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✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

A business loan is an unsecured loan that can be used to develop a new or existing enterprise. Whether it is expanding your business to new locations, purchasing advanced machinery, hiring new staff, or clearing all your debts, a business loan is a great choice. Today, many banks and non-banking financial companies (NBFC) today offer business loans at competitive interest rates. If you are eligible and have the required documents in place, you can enjoy the best-curated deals on business loans.

Our Business Loan Partners

Our Partners

Interest Rate Range

Bajaj Finance Limited

18% onwards

Lendingkart Finance Limited

14% onwards

KreditBee

15% onwards

NeoGrowth Credit Pvt Ltd

18% onwards

Prefr Partners

21% onwards

FlexiLoans

12% onwards

IIFL

16.50% onwards

Features and Benefits of Business Loan

Bajaj Markets offers access to some of the most lucrative benefits on business loans that include:

  • Access to a High and Affordable Capital: Bajaj Markets provides access to high-value business loans that range up to ₹75 Lakhs. Moreover, the low interest rates make business loans the perfect choice for short-term, intermediate-term, and long-term funding requirements.

  • Flexi Loan Facility: The business loan lets you withdraw funds as per your needs and preferences. Here, the interest is only charged on the withdrawn amount.

  • Hassle-Free Unsecured Loans: These unsecured business loans are approved in just a few hours, depending on your application.

  • No Collateral or Security Needed: The business loan from Bajaj Markets is offered collateral-free. This essentially means that you don’t have to pledge any asset to secure your loan. The collateral-free loan enables you to get funding with much ease.

  • Exciting Offers: Personalized pre-approved offers and value-added services could make your experience of availing of a business loan even more amazing.

Eligibility Criteria for Business Loan

To be eligible for a business loan, you must meet the following conditions:

  • You must be a self-employed individual

  • Self-employed professionals include doctors, chartered accountants, etc., and self-employed non-professionals include traders, manufacturers

  • You must be between 25-65 years of age

  • Business units such as partnerships, limited liability partnerships, and private limited companies can apply for a business loan

  • You must have a minimum business experience of 3 years in the current business and at least 5 years of business experience on the whole

  • The minimum annual income (ITR) must be ₹1.5 lakh per annum

Business Loan Fees & Interest Rates

Bajaj Markets provides access to well-curated new business loans that attract a nominal rate of interest. Thus, you enjoy affordable EMIs throughout the loan tenure. Follow the listed table to view the interest rate and charges applicable on a business loan: 

 

Interest Rate

Starting from 12% p.a.

Processing Fee

2-3% of Loan amount

Loan tenure

Up to 60 months

Pre-closure Charges

4% of principal outstanding amount + GST*

Eligibility Criteria

>₹90,000 turnover for 3 months

Loan Amount

₹25,000 to ₹75 Lakhs

Instalments

Flexible Monthly/Bi-weekly

 

 

How to Apply for Business Loan on Bajaj Markets 

Applying for a new business loan online on Bajaj Markets is now really simple. Just follow these steps:

  • Online Form Filling: Fill in your personal and business details.

  • Select Your Lending Partner: From the list of loan offers, select a business loan from your preferred partner.

  • Specify Loan Details: Choose your preferred loan amount and repayment tenure.

  • Required Documents: Upload the scanned copies of all the required documents.

  • Approval & Disbursal: Submit your application; post verification and approval, the money would be disbursed to your account.

Documents Required for a Business loan

Below we have provided a list of documents required to apply for small business loans in India.

  • Identity Proof: PAN card/passport/driving license/Voter’s ID

  • Address Proof: Aadhaar card/passport/utility bills/lease agreement

  • Bank statement for last 6 months

  • ITR form in addition with certified copies with details such as income computation, balance sheet, and Profit and Loss (P&L) statement for the last 2 years

  • Sole Proprietorship Declaration or authenticated copy of Partnership Deed

  • Certified copy of Memorandum and Articles of Association

Types of Business Loans

As per the business needs and requirements, various types of business loans are available.

1. Start-up Business Loans: As an aspiring entrepreneur, if you want to start your business venture and need financial assistance, you can always apply for a startup business loan. You can also avail of this loan if you wish to expand the operations of your start-up enterprise.

 

2. Working Capital Loan : With a working capital loan, self-employed individuals can manage the daily expenditures of the business. This includes managing steady cash flow, purchasing machinery, and paying short-term debt. In a nutshell, availing this loan will help you take care of finances associated with day-to-day operations.

3. Machinery Loans : A machinery loan can help you with expenses related to your business equipment. With this loan, you can purchase new machinery, upgrade existing ones, or even repair faulty equipment.

4. SME and MSME Loans : With the help of an MSME loan, you can finance business requirements like revamping your company’s infrastructure, purchasing machinery or raw materials, or expanding your business operations in general.

5. Business Loan for Women : Most financial institutions offer business loans for women that can help female entrepreneurs become self-sufficient and enable the growth of their enterprises.

6. Term Loan : A term loan is a popular form of business finance offered by leading lenders across the country. Depending upon the lender's terms, it could either be secured or unsecured. The loan is typically provided for a period that ranges between 1 to 20 years. The amount offered is majorly driven by the credit history of the business. 

How to Calculate Business Loan EMI?

Business loan EMI calculation can be done using the following basic formula, i.e.

