Applying for a Bajaj Finserv Business loan is simple and easy. With fast access to financing, you can avail funds up to Rs. 30 Lakhs. With which you can keep your business running. The business loan eligibility criteria is used for validation of a borrower's authenticity. Meeting the loan eligibility criteria makes the application process hassle-free and the process of loan approval easy.
The eligibility criteria to avail the Bajaj Finserv Business Loan are as follows:
Before applying for a loan, taking an eligibility test will help you determine, the loan amount you are eligible for and thus plan your finances. You can check your eligibility using Bajaj Finserv Loan eligibility calculator. The process is really very simple. You need to first input the Annual Revenue and select the type of business (manufacturer, trader, service). Once you set these values, you will get your eligibility for Bajaj Finserv Business Loan.
Here are some tips to enhance your Bajaj Finserv Business Loan eligibility.
1. Pay your dues on time
This is the first and foremost thing that you must follow, as it is sure to enhance your business loan eligibility. By avoiding to miss your credit card bill payment or any other outstanding bills, your credit score will improve. And a good credit score gives the lender an assurance that you will pay your EMIs on time. Also, by not defaulting on your existing EMI payments, you are sure to improve your credit score and thus your eligibility.
2. Have a healthy CIBIL Score
A CIBIL score is a three-digit number, which indicates the borrower’s creditworthiness and ability to repay the loan. Generally, a CIBIL score of 700 and above is considered to be a good CIBIL score. A good CIBIL score infers that you have not defaulted on your loan repayments and you will pay the future dues on time, thus improving your eligibility for a Business Loan.
3. Do not apply with multiple lenders
When you need a business loan, it is obvious that you will approach multiple lenders at the same time and apply for the same. However, when the lenders will check your profile and assess your loan application, it will negatively impact your credit score as this inquiry is a hard inquiry. Your chances of rejection become high. Hence, always have a gap when applying for a loan. Once rejected, do not immediately apply for another loan.
4. Choose a Long-Term Tenure
Choosing a long term tenure will give you enough time to pay the dues and your loan balance will be divided over the tenure, thus reducing your burden of paying the loan in a short span. This will also reduce your chances of defaulting on the payment, thus boosting your eligibility.