Business Loan App

With the advancement of technology and the introduction of digitization in the banking and finance sector, a large number of banks and Non-Banking Financial Companies (NBFCs) are offering business loans online. The loan amount availed can be used for a wide range of business purposes. Right from managing daily operations of the business to upgrading infrastructure, hiring staff and undertaking marketing and promotional activities, the loan amount can prove to be helpful in all such scenarios. With leading financial institutions, you can avail a business loan through a hassle-free online application process. Moreover, few lenders have also introduced their personalized business loan apps. You can download these business loan apps on your smartphone and apply for a business loan instantly.

One such business loan app is the Finserv MARKETS app. You can avail a loan amount up to Rs. 30 Lakhs. The loan term ranges from 12 to 60 months. Some of the major benefits of availing a loan by using the Finserv MARKETS App are mentioned below:

Simple eligibility criteria

The eligibility criteria for business loans available at Finserv MARKETS is very simple. Make sure that you check your loan eligibility before applying for the same. This will help in reducing the rejection chances of your loan application. The Bajaj Finserv Business Loan eligibility is mentioned below:

  • You must be an Indian citizen

  • You must be a self-employed individual

  • Self-employed individuals between 26-66 years of age

  • You must have 3 years old business

Easy availability and Minimal documentation

The application process for business loans is very simple. In addition to that, the documents required are minimal. Some of the basic documents required to avail a business loan are Identity proof, address proof, and bank statement of the last six months. Self-employed applicants have to submit the ITR for the last three years. Once the lender reviews your application form and verifies your documents, your loan application will be approved and you will receive the loan amount in your bank account within 24 hours.

Zero collateral

Business loans available at Finserv MARKETS are unsecured loans. Therefore, you do not have to pledge any collateral while availing the loan amount. This keeps your assets safe in case you happen to default on the business loan. However, it is advisable that you repay your loan on time. This will help you to keep your credit score intact.

Attractive interest rate and low processing fees

If you avail a business loan by using the Finserv MARKETS app, you can get an attractive interest rate. Moreover, if you have a high credit score, you can negotiate with the lender to avail more competitive interest rate and other favourable terms on your loan. Low processing charges, less prepayment charges and interest-only EMI are some of the other major benefits of availing a loan by using the Finserv MARKETS app.

Now that you are well aware of the various benefits of availing a business loan using the Finserv MARKETS app, let us have a look at some of the major features of this loan app.

Features of Finserv MARKETS app

  • The Finserv MARKETS app has a smooth user interface and is easy to use.

  • This app can be downloaded on both Google Play and App Store.

  • You can access your loan application, track your EMI due dates, and repayment history by using this app.

  • The app has a very efficient and reliable customer service facilities to address all your payment and account related queries.

Steps to apply for a business loan using the Finserv MARKETS app

  1. Download the Finserv MARKETS app on your smartphone

  2. Create your Finserv Account

  3. Go to the loan section and fill in the online application form by providing your personal and employment details

  4. Choose the loan repayment tenure and loan amount that you wish for

  5. Upload the required documents.

  6. Once the lender reviews your loan application and verifies your documents, your business loan will be approved and you will receive the loan amount within 24 hours.

It is advisable that you calculate your EMI before availing the business loan. This will help you settle for an EMI that best suits your needs. You can easily calculate your EMI by using the online business loan EMI calculator. Moreover, having an estimate of the EMI beforehand can help you plan your repayment efficiently. This will allow you to manage your monthly budget wisely and you can repay the loan without straining your finances. Using an online business loan EMI calculator is very simple. All you have to do is enter the loan amount, repayment tenure and the interest rate in the EMI calculator, and you can easily check your monthly instalment. You can use various permutations and combinations of these three parameters to obtain an EMI as per your convenience. Let us have a look at the formula for calculating the EMI.

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

Where,

  • E stands for monthly installments

  • P is the loan amount that you wish to avail.

  • R is the rate of interest that is calculated on a monthly basis

  • N is the loan tenure in months.

You must make the most of the business loan EMI calculator while availing the loan. Also, you must compare various loan offers provided by different financial institutions before availing a business loan. This will help you avail a loan with a competitive interest rate and ideal terms and conditions. Make sure that you have a high credit score before applying for the loan. This will help you avail a higher loan amount at a reduced rate of interest. Lastly, make sure that you read the terms and conditions of the loan agreement carefully before availing it. This will help you avoid any inconvenience in the later stage. In case of any query, always take advice of a financial expert to make a well-informed decision.

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Personalized choices for Loans, Cards, Insurance, Investments & UPI Payments along with No Cost EMI offers to shop for a wide range of lifestyle products – discover more on the Finserv MARKETS App