Business Loan for Startups

Have you always dreamed of starting your own business but were held back due to lack of funds? Well, there is no better time than now. Leading lenders offer startup business loans without collateral. These are also known as unsecured loans, which means you do not need to pledge any assets like machinery, gold, or property to get approved.

Access to a collateral-free loan opens up immense possibilities for startup businesses. The loan allows you to set up and grow your business easily without the hassle of putting your assets at stake.

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. The final interest rate applicable to you will also depend on factors such as your repayment tenure, age, monthly income, and CIBIL score.

To apply for startup business loans, you must meet the following eligibility criteria:

• You must be an Indian citizen

• You must be a self-employed individual

• Your age must be between 21 to 60 years

• You must have a CIBIL score of at least 700

• The business must have been operational for at least one year.

• The business must meet the minimum annual income terms 

• The business must not be in the blacklisted or excluded category

You can check your startup business loan eligibility with the help of the Business Loan Eligibility Calculator. Keep in mind that the above eligibility criteria may vary depending on the lender you apply with. 

Check the lender’s website before applying for startup business funding to ensure that you meet all the criteria. 

Here are the documents that you need to apply for a startup business loan:

• 2 passport-size photographs

• Proof of Identity: Aadhaar card/ Driving licence/ PAN card/ Passport/ Voters ID

• Address proof:  Aadhaar card/ Passport/ Utility bills/ Lease Agreement

• Signature Proof: PAN Card/ Passport/ Bank verified signature

• Bank statement for the last 6 months

• ITR form and certified copies with income computation, balance sheet, and Profit and Loss (P&L) statement for the previous 2 years

• Sole proprietorship declaration or an authenticated copy of the partnership deed (as applicable)

• Certified copy of Memorandum and Articles of Association

Most lenders allow you to apply for an instant business loan for a startup using online and offline modes. To apply for a loan for a startup business, follow the steps given below: 

• Step 1: Select the ‘Check Eligibility’ button on this page

• Step 2: Fill in your basic personal and business information in the online form

• Step 3: Provide the desired loan amount and choose your repayment tenure

• Step 4: Submit the completed form for verification

• Step 5: After approval, the funds get transferred into your account

If you are seeking loans for your startup, you need to consider the following points:

• Provide a precise estimation of the available working capital

• Create a clear, thorough, and workable business plan

• Your business plan should be able to explain where you intend to spend the funds

• Include a summary of the company's aims and objectives

• Include projected profits and a growth plan for your business

Before applying under any scheme or with any lender, carefully assess the terms and conditions of the loan. This will enable you to understand which is the best deal and ensure the growth of your venture. Visit the Bajaj Markets website to compare small business loans for startups and apply with ease.

All terms and conditions are subject to the policies of our partner lenders, including pre-approved offers, loan processing times, and other applicable terms.