an unsecured loan that do not take any collateral. So, there is a huge possibility of loan default. So, IIFL Business Loan Eligibility is really high and the interest rate charged is also very high to compensate that kind of situation.
Following are the factors that affect IIFL Business Loan Eligibility Calculator-

  • Age

    Your age is a huge factor which affects IIFL Business Loan Eligibility. Your age must be within the slab of 30 to 60 years for a higher IIFL Business Loan Eligibility. At a young age, if you go for IIFL Business Loan apply online, then definitely your IIFL Business Loan Eligibility will be high as you have high repaying capicity. But IIFL Business Loan Eligibility will be low for an older applicant because of lower repaying capacity.

  • ITR

    IIFL Business Loan Eligibility gets affected by your ITR file. You need to produce ITR copy for at least 24 months and updated bank a/c statement of last 6 months which improves your IIFL Business Loan Eligibility.

  • CIBIL Score

    IIFL Business Loan Eligibility is highly affected by the CIBIL score. For higher IIFL Business Loan Eligibility, you need to have high CIBIL score. But a low CIBIL score will lower the IIFL Business Loan Eligibility. So, disciplined repayment will increase your CIBIL score which will result in higher IIFL Business Loan Eligibility.

  • Existing Debt

    For financial obligations like EMI payment and credit card dues, your IIFL Business Loan Eligibility will be low because of your reduced repaying ability. For higher IIFL Business Loan Eligibility criteria, you need to clear all your ongoing debts before you opt for IIFL Business Loan apply.

  • Business Stability

    Business stability affects IIFL Business Loan Eligibility. For a higher IIFL Business Loan Eligibility, you must have a stable business track record with a minimum experience of 36 months. Also, marginal profit or more will increase your IIFL Business Loan Eligibility. Or else you need to provide a mortgage to the financial institution for loan approval.

  • Housing Situation

    Your IIFL Business Loan Eligibility will be high if you reside in your own house. But your IIFL Business Loan Eligibility will be low if you stay in a rented house as your repaying capacity will get reduced which will lower down your IIFL Business Loan Eligibility criteria.

  • Geographic Location

    The geographical location of your residence is a huge factor that affects your IIFL Business Loan Eligibility criteria. If you stay in a rural area, then your IIFL Business Loan Eligibility will be low. But staying in your metropolitan city will lower your IIFL Business Loan Eligibility. In addition, if you stay in red marked areas indicated by the financial institutions, then your IIFL Business Loan Eligibility will be low.

IIFL Business Loan Eligibility Criteria

Parameters IIFL Business Loan Eligibility Criteria
Eligible Entities Self employed and non-professionals – Sole proprietors, partnership firms, private limited companies, public limited companies involved in the business of manufacturing, services, and trading Self employed professionals – Doctors, CA, CS, Architects.
Age 30 – 60 years
Loan Amount Up to Rs. 50 lakhs
Interest Rate 16% – 26%*
Loan Tenure Up to 5 years
Business Vintage For self employed professional – 3 years
For self-employed businessmen – 5 years
Annual Turnover Rs. 1 Cr and above
Banking Stability 6 months and above
CIBIL Score 750 or above
Other Eligibility Conditions Borrower should have their own house or workplace

FAQ’s

The interest rate for IIFL Business Loan ranges from 16% to 26%* .
The maximum loan tenure to repay IIFL Business Loan is 5 years.
The maximum loan amount that you can avail from IIFL Business Loan is Rs. 50 lakhs.
The age criteria dor IIFL Business Loan lies between 30 to 60 years.
The minimum credit score that you require for IIFL Business Loan is 750 or above.
*Interest rate and Loan approval are subjected to bank discretion and approval.