E = P x r x (1+r)n/(1+r)n-1

Here,

‘E’ stands for EMI

‘P’ represents the loan amount

‘r’ stands for the monthly interest rate and

‘n’ represents the duration of the loan

On Bajaj Markets, you can find a business loan EMI calculator. This tool enables you to calculate the EMI amount through the web interface. This EMI calculator allows you to understand the breakdown of each component, including the interest and principal loan amount. Simply put, you can effectively undertake your financial planning based on the computations.

Dos and Don'ts of Business Loans

Here are some factors that you must consider when getting a business loan online:

 

Dos

Don’ts

Stay prepared with your documents and business plan

Make multiple loan applications

Conduct a comparative lender review

Fall prey to low cost loans without reading the terms and conditions

Borrow only the required amount

Create a real business budget

Estimate your expenses appropriately

Pay off your loan too quickly

FAQs on Business Loan

What is a business loan?

A business loan is borrowed capital that can be used to support an existing or new business. The funds can be used to increase employee strength, expand the enterprise, purchase equipment, build working capital, and more.

What credit score is needed to get a business loan?

To get a business loan, you must have a credit score of at least 685. The higher your score, the better are your chances of getting a business loan at negotiable rates.

What is the maximum tenor for a business loan?

The maximum tenor offered for a business loan is typically 60 months. However, this aspect depends upon the lender and your loan profile. 

How does a business loan work?

A business loan is an unsecured loan that can be used to cover the expenses involved in running/growing a business. With most lenders, a business loan can be availed without pledging an asset as collateral.

Can I get a business loan without any collateral?

Yes, a business loan is unsecured or collateral-free. This essentially means that you can acquire the business loan without having to pledge an asset as security. 

Latest Business Loan News

Private Banks Treble Share in Small Business Loan to 70%

From the preceding year, banking institutions quadrupled their proportion of loans authorized to the micro, small, and medium enterprise (MSME) segment to 69.8 % in FY22. Previously, private banks' stake had nearly halved in FY21 to 18.2%, down from 33.6% in FY20.

Following the pandemic, public sector banks expanded their proportion of loan sanctioning to MSMEs from 48% in FY20 to 73 % in FY21, with most of this amount going towards Mudra loans.

Prior to the pandemic, several private sector banks had started exercising prudence when making loans to small firms. As soon as the pandemic started, they began to reduce their risk. Government guarantees came through and stress turned out to be lower than anticipated, all of which helped them significantly grow their market share in FY22.

- Jul 01,2022

Assam emerging as MSME investment hub: study

A study showed that Assam is fast surfacing as a hub for investment in the micro, small, and medium enterprises (MSME) sector in the North East region of India. However, it is also suggested that this sector needs a boost in terms of financing and technological inputs to grow and multiply even further.

The study, published by the Export Promotion Council (EPC) of the MSME Ministry and BillMart Fintech, states that a large chunk of investment from the private sector is being directed to the sectors of food processing, organic, horticulture, petroleum, and MSME units. Additionally, the report also states that these sectors contribute significantly to the generation of jobs and boost sustainable livelihood and growth.

Among the MSMEs located in the North East, a dearth of access to financing and credit was found to be a major issue, with Assam housing 61.48% of the total MSMEs in the region (67,000 industries – 88% micro-units and 11.5% small and medium enterprises).

As per Parag Rao, the country head-payments of HDFC Bank, the app will have fund flow-based underwriting. So merchants can check their loan eligibility by themself and easily avail of working capital or short-term loans, a business card or loan on the business card.

The study goes on to state that in 2018-19 alone, the state of Assam received investments to the tune of Rs. 1,162,202.6 million for new projects, of which Rs. 1,153,351.6 million was spent on projects that were completed. In the year 2020-21, the state received Rs. 6,902.3 million for investment purposes, of which projects worth Rs. 33,986.6 million were completed.

The government of Assam has also formulated a plan to link these MSMEs to financiers – those who will provide affordable credit, as well as a range of services pertaining to marketability and financial accountability.

- May 23, 2022

HDFC Bank To Give A Digital Push To Small Business Loans

The banking regulator that imposed restrictions on the digital business generating activities of HDFC Bank had lifted the curbs recently after 15 months. This action gave back the bank’s liberty to launch new initiatives. As a part of that, HDFC Bank plans to launch a dedicated app that will push more small business loans.

Soon, HDFC Bank will launch the app for merchant loans -SmartHub Vyapar programme, which will bring all the payment platforms like cards, UPI, tap pay and QR code under an umbrella. HDFC plans to triple its monthly merchant loan run rate of Rs. 1000 crore by this initiative.

HDFC Bank has plans to onboard 20 million merchants to this programme in three years. Currently, they have on boarded more than 2.7 million merchants to SmartHub Vyapar in the app’s pilot phase.

As per Parag Rao, the country head-payments of HDFC Bank, the app will have fund flow-based underwriting. So merchants can check their loan eligibility by themself and easily avail of working capital or short-term loans, a business card or loan on the business card.

HDFC Bank also plans to launch an app called ‘AutoFirst’ for fully automated auto loans and set up a digital customer hub that offers customised services and responses to customer queries and complaints. The bank also plans to boost its digital services by enhancing its apps like Payzapp and Smartbuy and launching a digital credit card.

- Mar 25, 2022