What is Shakthi Loan against Property?
IIFL Home Finance offers Shakthi Loan, which is a small ticket-size Loan Against Property, to provide for the financial needs of India’s unorganized and small businesses. Shakthi Loan enables the business owner to have access to finances in form of a 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 (Loan Against Property) bridges the credit gap and the philosophy of offering simple credit to last-mile micro unorganized enterprises.
Shakthi Loan Against Property caters to and fulfills the credit needs of micro-businesses such as small groceries stores, saloons, vegetable vendors, small traders, and agricultural ancillaries i.e., seeds and fertilizer suppliers at the end of the supply chain, etc. The loan approval can be availed in just 30 minutes* with online documentation and procedures for faster approval and processing.
Loan Approval in 30 Minutes*
Loan Starting from ₹ 2 Lakh*
Loan Tenure of up to 7 Years*
Shakthi Loan Against Property Eligibility
To qualify for a Shakthi loan, you need 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 of Shakthi Loan are small groceries stores, saloons, vegetable vendors, small traders, tiffin centers, tea stalls, livestock, and similar other businesses