Learn how to apply for a ₹3 Lakh Business Loan and calculate year-wise EMI.
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.
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% |
|
IIFL Finance |
16.50% |
|
KreditBee |
18.00% |
|
FlexiLoans |
18.00% |
|
Lendingkart |
19.20% |
|
Protium |
20.50% |
|
Aditya Birla Finance |
22.00% |
|
Indifi |
22.00% |
|
Credit Saison |
22.00% |
|
InCred |
24.00% |
|
*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
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.
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.
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
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.
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.
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.
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.
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.