idfc-bank-business-loan

a. Age: Minimum 23 years to Maximum 68 years

b. Credit Score: 650 and above

c. Employment Type: Both Salaried and Self-Employed

Non-Individuals: Companies, Partnership firms, LLPs, Sole proprietorships

d. Minimum Net Income: Minimum Rs. 25,000

e. Work Experience: For Salaried Individuals: Minimum 3 Years of Job Stability

For Others: Minimum 3 Years of Business Continuity

For Unsecured Business Loans

• Photo identity and Address as per RBI defined KYC guidelines
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• Ownership proof of office or residence
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• Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed

Any one of the bases of the additional documents selected program

• Basis Banking - Latest 2 years ITR and Net worth statement, Latest 6 months Bank statements
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• Or Basis GST - Latest 6 months banking, GST returns for the last 12 months, Latest ITR and computation
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• Or Basis income - Latest 2 years ITR & computation, Latest 2 years audited PnL & Balance sheet, Latest 6 months Bank statements

For Unsecured Professional Loans

Salaried Professionals

• Proof of photo identity and address
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• Education Proof - Degree certificate or registration
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• 3 Months Bank Statement
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• Employee ID Card
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• Residence Ownership proof

Self Employed professionals and Entities such as Hospitals, Diagnostic centres

• Proof of photo identity and Address
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• Education Proof- Degree certificate or registration
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• Proof of residence or office’s ownership proof (as applicable)
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• Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed.

Any one of the additional documents as per the program

• Basis Banking - 1-year ITR & Computation, 12 months banking
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• Or Basis Degree - 3 months banking
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• Or Basis Income - 2 years ITR & financials, 12 months banking

For Secured Loan Against Property

• Proof of photo identity and Address
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• Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed.
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• Details of running loans, if any: Sanction letter, Amort Schedule/ Statement of Account
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• Property Document: Complete chain of property title deeds, Approved layout/plan

Any one of the bases of the additional documents selected program

• Basis banking - Latest year ITR along with latest year’s financials, Latest 6 months Bank statements for loans up to 2 Crs, otherwise 12 months
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• Or Basis GST - Last 1 yr ITR, 1 yr financials/ CA net worth statement, Latest 3 months’ bank statements, GST returns for the last 12 months
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• Or Basis Income - Latest year ITR along with latest year’s financials, Latest 6 months Bank statements for loans up to 2 Crs, otherwise 12 months

For Commercial Vehicle Loan

• Proof of photo identity and Address
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• Experience Proof: Driving license, registration copy of commercial vehicle owned, current account statement, etc., experience letter from employer
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• Income Proof: 6 months’ bank statement, ITR/audited financials for the last 2 years (if available)
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• Fleet List: List of vehicles owned & supporting documents for the same (if available)

For Micro Business Loan (Pragati)

• Proof of Identity
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• Proof of Address
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• PAN/Form 60
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• Last 6 months' Bank Statement
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• Business Existence Proof
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• Proof of Property ownership

Following is the procedure for the loan verification process:

1. Fill the application form and submit it through an online portal or offline through a bank. Submit all the required copies of documents with the application form. The procedure can be done quickly by signing up on Apnapaisa.com.

2. A customer care representative will reach out to you within 24 hours from the time of application submission. The officials might schedule a visit if you have opted to submit the documents offline.

3. The bank officials will verify all the documents and details. They can visit the residence or business property if necessary.

4. Once the documents are verified and approved, the bank will quickly disburse the loan in your bank account. You will get a copy of the duly signed loan agreement, which will have the details of the loan amount, tenure, interest rates, charges, and penalties.

The interest rate on the business loans provided by IDFC First Banks is from 19% onwards.