✓Minimal Documentation ✓Flexible Repayment ✓Collateral Free Loan | Apply for Business Loan Now!

Traders are potentially the most important cog in the supply chain machinery. They ensure that the goods made by a particular manufacturer reach the end customer. Hence, the trading industry is very crucial to the Indian economy or to any economic system for that matter. At times, traders may require loans to keep their operations running. The good news is that the traders can now avail business loans from several lenders.

Need for Business Loans for Traders

A trader may need a business loan to pay for goods purchased from manufacturers, pay salaries to employees, or take care of the general maintenance costs. Several traders tend to give their clients credit, and, if the money that was promised to them does not come in on time, the trader may face a cash crunch. In times like these, a business loan for traders can come to their rescue.

Features and Benefits of Business Loans for Traders

Some of the characteristics and advantages of business loans for traders are:

 

  • Collateral-free: Business loans for traders can be availed without any collateral, which means that the borrowers need not go through a lot of paperwork to get credit. However, traders must keep in mind that since these business loans are unsecured, they will be offered at a higher interest rate.

  • Flexible Tenors: Traders can repay their business loans over a course of 36 months. Some lending institutions, on the other hand, may even allow the traders to repay their debt obligations over 60 months.

  • Quick and Hassle-Free Process: One can apply for a business loan for traders online through Bajaj Markets. This means that a trader will be able to apply for a business loan quickly given that most of the time traders usually require these on an urgent basis.

  • Minimal Documentation: Business loans for traders can be availed with minimal documentation. While applying, most of the times, all an applicant will need to share is their personal and professional details along with sufficient identity and income proofs. Given that very few documents will need to be shared by the applicant, he/she will not spend much time on the process of applying for the trader loan.

  • Quick Approval and Disbursal: Once the lender has verified the documents they received with the trader loan application, they will quickly credit the money into the applicant’s account. Usually, lenders disburse the trader/business loan amount within three days of approval.

  • Minimal to Zero Prepayment Charges: If the trader wants to foreclose their loan account before the end of the repayment tenor, they can do so for a very minimal charge. Some lenders, on the other hand, may allow the borrowers to do so at no additional cost at all. However, the borrower must remember to check the lender’s prepayment policy before applying and then decide accordingly.

Eligibility Criteria for Trader Loans

The eligibility criteria that one must meet to qualify for a business loan for traders are:

 

  • The applicant must be a self-employed individual operating in the trading industry

  • The applicant must have business experience of at least 5 years

  • The applicant must be an Indian national who is at least 22 years of age

  • The applicant must have an annual turnover of ₹10 lakh at least

  • The applicant must have a CIBIL score of 750 or above. The credit score criteria can vary from lender to lender

  • The applicant must have an annual income of ₹2 lakh at least

  • The applicant must be running a profit-making venture for a minimum of 2 years

Documents Required for Trader Loan

To apply for a business loan for traders, the applicant must keep the following documents handy:

Identity Proof

A valid identity proof of the proprietor(s) and a PAN card of the business 

Address Proof

PAN card of the proprietor(s), ration card, voter’s ID, or driving licence

Bank Statements

Latest bank statements of the applicant going back at least 6 months

Proof of Income

Profit and Loss sheet, Balance Sheet, or Income Tax Returns (ITR) of the past two years. Note that the document must be certified by a CA

Proof of Business Continuation

ITR, Sales Tax Certificate or Establishment Certificate in the name of the venture

Additionally, the lender may ask for other documents pertaining to the business, such as the partnership deed, the Memorandum of Association (MoA), or the Board resolution.

How to Apply for Business Loan for Trading

To apply for a business loan for traders through Bajaj Markets, the applicant must:

 

  • Step 1: Fill in their personal and business details.

  • Step 2: Select a business loan offer from a Bajaj Markets’ lending partner of their preference.

  • Step 3: Specify loan details such as the loan amount required and preferable repayment tenor.

  • Step 4: Upload scanned copies of all the required documents for the lender’s scrutiny.

  • Step 5: The lender will verify the documents and, if approved, the business loan amount will be credited into the applicant’s account within 3 working days.

A business loan for traders can come in handy in a number of ways and can make a significant difference to your trade business. To boost your trade business, you can begin proactively preparing your loan application and apply for the Bajaj Finserv Business Loan on Finserv Markets.

FAQs on Business Loan for Traders

  • ✔️Can traders get a business loan?

    Yes, traders can definitely get a business loan. Business loans for traders are collateral-free and can be repaid over 60 months. One can apply for a business loan for traders through Bajaj MARKETS.

  • ✔️How do I apply for a trading loan?

    You can apply for a trading loan through Bajaj MARKETS by following a handful of simple steps. All you must do is share your personal and business-related information, select your lending partner, pick your repayment tenor and amount, and submit the required documents. After that, simply wait for an executive to get in touch with you to take things forward.

  • ✔️Which loan is best for trading?

    A business loan is best for a business person if he/she is in the trading industry. Business loans can be acquired without any collateral and can be repaid over 5 years. Additionally, some lenders do not even levy a foreclosure charge if the borrower wants to repay the loan before the end of the repayment tenor.

  • ✔️What is the best interest rate for a trade loan?

    You can get a trade loan from Bajaj MARKETS at interest rates starting at just 12% per annum.