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Economists have categorised factors of production into land, labour, capital and entrepreneurship. While the availability of land, labour and entrepreneurship vary, capital has become easily available due to the growth of the financial sector. One can opt for a Business Loan from any bank or non-banking financial company to start a venture. A Business Loan is an unsecured loan that can be availed for a variety of business-related activities like buying new machinery, hiring new people or paying off debt. When you opt for a loan, it becomes important to pay the principal amount along with the interest cost on time.

A Business Loan statement can help you keep track of your payments, the outstanding amount and the due dates. To ensure that all the instalments are paid on time, you should keep a regular check on the Business Loan statement.

How to Check the Bajaj Finance Business Loan Statement?

One can avail a number of loans like Personal Loan, Professional Loan and Business Loan through Bajaj Markets. When you avail of a Business Loan, the lender prepares a loan statement and makes it available to you so that you can keep a better track of repayment, instalments and charges, if any. Earlier one had to receive the loan statement physically, but with the digitisation of banking services, online loan statements have become common. Here is how you can get the Bajaj Finance Business Loan statement.

Loan Statement through Bajaj Markets

Borrowers can easily access their Business Loan statement through the Customer Portal of the Bajaj Markets website.

  • Go to the Customer Portal on the official website.

  • Click on the section ‘Loans’.

  • All the loans that you have availed appear.

  • Choose the Business Loan for which you need the statement.

  • Click on ‘Statements and Reports’.

  • Upon clicking, you will find the Download option below.

  • Click on download and get your Business Loan statement.

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Loan Statement through the Mobile App

Besides the official website, you can also get the Bajaj Finance Business Loan statement through the Bajaj Markets mobile app.

Download the app. Log in to the app through a registered mobile number. After logging in, click on my services, click on Loan Accounts, click on the card which has your Business Loan details. Click on ‘Statements and Reports’, select ‘Statement of Account (SOA) and download the statement.

Benefits of Business Loan Statement

  • A regular review of the loan statement will help you plan your finances efficiently.

  • Helps you stay updated with all the payments made and the outstanding dues.

  • Lenders charge a penalty in case of delayed payments. All the charges levied will reflect in the loan statement. If there is an issue with any of the charges levied by the lender, one can raise a query and get it resolved.

What is included in the loan statement?

A Business Loan account statement includes a number of important data categories.

  • Statement Number: As soon as you avail of a loan, the lender starts sending the loan statement regularly, just like a number of banks have started sending the account statement of savings account every month. The lender will send the statement through the mode opted by you--physical or digital. Most borrowers prefer digital mode these days.

 

The statement number is the serial number of the loan statements issued by the lenders.

  • Interest rate: The loan statement contains the applicable interest rate on the loan. All the EMIs are calculated as per the applicable interest rate. In case there is a change in the interest rate, the loan statement will have the modified interest rate.

  • Repayments: The Bajaj Finserv Business Loan statement has all the details of the EMIs that have been paid by you and the instalments that are pending. It is crucial to make all the EMIs on time to maintain and improve your credit score.

  • Remaining loan balance: As one starts paying the EMIs, the loan balance starts to reduce. The remaining loan balance will be reflected in the Business Loan statement.

  • Other information: The statement includes any adjustment made during the repayment tenure along with redraws and reversals.

 

The loan statement is an extremely important document considering the critical nature of loan repayment and the impact missed payments can have on the borrower’s credit profile. One can easily get his/her Bajaj Finance Business Loan statement on Bajaj Markets.

 

Business Loan, available on Bajaj Markets, can be availed easily without any tedious paperwork. Multiple types of Business Loans like working capital loans, Business Loans for women and MSME loans are available on Bajaj Markets.

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