IDFC First Bank Business Loan Interest Rates

IDFC First Bank Business Loan helps you to expand your business venture, purchase new equipments and increase the working capital by providing financial support. IDFC First Bank Business Loan Interest Rates offered are highly competitive as compared to other financial institutions. For a lower IDFC First Bank Business Loan Interest Rates, you should have high eligibility by maintaining a credit score of 700 or above. You must possess disciplined repaying habit which will increase your credit score and will increase your trust factor which helps in lowering your IDFC First Bank Business Loan Interest Rates. If your eligibility is low, your IDFC First Bank Business Loan Rate of Interest will be high which means you need to pay a higher interest amount. So, always try to lower your business loan interest rate in IDFC First Bank.

Which factors affect IDFC First Bank Business Loan Interest Rates?

IDFC First Bank Business Loan Interest Rate Calculator helps to calculate IDFC First Bank Business Loan Rate of Interest based on your IDFC First Bank Business Loan Eligibility. So, before you opt for IDFC First Bank Business Loan, you will have an idea of IDFC First Bank Business Loan Interest Rates.

You must maintain a stable business of at least 36 months and must have a good repaying history which will lower your IDFC First Bank Business Loan Interest Rates.

So, here are some of the important factors which affect IDFC First Bank Business Loan Rate of Interest calculated using IDFC First Bank Business Loan Interest Rate Calculator-

• Age

  The age of applicant greatly affects IDFC First Bank Business Loan Interest Rate Calculator. The age criteria ranges between 23 to 65 years. For a lower IDFC First Bank Business Loan Interest Rates, you need to apply for IDFC First Bank Business Loan at a young age as your repaying capacity will be high. In addition, many benefits and offers will be provided. But IDFC First Bank Business Loan Interest Rates will be high for an older applicant because of lower repaying capacity.

• CIBIL Score

  Your CIBIL score is a huge factor in deciding IDFC First Bank Business Loan Interest Rates. If you have a lower CIBIL score, your IDFC First Bank Business Loan Interest Rates will be high whereas a higher CIBIL score will lower your IDFC First Bank Business Loan Interest Rates. So, always try to maintain a good repaying history by paying off the loans at the specified time which will lower down your IDFC First Bank Business Loan Interest Rates.

• Existing Debt

  IDFC First Bank Business Loan Interest Rates gets affected by your existing debts like EMI payments or credit card bill dues as it increases your IDFC First Bank Business Loan Interest Rates. Also, if your existing liabilities consumes a maximum 40% of your monthly income then obviously your IDFC First Bank Business Loan Interest Rates will be high. To lower your IDFC First Bank Business Loan Interest Rates, you can easily opt for the balance transfer and top-up loan. Also you must pay off your financial liabilities to lower your IDFC First Bank Business Loan Interest Rates.

• Housing Situation

  Your housing situation is also another factor which affects IDFC First Bank Business Loan Interest Rate Calculator. If you stay in your own house, then your IDFC First Bank Business Loan Interest Rates will be low. But if you stay in a rented flat, then your IDFC First Bank Business Loan Interest Rates will be high as you need to pay your rent which will reduce your repaying capacity. In addition to that, owning your own workplace will also lower down your IDFC First Bank Business Loan Interest Rates.

• ITR

  IDFC First Bank Business Loan interest rates gets highly affected by the details of your ITR file. You need to produce ITR copy of the last 24 months with an updated bank account statement of the last 6 months which will lower your IDFC First Bank Business Loan Interest Rates.

• Business Stability

  A stable business track record of 3 years wil increase your eligibility and lower down your IDFC First Bank Business Loan Interest Rates. Also, the business must provide a good profit for the last 24 months and must provide a decent annual turnover which will decrease your IDFC First Bank Business Loan Interest Rates.

• Geographical Location

  Your geographical location is also an important factor that affects your IDFC First Bank Business Loan Interest Rates. If your geographical location is based on metropolitan city, then your IDFC First Bank Business Loan Interest Rates will be low. But if your geographical location is based on rural area, then your IDFC First Bank Business Loan Interest Rates will be high. Moreover staying in any red marked area that are pointed by the financial institutions will increase your IDFC First Bank Business Loan Interest Rates.