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Business Loan

Business Loan Online | Loan up to ₹75 Lakhs | No Collateral | Quick Approval | Low Interest Rate

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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 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 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

Maximum Tenure

Bajaj Finance Limited

18% onwards

60 months

Lendingkart Finance Limited

15% onwards

36 months

KreditBee

15% onwards

9 months 

NeoGrowth Credit Pvt Ltd

18% onwards

36 months

Prefr Partners

21% onwards

24 months

FlexiLoans

12% onwards

36 months

IIFL

16.50% onwards

60 months

AYE Finance

28% onwards

36 months

Indifi

18% onwards

36 months

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 Here, the interest is only charged on the withdrawn amount.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: Personalised 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:

 

  • Step 1: Visit the Online Platform: Visit the Bajaj Markets website, select the category titled ‘Business Loans’ in the ‘Loans’ section and click on ‘Apply Now.’

  • Step 2: Online Form Filling: Fill in your personal and business details.

  • Step 3: Select Your Lending Partner: From the list of loan offers, select a business loan from your preferred partner.

  • Step 4: Specify Loan Details: Choose your preferred loan amount and repayment tenure.

  • Step 5: Required Documents: Upload the scanned copies of all the required documents.

  • Step 6: 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 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

3 Unique Variant of our Business Loans

You can avail three unique variants of business loan on Bajaj Markets. Here is a closer look at each of these types of business loans and what they entail. 

  • Term Loan

This is one of the most common types of business loans. Both small businesses as well as larger and more established entities may opt for this loan variant. Here, you borrow the funds needed and repay the borrowing over a fixed term. The repayment is made in the form of Equated Monthly Instalments (EMIs), which include an interest component as well as a principal component. You can repay the loan before the tenure if you wish to, but you may incur foreclosure charges for the same. 

  • Flexi Term Loan

In this kind of business loan, you can pay off a significant portion of your borrowing as and when you have the funds. Alternatively, if your credit limit is not fully utilised, you can even borrow additional funds as and when your business needs them. The interest due will be automatically adjusted throughout the loan tenure, based on the amount of principal outstanding. Your EMI will include both the principal component as well as the interest adjusted as needed. 

  • Flexi Hybrid Loan

A flexi hybrid loan is very similar to a flexi term loan. The primary difference, however, is how the EMIs are constituted. In a flexi hybrid loan, during the initial phase of the repayment, your EMIs will only consist of the interest applicable on the loan. After a certain amount of the interest is repaid, the EMIs will start to include both the interest and the principal components of your business loan. 

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.

Reasons To Apply For a Business Loan

If your business is in need of funds and you want to avail a business loan, apply online for this facility easily today. However, if you’re not sure about getting a business loan for your venture, here are some reasons why this kind of funding may be the right choice. 

 

  • Increased Working Capital

Working capital is the term used to refer to the funds you have to meet your business’s short-term obligations. There are special working capital business loans available for this very purpose. By availing this facility, you can improve liquidity in your business and meet your working capital requirements easily.  

 

  • Business Expansion

Over time, as you scale up your business, you will need to expand your venture in different ways. This includes the launch of a new product or service, the opening of a new branch, the purchase of new equipment and machinery as well as renting out new office spaces. All of this requires additional funding, and business loans can help you with this. 

 

  • Credit Building 

Business loans can also help with credit building for the future. Each time you repay the EMIs due on your business loan promptly, you give your business credit score (or personal credit score, in case of a sole proprietorship or the likes) a boost. This will make it easier for you to obtain more credit facilities for your business in the future. 

 

  • Improved Business Marketing

Marketing is another aspect of business that requires a sizable budget. To get word of your business out to your target audience and to achieve higher lead conversion, you need a robust marketing plan. Business loans can give you access to the funds needed to promote your business better and expand your customer base. 

 

  • Upgradation of Your Workforce

With a business loan, you can also expand and/or upgrade your workforce to meet the growing needs of your business. The funds borrowed can help you hire new recruits or pay existing employees a higher salary when a hike is due. It can also fund the upskilling or reskilling of your workforce as and when needed.

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 and how does it work?

    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.

  • ✔️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. 

  • ✔️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. 

  • ✔️What is the minimum turnover requirement for a business loan?

    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. 

  • ✔️Which entities can avail a business loan?

    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.  

     

  • ✔️What is the minimum and maximum loan limit offered for a business loan?

    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. 

  • ✔️What is the typical interest rate for business loans in India?

    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.

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