3 ways to apply for Business Loan
Here are the 3 easy steps to help you apply business loan online & get a loan amount in your account. Read this article by IIFL Finance to know more details!
Entrepreneurs require funds to kickstart ventures and propel their businesses forward to scale new heights. Despite offering much value to customers, several entrepreneurs find it difficult to continue or are forced to shut shop due to a lack of timely access to capital.
A business loan can be the apt solution for business owners looking to survive in the long run, expand operations, procure new equipments, or invest in their future growth and success. A business loan plays a vital role in driving consistent growth. Also, the infusion of substantial capital can lead to the smooth conduct of business operations and boost profitability.
Lending institutions like IIFL Finance provide multiple business financing solutions to meet your business l growth objective.
While the benefits of a business loan are pretty apparent, several entrepreneurs are unsure of the steps to be followed to get business loans. IIFL Finance presents hassle free application process and the best of the interest rate!
3 ways to apply IIFL Business Loans
Entrepreneurs can apply for a business loan in 3 ways:
- My Money App
- IIFL Finance Business Loan Website
- WhatsApp Chatbot
All three platforms are designed to offer borrowers ease and comfort throughout the application process.
The first step to applying for a business loan is to check your eligibility. Every financier uses a unique framework to make lending decisions. Borrowers must understand the eligibility criteria to know if they qualify for a business loan.
While any Indian citizen running a credible business and a good credit score is eligible for a business loan with IIFL Finance, there are a few qualifying factors as described below –
- Business owners running proprietorship firms are eligible to apply for a business loan from IIFL Finance.
- Age: Minimum age to apply for a business loan is 23 years, and the maximum age is 65 years.
- Years of Operation: The business should be operational for 2 years or more and function at a reasonable scale.
- Credit Score: Lenders judge the creditworthiness of the client based on the credit score. They consider a score of 700 and above as an indicator of a good and trustworthy borrower.
- Repayment Ability: It is essential to know the cost of funds borrowed. Before taking a loan, borrowers must assess whether the EMI (Equated monthly instalment) is affordable. By entering the proposed loan amount, tenure, and interest rate in the IIFL Business loan calculator, you can find out the exact monthly instalment amount and check if it fits your budget.
Fill personal details
Enter basic personal details such as name and email id. The app/website will request consent to fetch your credit report. Once personal details are verified through OTPs and consent is received, the borrower must enter the PAN Card number.
Update business details
The next step is to update basic business details such as :- Type of Business, Business Name, Date of Incorporation, Annual Income Range, and GST details if registered.
Once the details are updated, you need to submit a simple one-pager application form and the details of the purpose of the loan.
Also, with the My Money app, borrowers can benefit from tracking the application status in real-time. Applicants are informed of their application status via email and SMS alerts for those without the app.
IIFL Finance has recently announced a quick and easy way to apply for Business loans via WhatsApp. Using Artificial Intelligence (AI)-based bot technology, the company matches the users' details to a suitable loan offer. Without downloading a new app, borrowers can use WhatsApp, & just send the message 'Hi' to 9019702184 to apply for business loans up to 10 lakhs and receive instant sanctions. IIFL Finance ensures faster approvals by leveraging the latest technology to speed up basic KYC and bank account verification checks.
Upload KYC and Business Proof Documents
KYC (Know Your Customer) is an effective way to verify the authenticity of the customer. While filling out the loan application, the customer must submit KYC documents on the financial institution’s portal.
Documents for Insta Loan
- Application form
- KYC documents as per RBI Guidelines (address and ID Proof).
- GST Certificate (Optional).
- Business Registration proof to verify years of operation
- Latest six months’ bank statements.
The above list of documentation is not exhaustive, and additional documents may be required for credit evaluation and loan application processing.
Register bank account and auto-pay
The applicant should register their active bank account on the IIFL Finance website for seamless disbursement and EMI repayment. With an online facility, borrowers can receive funds and make payments anywhere, anytime.
The payment infrastructure is quick, easy, convenient and safe. Additionally, customers can directly pay their dues through Paytm, Phone pe, Google Pay, Mobikwik and Bhim. Customers can also repay the loan amount through Auto-pay by setting up NACH. e-NACH, supported by RBI and developed by NPCI, helps customers set up standing instructions to hassle-free repayment obligations. Once set up, customers need not put reminders to pay EMIs. The amount is automatically debited on the due dates, so no instalments are missed. Through auto-pay, borrowers can rest easy knowing their loans are repaid on time without affecting their credit scores and credit reputation.
Features of IIFL Finance Business loans
- Borrowers can check the eligibility of taking an IIFL Finance business loan through MyMoney app, website, or WhatsApp and know their eligibility within 5 minutes.
- The application process is convenient and straightforward and takes only 10-15 minutes to apply for a loan.
- Business loans up to 10 lakhs are disbursed quickly within 48 hours and can be accessed using WhatsApp
- Get collateral-free business loans up to Rs.10 lakhs with flexible repayment tenures.
- Loans are accessible with minimal documentation and at the lowest interest rate, starting at just 11.75% p.a.( sub. to revisions)
- Access business loans at a nominal processing fee of approximately 2.5-4% of the loan amount.
- Legal and Technical assistance is available at each stage of the loan process.
A continual stream of funds is necessary for businesses to flourish and grow exponentially. Companies need funds to develop new products and solutions to compete in the market and keep pace with the constantly changing customer needs. Business loans enhance stability, credibility, productivity and aids in exploring newer business opportunities.
IIFL Finance, India’s leading financial institution, has streamlined the process of obtaining a business loan by leveraging the latest technology. Customers can use multiple channels - the IIFL Finance website, MyMoney app, or WhatsApp - to seamlessly access our business loan offerings and grow their business.
Click to start your loan application today.
Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.