A Business Loan is an unsecured loan that can be used for 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) offer quick business loans at competitive interest rates. If you are eligible and have the required documents in place, you can enjoy the best-curated deals and get instant approval on Business Loan.
Our Partners |
Interest Rate Range |
Maximum Tenure |
17% onwards |
72 months |
|
15% onwards |
36 months |
|
15% onwards |
9 months |
|
12% onwards |
36 months |
|
18% onwards |
60 months |
|
20% onwards |
48 months |
|
28% onwards |
36 months |
|
16% onwards |
36 months |
|
20% onwards |
36 months |
*The interest rate charges are subject to constant change as they are affected by several factors. Please check the prevailing interest rate with your lender before applying.
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
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 Rates, Fees & Charges Details |
|
Interest Rate |
Starting from 12% p.a. |
Processing Fee |
Up to 4.72% |
Loan tenure |
Up to 72 months |
Pre-closure Charges |
4% of principal outstanding amount + GST |
Eligibility Criteria |
₹ 90,000 turnover for 3 months |
Loan Amount |
₹ 25,000 to ₹50 Lakhs |
Instalments |
Flexible Monthly/Bi-weekly |
Applying for a new business loan online on Bajaj Markets is now really simple. Just follow these steps:
Visit the Online Platform: Visit the Bajaj Markets website, select the category titled ‘Business Loans’ in the ‘Loans’ section and click on ‘Apply Now.’
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.
Below we have provided a list of documents required to apply for small business loans in India.
Identity Proof: PAN card/passport/driving licence/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
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 |
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. 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.
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.
The maximum tenure offered for a business loan is typically 60 months. However, this aspect depends upon the lender and your loan profile.
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.
The minimum turnover required to qualify for getting a business loan can vary based on the criteria set by different lenders. Typically, it can range from around ₹10 lakhs to around ₹40 lakhs or so.
Any entity engaged in a legal business in India can avail a business loan if it qualifies for one, depending on the eligibility criteria in place. This includes entities like partnership firms, one person companies, private companies, public companies, as well as government-owned subsidiary companies. Furthermore, there are also small business loans for self-employed individuals, sole proprietary concerns and other micro, small and medium-sized business entities.
The minimum and maximum limits on business loans vary from one lender to another. Broadly speaking, if you opt for a bank loan for business funding, the minimum amount you can borrow may range from around ₹1 Lakh to ₹3 Lakhs. The maximum amount, on the other hand, can be as high as ₹25 Lakhs to ₹50 Lakhs or more. Since this is quite a wide range, it is best to check the details pertaining to the lender you opt for.
As a business owner, you have your own personal credit as well as your business’s credit. If you guarantee a loan personally, it could affect your personal credit. Or, if you are a small business owner, it is likely that the loan will be offered based on your personal credit. As a result, it may affect your credit profile. On the other hand, for entities like companies, the business’s credit alone matters.