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 30% p.a. |
| Loan Processing Charges | Upto 3% of Sanctioned Amount + GST |
| Cheque / ACH Return Charges | ₹ 500/- + GST per instance |
| Cheque / ACH Swapping Charges Duplicate No-dues Certificate | ₹ 500/- + GST per instance |
| Duplicate Statement / Amortisation / Repayment Schedule/ Agreement/ Sanction Letter | ₹ 200/- + GST per instance |
| Penal Interest | 24% p.a. |
| Prepayment / Foreclosure (01-06 months of EMI Repayment) | 7% + GST* (Approval required) |
| Prepayment / Foreclosure (07-24 months of EMI Repayment) | 5% + GST* |
| Prepayment / Foreclosure (more than 24 months of EMI Repayment) | 4% + 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: * 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. These charges are in effect from June 15, 2020.