₹30 Lakhs Business Loan

You should get an understanding of the repayments across different tenures:

• ₹30 Lakh business loan at 22% p.a. for 36 months: The EMI will be ₹1,14,571 (approx.) and total interest payable will be ₹11,24,569 (approx.).
• For a 96-month tenure for the same amount of loan at 22% interest: EMI will be ₹66,651(approx.) and total interest will be ₹33,98,519 (approx.).

Longer tenures mean lower EMIs but higher total interest.

Discover lenders offering ₹30 Lakh business loans on Bajaj Markets. Find details about interest rates and other key information below:

The repayment tenure you choose will impact both the EMI amount and the total repayment cost. For example, if you take a ₹30 Lakh business loan at an interest rate of 14% per annum, the monthly instalment amount can change based on the selected tenure, as shown below:

Check out below the additional fees and charges that may apply for a ₹30 Lakh business loan and make well-informed decisions: 

Suppose your ₹30 Lakh business loan’s interest rate is 15% p.a. and the loan tenure of 36 months. To calculate the EMI manually, you can use the following formula:

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

where:

• P = Principal loan amount

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

• N = Loan tenure in months

Using the formula, the EMI will be ₹1,03,996. The total interest will be ₹7,43,885, and the total amount payable will be ₹37,43,885.

Here are some of the common requirements you are typically required to fulfil to be eligible for a business loan of ₹30 Lakhs:

1. Age: You must be above 21 years
2. Citizenship: Must be an Indian resident with a good credit score
3. Target Group: Self-employed, professional, or non-professionals
4. Business Structure: Applicable for partnerships, LLPs, and private limited companies
5. Experience Criteria: Minimum 1 to 3 years of business experience
6. Income Requirement: Annual earnings of at least ₹1 Lakh, as stated in the Income Tax Return (ITR)

Do note that the criteria may vary depending on the lender. Be sure to review the complete list of requirements before applying to avoid rejection.

Apart from the eligibility requirements you need to submit some documents. Below is a checklist of documents typically required for a ₹30 Lakh business loan application:

Applying for a business loan is simple and hassle-free with both Bajaj Markets’s website and app. Just follow these easy steps:

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

2. Fill in your personal and professional details in the online form

3. Choose your desired loan amount and repayment tenure

4. Submit the form for quick verification

For a ₹30 Lakh business loan at an interest rate of 14% with a tenure of 6 months, the amortisation schedule will be:

Your CIBIL score reflects your creditworthiness. Here’s how business loans can impact your CIBIL score and overall financial profile:

• Pre-approval Impact

After applying for a business loan, your lender will conduct a hard inquiry. They do it to review your credit report. Your CIBIL score might drop as a result, but usually it is temporary.

• Post-repayment Impact

Repayment of loans on time indicates that you are a responsible borrower and boosts your credit score as a reward. It will give the impression that you can manage your debt, so approving your loan for the best terms will not be risky. 

When considering a ₹30 Lakh business loan, it is important to understand how to best leverage the funds. Depending on your requirements, here are several ways the loan can support your business:

• Business Growth

Expand operations or enter new markets to secure long-term success. This supports scaling efforts and boosts overall business valuation.

• Operational Costs

Manage daily expenses, address seasonal fluctuations, and ensure timely bill payments. Helps maintain smooth business operations without disruptions.

• Tech Upgrades

Invest in advanced technology to improve productivity and maintain competitiveness. Modern tools can streamline workflows and reduce long-term costs.

• Marketing

Strengthen marketing campaigns to attract new customers and drive higher sales.  Enhanced visibility can lead to improved brand recognition and loyalty.

• Inventory Management

Utilise the loan to stock up on inventory and meet customer demand during peak seasons.  Prevents stockouts and supports consistent revenue generation.

• Build Credit

Repay the loan on time to establish a strong credit history for future financing opportunities. Improved credit standing can lead to better loan terms and higher limits.