In Bajaj Finserv Business Loan you could easily access funds for your business in order to form a new-age infrastructure, upgrade towards technologically advanced plant as well as machinery, uphold optimum inventory and also increase the working capital of the business. The Business loan that is offered by Bajaj Finserv comes with the following features, which includes:
An amount of Rs.30 lakhs for the business loan could be taken without any collateral, security or guarantor.
Bajaj Finserv gives upfront information concerning the related fees as well as charges.
Make certain that transparency is continued and no hidden clauses are involved.
Bajaj Finserv provides business loans towards women entrepreneurs for a sum up to Rs. 30 lakhs in order to fulfill their monetary necessities. It also provides machinery loans for entrepreneurs to install or upgrade towards the latest machinery and equipment. Also, Pre-approved business loans are available in case the customer makes an application online.
Eligibility criteria for a Small Business Loan
Bajaj Finserv Business Loan provides business loans depending on the particular eligibility criteria for example nationality, the status of employment, age and experience. An individual should fulfill for applying for a business loan with Bajaj Finserv:
The individual should be an Indian citizen.
The individual should be a self-employed individual.
Self-employed persons between 26-66 years of age.
The individual should have 3 years old business.
| Eligibility factors | Eligibility criteria |
| Applicant Age | Minimum: 25 yrs - Maximum: 55 yrs. |
| Employment Status | At least 3 years in the current business |
| Income Tax Returns | For the past 1 year |
The Interest Rate 2019 for the Bajaj Finserv Business Loan
| Interest Rate | 15% onwards |
| Processing Charges | Up to 3% of the loan amount |
| Tenure of the Loan | Minimum 1 Year – Maximum 5 Years |
| Loan Amount | Maximum up to Rs. 30 Lakhs |
| EMI Bounce Charges | Rs. 3000 (Inclusive of taxes) |
| Interest and Principal statement charges | NIL |
| Prepayment Charges | 2% + applicable taxes |
| Foreclosure Charges | 4% + applicable charges |
Fees and charges applicable
| Eligibility factors | Fee & Charges |
| Penal Charges | 2% per month + applicable taxes |
| Pre-payment Charges | 2% + applicable taxes |
| Document Processing Charges | Rs. 1449 + applicable taxes |
| Outstation collection charges | Rs. 65 + applicable charges |
| Service charges | Nil |
| Secure Fee | Nil |
| Stamp Duty | According to state or UT (% different) |
Bajaj Business Loan Documents required
In order to apply for a business loan from Bajaj Finserv, the applicant would require to provide the following documents:
Passport Size Photos
KYC Documents which include PAN card, Driving License, Passport, Voter ID and Aadhar card.
Documents related to business as business proof
ITR, Bank Statement for the past 3 months, balance sheet documents, cash flow statement.
Certificate of practice (For professionals)
Loans to various segments
Business Loans are provided in the following categories:
Business loan to CA/Doctors/Engineers: Loans given to professionals like CAs, doctors or engineers so that they could form their business and contribute to the development and welfare of the economy. For doctors and engineers, Rs.30 lakhs could be availed as a loan without giving any collateral, security, and guarantor.
Business loan to SME: Loans to Small and Medium Enterprise are given especially to the business owners of SMEs towards offering them encouragement and easiness in dealing with the business actions. An applicant could apply for a loan online by providing the necessary information and financial figures.
Business loans against securities, that is, shares: Bajaj Finserv gives loan up to a maximum of Rs. 10 crores which are the maximum sum of loan given against shares in India.
Business loan against property: For the business loan against property, the borrower pledges his property towards availing a loan. The documents regarding the proprietorship of the property are furnished to the bank. This loan gives a unique facility which is known as the Flexi saver facility. It is a mixture of credit line facility and term loan with the intention of saving interest and effectual management of cash flow.
Flexible repayment options
Bajaj Finserv provides flexible prepayment options that allow the borrower towards depositing idle money lying with the applicant. This idle money is settled against the principal sum as and when received by Bajaj Finserv.
Flexi Loan Account
When the loan is approved, the borrower is required to repay it within a certain specified time period. Flexi loan accounts are like overdraft facility in which one might down-draw or deposit against the loan account as well as could make numerous withdrawals provided it is within the credit limit offered.
Flexible EMI Payment Options
EMI could also be paid through cheque mode or ECS system. The payment made by means of cheque mode, the borrower would have to give post-dated cheques upfront to Bajaj Finserv. Though, ECS mode is favored by borrowers as it debits the sum of EMI as and when the due date approaches. The borrower is required to submit required documents as well as an application form to the bank for initiating the ECS facility.
THIS BLOG IS ONLY FOR KNOWLEDGE PURPOSE
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