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Convert Your Existing Loan Into A Flexi Loan
Right from working capital and purchasing new equipment to hiring and training staff members, every business needs some sort of monetary support. The Bajaj Finance Flexi Business Loan is a viable financial instrument to get the flexibility and control you need to grow your business exponentially with a consistent cash flow.
The Bajaj Finance Flexi Business Loan is a flexible credit option that allows you to use only as much as you need from the pre-approved loan limit. Furthermore, you are liable to pay interest only on the amount used and not the entire sanctioned loan amount. In addition to this, you can withdraw money from the loan account and even make part prepayments as many times as you like.
As a business owner, you can choose to withdraw amounts multiple times as per your needs from the sanctioned amount, whenever required.
The interest applies only to the amount you withdraw. Therefore,if you use only ₹3 Lakhs of the ₹5 Lakhs sanctioned, interest is charged only on ₹3 Lakhs.
You are liable to pay just the interest of the amount borrowed during the initial part of the set tenure. As a result, the EMIs could be reduced by up to 45%.
You can get a high loan limit of up to ₹50 Lakhs by simply meeting the eligibility criteria and maintaining a healthy credit score.
The interest rate for the Bajaj Finance Flexi Business Loan starts at 14% p.a. However, the effective rate will vary based on the borrower’s profile, loan tenure, business performance, and loan amount.
Here’s the eligibility criteria that you should consider before applying:
Age - 24 to 70 years old
Nationality - Indian
Credit Score - 685 or higher
Business vintage - Minimum 3 years
To make the process much simpler for you, here are some documents you should keep handy when applying for a Flexi Business Loan.
| Document Type | Examples / Details |
|---|---|
KYC documents |
Aadhaar card, PAN card, voter ID, or passport of the applicant |
Business financial documents |
Audited balance sheets, profit & loss statements, ITR filings for the past 2-3 years |
Business proof |
Certificate of business existence, GST registration certificate, or trade license |
Bank account statements |
Business current account statements for the last 6-12 months |
Note: The lender may request additional documents based on the borrower’s profile, business type, and loan amount applied for.
You can apply for a Bajaj Finance Flexi Business Loan by following the steps mentioned below:
Visit Bajaj Markets.
Navigate to “Business Loans” under the “Loans” menu.
Click on the “Apply for Business Loan” button.
You will be redirected to the application page.
Fill in the Business Loan Application form and click on the “Check Your Offer” button.
While both Flexi Business Loans and Term Loans offer access to business financing, they differ in how funds are disbursed, utilised, and repaid. The table below highlights the key differences between the two options to help you choose the one that suits your business requirements best.
| Parameter | Flexi Business Loan | Term Loan |
|---|---|---|
Loan amount disbursal |
A credit limit is sanctioned and you withdraw as needed. |
The full loan amount is disbursed upfront. |
Interest charged |
Interest is charged only on the utilised amount. |
Interest is charged on the entire loan amount, even if not fully utilised. |
EMI structure |
You may pay interest-only EMIs initially and borrow/repay flexibly. |
Your EMIs include both principal and interest, fixed over the tenure. |
Repayment flexibility & usage |
Multiple withdrawals from the sanctioned limit; part-prepayment possible with minimal penalties. |
Single disbursement; fewer repayment flexibilities; withdrawals or re-usage typically not allowed after sanction. |
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
You can borrow a fixed amount for a specified tenure at a fixed rate of interest with a business term loan. The interest is charged on the entire amount, regardless of whether you utilise the entire sanctioned amount or not. In the case of a flexi loan, you can choose to withdraw any amount multiple times, as per your needs, from the pre-approved loan limit. Also the interest is charged only on the amount that you use and not on the entire sanctioned amount.
Bajaj Finance Flexi Business Loan gives you the option to make part prepayments without any additional charges. This is the case if the amount you pay is under 25% of the outstanding principal. However, if the amount exceeds, a fee will be levied by the lender as per the terms and conditions associated with the loan.
Yes, you can. With this option, you can benefit with a lower EMI amount, which reduces by up to 45% helping you manage your finances better.
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