46 XX | Enlightener Series | C. Private Sector Schemes | C.19 IDFC First Bank's Unsecured Professional Loan

Disclaimer….before you read ahead!

The information contained herein is of a general nature and for information purposes only, with the intent of raising awareness around various resources, schemes etc. available for women entrepreneurs in India. It is not intended to address the circumstances of any particular individual or entity. It does not purport to be all-inclusive or necessarily contain all the information that may be relevant for the reader, and may be subject to updating, revision or amendment. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to remain accurate in the future. The reader, therefore, is required to exercise their discretion; and not act on such information without appropriate professional advice after a thorough examination of the particular situation.

Furthermore, we are not a lender and are not authorized by the Reserve Bank of India to act as one. By disseminating the information contained herein, we are not soliciting any borrower or customers for the company or organization mentioned herein nor do we intend to syndicate any capital for the reader of this article.

About this scheme…

Unsecured- Professional Loan was launched by IDFC FIRST Bank to help professionals expand their practice by providing access to much-needed, collateral-free funds.

How is it being implemented?

Under this Scheme direct financial assistance in the form of loans is given to salaried & self employed professionals (Doctors, Consulting Engineers, Chartered Accountants, Company Secretaries, Architects), Diagnostic Centers, Clinics & Hospitals.

What’s on offer?

I. Product

Term loans, Overdraft facility
Ticket size: ₹ 5 Lakhs to ₹ 1 Crore

II. Purpose:

Upgrading skills
Acquisition of fixed assets
Working capital requirements

III. Borrower Type:

Individuals, Sole Proprietors, Partnership Firms, Limited Liability Partnership (LLP), Private Limited Company etc.

IV. Security or Collateral or Guarantee or Insurance

Primary Security: First charge may be created on assets financed by IDFC First Bank. For more details on this, please contact IDFC First Bank via means mentioned below
Collateral: Nil
Guarantee: Nil
Insurance: For more information on requirement of insurance, please contact IDFC First Bank via means mentioned below

V. Interest Rate

10.50% p.a onwards, depending on borrower’s risk profile based on their income, credit score, repayment history and relationship with the Bank. For more information on the applicable interest rates, please contact IDFC First Bank via means mentioned below

VI. Processing Fee

Up to 3.5%
For an overdraft facility, an additional annual charge called Annual Maintenance Charge (AMC) of 0.25% of the limit will be levied

VII. Margin Money Requirement

For more information on margin money requirement, please contact IDFC FIRST Bank via means mentioned below

VIII. Tenure, Repayments & Pre-Closures

Tenure: 12 – 84 months
Repayment: monthly
Pre-Closure: A charge of 5% of principal outstanding. For more information on applicable schedule of charges, please refer to here

IX. Turnaround Time

Turnaround time to disburse loans would be 6-7 days post submission of required documents
However, funding of upto ₹30 Lakhs loans could be quicker for doctors & CAs with minimum documentation