IDFC FIRST Bank Business Loan
IDFC FIRST Bank, a bank founded in 2015 and headquartered in Mumbai, offers an unsecured, collateral-free business loan at an interest rate of 9.99% to 19%, with a processing fee of 3.5%, loan amounts of ₹7,00,000 to ₹1,00,00,000, and tenures of 12 to 48 months, available as a term loan or a dropline overdraft facility. A minimum business vintage of 3 years and a minimum turnover of ₹1 crore are required.
Foreclosure charges are nil for Micro & Small enterprises with a loan of ₹50 lakh or less, and 5% of the loan amount above ₹50 lakh; Medium enterprise and non-MSME customers pay a flat 5% foreclosure charge regardless of amount. Part payment is allowed up to 25% of the principal outstanding, once per financial year and twice across the entire tenure. Documentation requirements include KYC, address proof, business proof, and bank statements or GST/ITR filings depending on whether the Banking, GST, or Income scheme applies. Rate type, prepayment penalty, minimum CIBIL score, age, salary, and employment type are not published for this product.
At 9.99%, IDFC FIRST Bank has one of the lowest starting rates of the 13 lenders we track for business loans.
Documents required
- KYC (PAN/Aadhaar/passport/voter ID/driving licence)
- Address proof (ownership/rental proof of office or residence)
- Business proof (GST registration, MOA & AOA, Shop Act, Partnership Deed, Udyam Certificate)
- Banking Scheme - last 6 months' bank statement
- GST Scheme - 6 months' bank statement + 12 months' GST returns + latest ITR
- Income Scheme - 6 months' bank statement + audited financials + 2 years' ITR
As published by IDFC FIRST Bank. Your branch may ask for more.
Eligibility
Loan terms
- Unsecured, collateral-free business loans
- Choice between term loan and dropline overdraft facility
- Minimum business vintage of 3 years required
- Minimum turnover of ₹1 crore required
- Foreclosure charges NIL for Micro & Small enterprises with loan ≤₹50 lakh, 5% of loan amount for >₹50 lakh
Fees & charges
FAQ
Both exist. Unsecured business loans price higher; secured or scheme-backed loans (e.g. CGTMSE up to the scheme limit) can lower the rate or waive collateral. The right choice depends on ticket size and how fast you need funds.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.