Business Loan Of 10 Lakhs
A 10 Lakh business loan from IIFL Finance is a one-stop solution to take your business to newer heights. It facilitates all your business needs - market expansion, purchase of new equipment, working capital requirements, or upgradation of existing facilities.
An IIFL Finance business loan meets the funding requirements of business owners, MSMEs, self-employed individuals, and other business entities. Therefore, entrepreneurs, retailers, manufacturers, traders, professionals such as doctors or CAs, and startups can avail of a business loan.
Features and Benefits of a 10 Lakh Business Loan
A 10 Lakh loan for a business has three variants.
Term Loan
A term loan allows you to borrow funds based on your eligibility. The loan repayment is in the form of equated monthly instalments (EMIs) consisting of the principal and the applicable interest.
Flexi-Term Loan
Businesses are dynamic, and fund requirements change periodically. The borrower can draw down and repay additional funds with a flexi-term loan.
Flexi Hybrid Loan
A flexi hybrid loan is the same as a flexi-term loan except for the EMI. For the initial period, EMI only includes the applicable interest. Subsequently, EMI consists of interest and principal.
In addition to the features and flexibility, a business loan also has the following benefits.
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Large Loan Amount: One of the biggest advantages of a 10 Lakh Business Loan is the large loan amount. This loan is designed to cater to small and medium businesses that need a substantial amount of capital to meet their financial needs. The loan sanction amount ranges from Rs. 50,000 to Rs. 50 Lakhs.
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Unsecured Loan: The loan is unsecured, meaning you do not have to provide any collateral to avail of it. This makes the loan accessible to a larger number of businesses, regardless of their asset base.
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Quick Disbursal: Another benefit of this loan is quick disbursal, which means you can get the loan amount in your bank account within a few days after the loan is approved. This feature makes it an ideal option for businesses that need quick access to funds.
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Flexible Repayment Options: A 10 Lakh Business Loan comes with flexible repayment options. The loan tenure may last up to eight years or ninety-six months. You can choose the repayment tenure that works best for your business, and the lender will tailor the loan repayment schedule accordingly.
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Minimal Documentation: The loan application process is online, requiring minimal documentation, and you will receive funds within forty-eight hours of approval. This makes it easy for businesses to apply for and get a loan without having to spend a lot of time on paperwork.
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Competitive Interest Rates: The interest rates for this loan through IIFL Finance are competitive, making it an affordable option for businesses that need a substantial loan amount. The lender will also consider your credit score, business financials, and other factors to determine the interest rate.
Eligibility Criteria for 10 Lakh Business Loan
Anyone who fulfils the below criterion can apply for a business loan of up to 10 Lakhs.
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Age: Any Indian citizen between the age of 24 to 70 years can apply. Your age must be seventy years or younger at the end of the loan tenure.
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Vintage: Minimum business vintage of three years is essential to apply. A higher vintage is beneficial to secure a high-value loan.
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Creditworthiness: A business loan application requires a Minimum CIBIL score of 685. A higher CIBIL score indicates better creditworthiness and is helpful.
Business Loan EMI Calculator
Documents Required for 10 Lakh Business Loan
You must furnish documents to process your 10 Lakh loan for business if you meet the eligibility requirement. These documents include the following.
KYC documents include Aadhar, PAN Card, Voter’s ID, or Passport.
Proof of business ownership, such as a certificate of establishment, trade licenses, GST registration certificate, etc.
Other financial documents.
How to apply for a business loan of Rs. 10 lakhs?
Here is how you can apply for a business loan in Mumbai with IIFL Finance:
10 Lakh Business Loan FAQs
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