Corporate Business Loans from IDFC First Bank
IDFC First Bank came into existence when Capital First Bank and IDFC Bank merged in 2018. The bank offers a range of finance products to different segments of its customer base to meet their specific needs. The bank offers different business loans in addition to non-funded services to its corporate customers.
Of the many the bank offers, in this page we look at three business loans from IDFC First Bank:
- Business Instalment Loan
- Working Capital Loan
- Loan Against Property
We give you a brief intro to these business loans below.
IDFC First Bank Business Instalment Loan
This loan helps businesses get financial assistance to meet their short-term and long-term business needs. Borrowers can avail this loan for setting up a business or for expansion of the existing business.
Features of IDFC First Bank Business Instalment Loan
Why this Loan?
- This business loan is meant for big and small businesses to obtain funds without security or collateral
- Beneficiaries can avail loans up to Rs. 40 lakh under the IDFC First Bank Business Instalment Loan. The bank may offer a higher quantum of loan to borrowers on a case-to-case basis after assessing the loan application
IDFC First Bank Working Capital Loan
The IDFC First Bank Working Capital Loan helps businesses finance their everyday operations such as for investment in current assets, purchase inventory, salary payments, power charges, etc. This a perfect loan scheme for businesses that need help during periods of reduced business activity or while waiting for receipt of payment after completing projects.
Features of IDFC First Bank Working Capital Business Loan
Why this Loan?
- This business loan can be taken for managing day-to-day operations related to running the business
- The fund-based assistance under this scheme includes cash credit, Overdraft (OD) facility, etc.
- This is a need-based loan
IDFC First Bank Loan Against Property
This loan helps businesses meet their needs by availing a loan against property. The loan can be availed for meeting working capital and capital expenditure needs.
Features of IDFC First Bank Loan Against Property
Why this Loan?
- The loan is meant for individuals and business owners who want to avail a loan against immovable property for meeting business or personal needs
- The maximum loan amount sanctioned under the IDFC First Bank Loan Against Property is Rs. 10 crore
Important Note: Even though the bank’s website has information available for a few business loan schemes at this time, there is a possibility that the bank may offer more corporate loan options which are not yet published on the website. We suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, etc. may be decided on a case-to-case basis.
Interest Rate for IDFC First Bank Business Loans
- The interest rate for the IDFC First Bank business loans depends on various factors such as quantum of loan, type of business, risk rating, nature of project, repayment period, structure of debt, etc. As of April 2020, the applicable interest rate for each loan is not mentioned on the IDFC First Bank website. Please get in touch with a bank representative for details
Eligibility for IDFC First Bank Business Loans
- Individuals, Proprietors, Partnership Firms, Private Limited and Public Limited Companies can apply for these loans
Documents Needed for Individuals
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issue Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- For term loans: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For Term Loans Only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- For term loans only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable
Reference Facts:
- IDFC First Bank Website: www.idfcfirstbank.com and www.capitalfirst.com (old website)
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 500 9900