₹3 Lakhs Business Loan

For a small business owner aiming to drive growth, invest in new equipment, or manage cash flow, a ₹3 Lakh Business loan is an ideal solution. It provides the necessary funds to address immediate financial needs, whether boosting inventory, covering operational expenses, or enhancing business capabilities.

You may select a tenure that helps you manage your finances better:

• With a 36-month tenure and an interest rate of 14% p.a., the monthly EMI will be approximately ₹10,253. This results in a total interest outgo of around ₹69,118 over the loan period.

• Opting for a longer 96-month tenure at the same interest rate reduces the EMI to approximately ₹5,211. However, this increases the total interest payable to around ₹2,00,299.

While shorter tenures reduce overall interest costs, longer tenures offer lower monthly payments. A ₹3 Lakh Business loan provides fast disbursal, minimal documentation, and no collateral required, offering flexibility to manage working capital on your own terms.

Explore the different banks and financial institutions offering a ₹3 Lakh Business loan on Bajaj Markets. Check out the interest rates and other details below:

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

Your EMI amount and total repayment cost depend on the repayment tenure you select. Let us consider an example. Assume you take a loan of ₹3 Lakhs at an interest rate of 15% per annum. 

Depending on the repayment tenure chosen, the instalment amount varies as shown below: 

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

Find out below the various fees and charges applicable for a ₹3 Lakh Business loan. You can compare the offerings by different lenders and choose the one that best suits your budget.

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

Suppose you take a ₹3 Lakh business loan at an interest rate of 15% p.a. for a tenure of 24 months.

Use the formula EMI = [P × R × (1 + R)^N] / [(1 + R)^N – 1], where:

• P = Principal loan amount
  

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

• N = Loan tenure in months

Now,

• Monthly rate (R) = 15 / 12 / 100 = 0.0125
  

• Using the formula, the EMI is approximately ₹14,575
  

• Total interest payable = ₹14,575 × 24 – ₹3,00,000 = ₹49,800
  

• Total repayment = ₹3,49,800

To qualify for a ₹3 Lakh Business loan, you need to meet the following general criteria that evaluate your financial credibility: 

1. Age Range: Above 21 years

2. Nationality and Creditworthiness: Indian with a CIBIL score of 700+

3. Applicability: Self-employed individuals in non-professional roles, such as traders or manufacturers

4. Business Categories: Includes partnerships, LLPs, and private limited enterprises

5. Professional Background: At least 1 year of operation in the current business

6. Financial Requirement: Annual income of at least ₹1 Lakh as reflected in the ITRs

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

After meeting the eligibility criteria, you may need to provide the following documents:

You may be asked by lenders to submit additional documents when you apply for a loan. To ensure a seamless application process, it is best to get a complete list of all the required paperwork in advance so you can be fully prepared.

Here is a step-by-step guide to applying for the loan on Bajaj Markets or download the app and apply on-the-go:

1. Apply for a ₹3 Lakh business loan by clicking here

2. Further, provide your personal and business-related details

3. Enter your preferred loan amount and repayment tenure

4. Submit your completed application form

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

The amortisation schedule for a ₹3 Lakh business loan at a 15% interest rate for a tenure of 6 months is as follows:

Disclaimer: These are approximate values and are meant for illustration only. For actual EMI values, reach out to the lender.

Your CIBIL score represents your creditworthiness. Business loans can influence this score and your overall financial standing in the following ways:

• Pre-approval Impact

Once you apply for a business loan, the lender initiates a hard enquiry to examine your credit report. This may cause a temporary decline in your CIBIL score, particularly if multiple applications are submitted in a short span.

• Post-repayment Impact

Making repayments on time shows that you handle credit responsibly, which contributes positively to your CIBIL score. It also reassures lenders of your ability to manage debt, increasing your chances of securing better loan terms in the future.

When applying for a ₹3 Lakh business loan, generally, you may need to specify the purpose of the loan and how you plan to repay it. Here are some examples of how you can use the funds:

• Business Growth and Expansion

You can use the loan to open additional branches or diversify your offerings, setting the stage for long-term success.

• Working Capital Management

You can smoothly maintain daily operations, handle seasonal expenses, and stay on top of payroll and bills, even during temporary cash flow shortages.

• Building Business Credit

Establish a strong business credit profile with timely repayments, making it easier to access larger loans at better terms in the future.

• Boost Marketing

A business loan can be a valuable resource for expanding your marketing campaigns or launching new promotional strategies. Reach a larger audience and drive more sales.

• Investment in Technology

You can upgrade your infrastructure or invest in modern technology. Innovate processes to boost productivity, lower costs, and stay competitive.