IDFC First Bank Business Loan – Eligibility, Charges, and How to Apply

IDFC First Bank Business Loan

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IDFC First Bank is an Indian private sector bank which was formed to finance infrastructure projects in India. It is the first universal bank to offer monthly interest credit on savings accounts, lifetime free credit cards with dynamic and low annual percentage rates.

NameIDFC First Bank[1]
HeadquartersMumbai, Maharashtra, India
FoundedOctober 2015
CEOV. Vaidyanthan
ChairmanRajiv Lall
TypePrivate sector bank
IndustryBanking Financial Services
IDFC First Bank

IDFC First Bank Business Loan

IDFC Bank offers business loans to both self-employed and salaried professionals such as doctors, traders, manufacturers etc., to meet their business needs and growth of their business. IDFC bank also offers loan against property to self-employed, salaried individuals and businesses for all kinds of commercial residents and industrial properties. Avail collateral free business loan up to Rs 1 crore from IDFC Bank with less documentation. IDFC First Bank business loans make it convenient to finance your business needs. If you are a start up or a seasoned entrepreneur looking forward for the growth of your business, IDFC Bank business loans can help you in business loans with preferential business loan rates.

Also Read: Kotak Mahindra Business Loan

Benefits and Features of Business Loan

  • Helps to start and grow your own business
  • Helps in expanding your business
  • Strengthens business credit score
  • No collateral required
  • Attractive and competitive interest rate
  • Simplified documentation process
  • Higher loan disbursal amount

Types of IDFC Bank Business Loans

IDFC Bank offers various types of Business loans. Mentioned below are some of the business loans offered by IDFC Bank

1. Unsecured Business Loan

IDFC Bank offers unsecured business loans to the self-employed individuals and businesses for their business requirements. Get unsecured business loans up to Rs 1 crore from IDFC First Bank.

2. Unsecured Professional Loan

IDFC Professional Loans are unsecured, collateral free loans offered to salaried CAs and doctors, and non-hospitals such as hospitals and diagnostic centres. Get collateral-free funding up to Rs 1 crore with this loan.

3. Secured – Loan Against Property

IDFC First Bank Loan Against Property is offered to salaried and self-employed individuals and businesses for all kinds of residential properties, commercial properties, etc. From IDFC Bank get funds up to Rs 7 crores against your property.

4. First Step Micro Business Loan

First Step Micro Business Loan by IDFC First Bank is for small business purpose with big dreams. Avail up to Rs 30 lakhs and enjoy flexible repayment options with First Step Micro Business Loan.

Interest Rate, Loan Amount, and Other Charges

Interest Rate15.00% p.a. onwards
Loan AmountFrom 9 lakhs to 100 lakhs
Loan Repayment Tenure12 to 48 months
Processing FeeUp to 3.5%
Foreclosure Charges5% of the outstanding principal amount
Penal Interest2% of the unpaid EMI or Rs 300 whichever is higher
EMI Bounce ChargesRs 400
Loan ProductsRate of Interest
Business loan (self-employed)15%
Professional Loan (salaried/self-employed)10.50%

Eligibility Criteria

For IDFC First Bank Unsecured Business Loans:

  • Self-employed individuals
  • MSMEs
  • Partnership firms involved in the business of Manufacturing, Trading, or Services
  • Sole Proprietors
  • Pvt Ltd Co.
  • Applicants should have a minimum turnover of Rs 1 crore and business vintage of 3 years

For IDFC First Bank Professional Loans:

  • Doctors
  • Engineers
  • Architects
  • Non individuals such as clinics, hospitals and diagnostic centres are also eligible for such loans

Documents Required

  • Id proof
  • Address proof
  • Business proof
  • Audit report
  • Passport sized photographs
  • Dully filled application form
  • Bank statement for the last 6 months
  • Proof of continuation
  • Income Tax Returns for the last 2 years
  • He/she should meet the requirement for company credit score and should not be under too many debts
  • Other mandatory documents if required

How to Apply

To apply for Business Loan from IDFC Bank one should be eligible for the loan. The eligible candidates can apply for the loan via both online and offline mode. They can apply by visiting the nearest branch and can also apply at the comfort of their home through internet.

Application Process

To fill up the business loan application form you need to be careful and have to enter the following details very carefully in the given sections:

  • Personal details
  • Loan details
  • Financial details

IDFC First Bank Business Loan EMI Calculator

EMI Calculator helps you to calculate your monthly EMI that you will have to pay towards your loan amount. Calculating your EMI is quick and simple. It eases the calculations and saves time. To use this calculator is very simple, you only need to enter the basic details such as loan amount, tenure etc., and you will get the result instantly. EMI thus, calculated is the sum of the principal amount and the rate of interest.


1. When was IDFC First Bank established?

Ans: IDFC First Bank was established in October 2015.

2. How to apply for IDFC First Bank business loan?

Ans: One can apply for the loan by visiting the nearest bank branch of IDFC and filling up the application form or can also apply via online.

3. What is the maximum loan amount one can avail form IDFC Bank?

Ans: One can get up to Rs 1 crore from IDFC Bank.

4. Who is eligible for business loan?

Ans: The following peoples are eligible for business loan:

  • Self-employed individuals
  • Partnership firms involved in the business of Manufacturing, Trading, or Services
  • Proprietors
  • Pvt Ltd Co.
  • Individuals with business registration
  • Individuals who have been in the current business for a minimum of 3 years
  • The applicant should be at least 21 years at the time of applying for the loan and should not be older than 65 years at the time of loan maturity

5. What are the factors which affects IDFC business loan eligibility?

Ans: Factors affecting business loan eligibility are:

  • CIBL Score
  • Past Loan Track
  • Repayment Capacity
  • Tenure
  • Financial Ratios of the Company

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