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.

Key Features

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

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Salaried
Self-Employed

Document Type	Salaried
Application Form
Identity Proof PAN (Mandatory) Voter ID Passport Driving Licence Aadhar Card
Address Proof Passport Voter ID Driving Licence Aadhar Card

Document Type	Self-employed
Application Form
Identity Proof PAN (Mandatory) Voter ID Passport Driving Licence Aadhar Card
Address Proof Passport Voter ID Driving Licence Aadhar Card

FAQs

How to apply for IIFL Shakthi Loan (Loan Against Property)?

You can apply for IIFL Shakthi Loan by applying now and may get loan approval in just 30 minutes*.

Is it mandatory to have a female applicant or co-applicant in the loan structure?

Yes! It is mandatory to have a female applicant or co-applicant in the loan structure. No loan is usually given without a female co-borrower.

What are the eligibility criteria for IIFL Shakthi Loan?

To qualify for IIFL Shakthi Loan Against Property, you need to meet the following eligibility conditions: - check above

• Nationality: Indian
• Age Limit: 18 to 75 years
• Salaried & Self-employed Individuals

What is the maximum repayment period for IIFL Shakthi Loan?

For IIFL Shakthi Loan, the maximum loan tenure is 7 years.

What are the Balance Transfer norms under IIFL Shakthi Loan?

>Under IIFL Shakthi Loan, Balance Transfer will be allowed from;

• All scheduled commercial banks and public sector banks
• Co-operative Banks
• Gramin Banks

What is EMI?

Equated Monthly Instalment(EMI) is a fixed amount mandatory to pay every month against the loan borrowed on a specific due date. The EMI comprises of two components:

• Principal
• Interest payable on the principal

How is IIFL Shakthi Loan EMI calculated?

IIFL Shakthi Loan EMI is calculated on the basis of combinations of factors, namely principal amount, interest rate, tenure of loan and calculation method.

Calculating EMI is one of the significant factors when initiating the loan application process with a lender. The free tool can be used multiple times to calculate EMI. Below is the IIFL Shakthi Loan EMI calculation formula:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where, • EMI: Equated Monthly Instalment,
• P: Principal Amount
• R: Interest rate per month
• N: Number of monthly instalments or loan tenure in months.

Manual calculation of IIFL Shakthi Loan EMI can be time-consuming. Additionally, there are bound to be errors. To avoid this, you can use IIFL Shakthi Loan Calculator for arriving at a specific amount.