In order to support the inclusive growth of our country, IIFL Home Loans has introduced Shakthi Loan, which is a small ticket size Loan against Property loan to provide for the financial needs of India’s unorganised and small businesses. IIFL Shakthi Loan enables the small business owners to have access to finances in form of loan for scaling up the day to day operations, and supports the inclusive growth of the underserved and informal sections of the society that face challenges of easy access and fast credit facilities from the formal Banking and Financial sector. IIFL Shakthi Loan against Property bridges the credit gap and the philosophy of offering simple credit to last-mile micro unorganised enterprises.

The current share of bank credit to MSMEs (Rs 15.30 lakh crore) in the total gross bank credit (Rs 116.83 lakh crore) (as on December 2021) was only 13 per cent as a number of MSMEs continue to rely on informal sources of credit such as moneylenders1. This stated section, many a times faces a continual challenge of access to easy and faster credit facilities from the formal banking and financial sector. IIFL Home Loans introduced IIFL Shakthi Loan with a motive of bridging the credit gap and the notion of offering easy credit to last-mile micro unorganised ventures.

Shakthi Loan against Property caters to and fulfils the credit needs of the micro businesses such as small groceries stores, salons, vegetables vendors, small traders and agricultural ancillaries i.e., seeds and fertilisers suppliers at the end of the supply chain, etc. The loan approval can be availed in just 25 minutes* with online documentations and procedures for faster approval and processing. IIFL Shakthi Loan is available in 225 IIFL Home Finance branches, in states of Telangana, Gujarat, etc., and is offered at competitive rates, with a maximum loan tenure of up to 7 years.

To qualify for IIFL Shakthi Loan, the customer needs to meet the following eligibility criteria:

• Any resident Indian citizen can apply for IIFL Shakthi Loan
• Applicants need to be between the age group of 18 to 75 years
• Both salaried and self-employed individuals are eligible for Shakthi Loan. Small business types which may avail Shakthi Loan are small groceries stores, salons, vegetables vendors, small traders, Tiffin Centres, Tea Stalls, Livestock, and similar

One can apply for IIFL Shakthi Loan by clicking here and may get loan approval in just 25 minutes*.

You can know more about IIFL Shakthi Loan here.