In need of quick funds for an enterprise - Get started with Bajaj Finserv Business Loan

To grow your business, you are required to invest in the expenses of growth, like purchasing equipment, advertising, and property expansion. However, managing all those costs and at the same time running your business can be tricky. Almost every company faces financial shortcomings at some point; the solution for such a situation is taking a business loan. To get the best deal on loans, you need to find the right lender who can offer you a loan based on your business requirements. While taking on debt can seem like a scary decision, getting a Bajaj Business loan can help you in financing your business.

Business Loan Eligibility Criteria

To avail a business loan, you need to fulfil the Bajaj business loan eligibility criteria set by the lender.

• You must be an Indian citizen to be eligible for a loan.
• Self-employed individuals between the ages of 26 - 66 years are eligible to apply for a loan.
• Your business must be of at least 3 years in the current business and at least 5 years’ business experience on the whole.
• The Income Tax Return (ITR) must be Rs.1.5 Lakhs per annum.
• Business units such as partnerships, private limited companies and limited liability partnerships are eligible for the loan.

Documents Required for Business Loan

The following are the list of documents required for a loan for business.

• Identity Proof such as Aadhaar, PAN Card, Passport, Voter’s ID Card, etc.
• Residential Address Proof such as Aadhaar, Passport, Driving license, Voter's ID, etc.
• Last 6 months Current Account Bank Statement
• Bank account statements of the last 6 months
• ITR form along with certified copies of income computation, balance sheet, Profit and Loss statement for the previous 2 years.
• Sole Proprietorship Declaration form or a copy of Partnership Deed
• Certified copy of Memorandum and Articles of Association

No Collateral Required

By applying for a Bajaj Finserv Business Loan, you can get the financing you need without pledging any collateral. This way, the customers are free of committing any of their valuable assets as security. MSMEs in India can use the loan funds to set up the business or even for the expansion of the same. Ideally, financial institutions such as banks and NBFCs offer collateral-free loans to MSMEs. Such loans bring significant relief for a lot of businesses and MSMEs, who require working capital and cash flow.

Hassle-free Loan Process

Unsecured business loans are usually approved in under 24 hours of submitting the loan application. Business loans have easy eligibility criteria, it may vary from one lender to another, but the process for loans is quite similar. Business loans can be applied with the minimal documentation process. These exclusive features make Bajaj Finance Business Loan one of the ideal business loan providers for the hassle-free loan process and quick loan disbursal.

Large Capital Financing

If your business requires massive funding, you need to apply with lenders that offer high loan amounts. Many banks and NBFCs provide significant loan amounts for MSMEs. Bajaj Finserv Business Loan offers collateral-free business loans of up to Rs. 30 Lakhs to fulfil your business needs. The loan funds can be used for purchasing new equipment or machinery, property, purchasing raw materials or inventory, etc.

Nominal Interest Rates

Most banks and NBFCs offer loans for business at competitive interest rates. SME businesses can avail these loans at attractive interest rates, nominal processing fee and absolutely no hidden charges applicable. The interest on the loan depends on factors like the type of business, the loan amount applied for and your relationship with the financial institution. At Bajaj Markets the rate of interest on business loans is 14% -17% p.a. with a minimum processing fee of 2% on business loans.