Get Business Loan
Business Loan for 1 Lakh
If you are planning to begin a business or already own one and need funding, get a 1 Lakh business loan from IIFL Finance, and this can be just what you need. Whether expanding into new markets, buying new equipment, managing working capital, or upgrading your facilities, this loan can lift your business. IIFL Finance offers competitive interest rates, flexible loans, and quick disbursal, making it a top choice for business loans.
Features and Benefits of a 1 Lakh Business Loan
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Financing Freedom: Get a 1 lakh business loan to meet your commercial needs without using your assets as security.
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Access to Funds: Get a business loan of 2 lakh without needing to put up any collaterals.
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Quick Funds: Collect the business loan for 1 lakh within days of approval, perfect for pressing needs requiring quick cash.
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Flexible Payback: Select a repayment plan that suits your business's cash flow, with terms of up to 3 years.
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Simple Application: Apply online with minimal paperwork and get funds possibly within 48 hours of approval.
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Competitive Rates: Enjoy inexpensive interest rates based on your credit score and business health.
How to Apply for 1 Lakh Business Loan
To get a 1 Lakh business loan, the following criteria must be fulfilled:
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Age:Your age has to be between 23 and 65 years. Also, note that your age should be 65 or younger by the end of the loan lease.
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Business/Venture Age: The minimum years of business operation should be 3 years. Creditworthiness: A CIBIL score of 700 or higher gets you swift approval for a 1 lakh business loan.
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Bank Account: A current account at a reputed bank is a must.
To get a business loan of 1 lakh, you'll need to provide KYC and business ownership documents. KYC documents can comprise of your Aadhaar card, PAN card, voter ID, or passport. To prove your own business, you'll need documents like a certificate of establishment, trade licenses, and GST registration certificate.
Yes, absolutely! You can apply for a business loan of 1 lakh online, and the good thing is it requires minimal documentation.
The bank must bear some administrative costs while processing and sanctioning your loan. This is normally a small amount, which differs from bank to bank and typically costs about 0.5% to 2.50% of the total amount of the loan.
There are many negative consequences if one defaults on a business loan. LikeYour business and potentially your credit scores will drop significantly. Your lender could also demand full repayment of the loan instantly and apply a penalty interest rate.
Usually, your business loan EMI remains the same for your entire loan period. Yet, if you have surplus funds, you can choose the option to make prepayments on your business loan and reduce your loan EMI period or principal amount.
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