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Running a business requires a steady flow of funds, whether it’s to expand your operations, invest in new equipment, or manage everyday expenses. A ₹3 Lakh Business Loan can offer the financial flexibility you need to achieve these goals without compromising your cash flow. 

With competitive interest rates and flexible repayment plans, the loan can be a great way to finance your business needs. Also, the completely online application process on Bajaj Markets, makes securing funds much more convenient and hassle-free.

Calculate the EMI for ₹3 Lakh Business Loan

Loan Amount
Tenure
Months
Rate of Interest
Business Loan
Your Monthly Business Loan EMI
Principle Amount
Total Interest
Total Amount Payable
Amortization Schedule
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Year EMI Principal Interest Balance

₹3 Lakh Business Loan Interest Rates, Fees, and Charges

Here are the key details of the charges associated with a business loan of ₹3 Lakhs:

Lender

Starting Interest Rate (p.a)

Other Charges

Bajaj Finance

14.00%

  • Processing fee: Up to 3.54% (Inclusive of applicable taxes) of the loan amount

  • Foreclosure charges: Up to 4.75% of the prepaid amount + GST

IIFL Finance

16.50%

  • Processing fee: 2% to 6% of the loan amount + GST

  • Convenience fee: ₹500

KreditBee

18.00%

  • Processing fee: 3% to 4.25%

  • Foreclosure charges: Nil

  • Late payment fee: 0.1% per day on the default amount

FlexiLoans

18.00%

  • Processing fee: Up to 2.5% of the loan amount

Lendingkart

19.20%

  • Processing fee: Up to 3% of the loan amount

Protium

20.50%

  • Processing fee: 1% - 6%

  • Foreclosure charges: 4% onwards

Aditya Birla Finance

22.00%

  • Processing fee: 3% to 4% + GST

  • Foreclosure charges: 4% + GST (post 12 months)

  • Late payment fee: 3% of the overdue amount per month

Indifi

22.00%

  • Processing fee: Up to 3% of the loan amount + GST

  • Foreclosure charges: 4% of principal outstanding 

Credit Saison

22.00%

  • Processing fee: 2.5% onwards

  • Foreclosure charge: 5% of the outstanding principal amount

InCred

24.00%

  • Processing fee: 2% to 5% of the loan amount

*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

EMI Calculation for a Business Loan of ₹3 Lakhs

Let’s understand the monthly instalments you might need to pay for a ₹3 Lakh Business Loan. The EMI is determined by factors such as the loan amount, interest rate, and repayment tenure. For instance, if you opt for a ₹3 Lakh loan at a 14% annual interest rate with a repayment tenure of 36 months, your estimated EMI would be around ₹10,253.

Here is an overview of how your monthly instalments are allocated and other important details:

Tenure

Principal Paid

Interest Charges

Outstanding Dues

1st Year

₹86,447

₹36,592

₹2,13,553

2nd Year

₹99,357

₹23,682

₹1,14,195

3rd Year

₹1,14,195

₹8,844

₹0

*Note: These are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

Manually calculating EMIs can be tedious and may lead to errors. For quick and accurate results, consider using the business loan EMI calculator on Bajaj Markets.

Eligibility Criteria

To qualify for a ₹3 Lakh business loan, you may need to meet the following general criteria. 

  • Age Range: Between 21 and 60 years

  • Nationality: Indian with a strong CIBIL score

  • Applicable to: Self-employed individuals in non-professional roles, such as traders or manufacturers

  • Business Categories: Includes partnerships, LLPs, and private limited enterprises

  • Professional Background: At least 1 year of operation in the current business and a total of 5 years of overall experience

  • Financial Requirement: Annual income exceeding ₹1.5 Lakhs as reflected in the ITRs

Remember, these requirements may vary depending on the lender. So, be sure to check the complete list of the eligibility criteria before applying.

Documents Required

When applying for a ₹3 Lakh business loan, you may need to provide the following documents:

1. Identity Proof: Choose one of the following

  • PAN Card

  • Aadhaar Card

  • Passport

  • Driving Licence

  • Voter ID

2. Address Proof: Choose one of the following

  • Aadhaar Card

  • Passport

  • Utility Bill

  • Lease Agreement

3. Income Proof

  • Bank statements from the last 6 months

  • ITR and certified documents with income details

  • Profit and Loss (P&L) statement and balance sheet for the past 2 years

4. Business Proof: (As applicable)

  • Sole Proprietorship Declaration

  • Certified copy of the Partnership Deed

  • Memorandum and Articles of Association

How to Apply for a Business Loan of ₹3 Lakhs

Here’s a step-by-step guide to apply for the loan on Bajaj Markets:

  • Select the ‘Check Eligibility’ option on this page

  • Provide your personal and business-related details

  • Enter your preferred loan amount and repayment tenure

  • Submit your completed application form

Following this, the lender will verify your application and contact you for further proceedings.

Frequently Asked Questions

What are the benefits of taking a ₹3 Lakh Business Loan?

It helps you get funds for business expansion, working capital, or inventory. The loan usually comes with flexible repayment options, low interest rates, and minimal documentation requirements. Furthermore, you can easily apply for the loan on Bajaj Markets through an online process.

Can I get a ₹3 Lakh loan for business without collateral?

Yes, business loans that do not require collateral are available and offered by multiple leading lenders in India. The approval of these loan offers are based on your credit score, business stability, etc.

What is the repayment tenure for ₹3 Lakh Business Loan?

The tenure for a business loan usually ranges from 12 to 96 months. Remember, the repayment period offered to you depends on the lender and your repayment capacity.

What happens if I default on a business loan of ₹3 Lakh?

Defaulting can lead to penalties, a lower credit score, and in severe cases, legal action. Contact your lender to explore options like loan restructuring in such scenarios.

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