₹2 Lakh Business Loan

A business loan can help address immediate business needs, such as managing cash flow or restocking inventory while being easier to repay with a plan that suits your finances. Options like a ₹2 Lakh business loan offer quick, collateral-free support for small business owners. Let’s understand this better with examples:

• For a 12-month tenure at an annual interest of 14%, your EMI would be around ₹17,957, with total interest going up to ₹15,489. 

• Choosing a 36-month tenure at the same interest rate reduces the EMI to ₹6,836 but increases the total interest to approximately ₹46,079. 

Shorter tenures reduce interest costs, while longer ones allow manageable repayments. With fast disbursal, flexible terms, and minimal paperwork, a loan of ₹2 Lakhs can help your business grow.

Get a ₹2 Lakh loan for business from reputable lenders available on Bajaj Markets. To get an idea of the interest rates and other highlights, check out the table below:

The loan tenure affects your EMI and the total repayment amount. For example, when you borrow a ₹2 Lakh business loan at an interest rate of 14% p.a., your EMI changes depending on the selected tenure, as illustrated below:

Apart from the EMI on your business loan, additional charges may also apply to your loan. Refer to the details below for a comprehensive overview: 

You can calculate the EMI using the given formula:

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

Where:

• P = Loan amount (Principal)

• R = Monthly interest rate (Annual interest rate ÷ 12 ÷ 100)

• N = Loan tenure in months

A business loan of ₹2 Lakhs at an interest rate of 12% per annum for 24 months requires a monthly EMI of ₹9,415. You can input different values to calculate your business loan accordingly. 

Alternatively, you may use online business loan EMI calculators for quicker and more precise results. 

To apply for a ₹2 Lakhs business loan, you need to meet the following requirements:

1. Citizenship: You must be an Indian citizen
2. Age: You must be over 21 years of age
3. Creditworthiness: A credit score of 700+ is essential
4. Income: Your business should have an annual income of at least ₹1 Lakh as per ITR
5. Professionals: Self-employed professionals like doctors or chartered accountants are eligible
6. Non-professionals: Traders, manufacturers, and other self-employed non-professionals can apply
7. Business Type: Partnerships, LLPs, or private limited companies are eligible
8. Current Experience: At least 1 year of experience in the current business is required

The following documents are required for the business loan:

Follow these simple steps to apply for a ₹2 Lakh business loan on Bajaj Markets or mobile app:

1. Click the ‘Check Eligibility’ button on this page

2. Fill in your personal details in the online form

3. Choose your desired loan amount and repayment tenure

4. Submit the form for quick verification

After submission, a representative will contact you to verify your details and assist with the loan approval process.

It is important to understand the repayment schedule before applying for a ₹2 Lakh business loan. Here is a table illustrating the amortisation schedule of a ₹2 Lakh business loan taken at 14% p.a. interest rate for a 6-month tenure:

Your CIBIL score reflects your creditworthiness and is affected before and after your business loan is approved.

• Pre-Approval Impact

Lenders carry out a hard inquiry on your credit report when you apply for a loan. Multiple loan applications in a short span can slightly decrease your score. A CIBIL score of 700 or above increases your chances of approval and better loan terms.

• Post-Repayment Impact

After loan approval, making EMI payments on time helps boost your CIBIL score. Missing or delaying payments can reduce your score and affect your ability to secure loans in the future.

A ₹2 Lakh business loan can serve as a valuable financial resource to support various operational and strategic needs. Here are several practical ways to utilise this amount:

• Improvement of Existing Business Setup

Use the funds to upgrade your current workspace, improve infrastructure, or enhance systems and processes. Small changes have the potential to deliver significant improvements in efficiency and output.

• Consolidating High-Interest Business Debts

Simplify your finances by using the loan to pay off multiple high-interest debts. Consolidating into a single, lower-interest loan can reduce your monthly outgo and ease financial pressure.

• Boosting Working Capital Reserves

₹2 Lakh can provide your working capital with the necessary cushion. Use it to manage day-to-day expenses, pay suppliers on time, and handle seasonal slowdowns without stress.

• Purchasing and Stock Inventory

Restock your inventory or purchase in bulk at discounted rates using the loan amount. Maintaining adequate stock levels helps you meet demand promptly and sustain your sales momentum.

• Capitalising on Business Opportunities

Seize time-sensitive opportunities such as short-term bulk orders or new contracts. A ₹2 Lakh loan provides the flexibility to act quickly when the right chance arises.