Business Loan Interest Rate
IIFL Business Loans ensure that your finance needs are met promptly and that your can focus on business growth without worrying for day-to-day business expense needs.
IIFL SME Business Loans are available at attractive rates and the documentation requirement is minimum. Here’s a glance at the charges levied upon your SME Loan:
| Particulars | Charges |
|---|---|
| Rate of Interest | 16 to 26% p.a. |
| Processing fee | Upto 3% of the loan amount |
| Cheque / ACH Return Charges | ₹ 550/- + GST per Instance |
| Cheque / ACH Swapping Charges No-dues Certificate | ₹ 500/- + GST per Instance |
| Duplicate Statement / Duplicate Amortisation / Repayment Schedule | ₹ 200/- + GST per Instance |
| Penal Interest | 2% per month subject to a Minimum Amount of ₹ 200/- |
| Prepayment / Foreclosure (13-24 months of EMI Repayment) | 7% + GST* |
| Prepayment / Foreclosure (25-36 months of EMI Repayment) | 5% + GST* |
| Prepayment / Foreclosure (more than 36 months of EMI Repayment) | 3% + GST* |
| Loan Cancellation | Interest will be charged for the Interim period between date of Disbursement & date of loan cancellation |
| Documentation Charges | At Actuals |
| Security Creation and Perfection Charges | At Actuals |
| Property Valuation Charges | At Actuals |
| Inspection Charges | At Actuals |
| Stamp Duty Charges | At Actuals |
| Legal Collection & Incidental Charges | At Actuals |
| Any other charges from case to case basis | At Actuals |
Note: *Prepayment in part or full not allowed prior to payment of 12 EMI. Part Payment allowed up to 25% of Principal Outstanding. It is allowed only once in a year and twice during Loan tenure. Government Taxes and other levies as applicable, would be charged additionally