Business Loans for Manufacturers

Manufacturing businesses create employment opportunities for others and increase the nation’s GDP. In the latest finance budget speech, Nirmala Sitharaman thanked the entrepreneurs, who, leaving the temptations of “greener pastures abroad”, choose to establish Manufacturing businesses in India and contribute to the growth of the nation. Needless to say, in order to continue this trajectory of growth and take the manufacturing industry to new heights, business owners will require a robust source of financing. This is where a business loan for manufacturing comes in. 

A manufacturing business may require a loan for any number of reasons. A few of them are listed below:

  1. Investing in a new product: Creating a new product from scratch takes a lot of experimentation, which has a high upfront cost.

  2. Expanding production: Setting up a new plant can lead to unexpected overhead expenses and other problems, resulting in a tight cash crunch. A manufacturing loan can be the solution to this.

  3. Lack of New-Age Technology: Manufacturers, in this day and age, have to keep with the times. In order to do that, purchasing the latest equipment and upgrading existing infrastructure is key to retaining customers and bringing in new ones. Business loans can come in very useful in such situations.

Whatever your requirement is, you can opt for a business loan on Finserv MARKETS to suit your own, unique business needs and reap in a host of features and benefits.

Features and Benefits

A Manufacturing business loan comes with a lot of unique benefits:

  1. Comfortable upper limit: No matter how big of an operation you are running, you will find a loan policy that fits your capital-intensive business. On Finserv MARKETS, you can get loan amounts as high as Rs. 30 lakhs.

  2. Flexible repayment policies: Business loans for manufacturers have flexible repayment schedules - every business and business owner is different, and thus, loan-providers keep the loans terms flexible to suit the unique needs of one’s business. Therefore business loans have very flexible repayment policies. On Finserv MARKETS, repayment tenures can range from 12 to 60 months.

  3. Doorstep delivery: To build a personal relationship, business loan-providers send well-trained, well-informed representatives for any doubts, questions or consultations to their customers’ doorsteps.

  4. Online Application and Online Approval: Both the application and approval for manufacturing business loans can seamlessly take place online. Bajaj Finserv Business Loans for manufacturers, available on Finserv MARKETS, can churn out loan approvals in under 3 minutes, and the funds are transferred to your account in no more than 24 hours

  5. Minimal Documentation: In order to speed up the application process and to make things as convenient as possible for applicants, business loans on Finserv MARKETS have a simplified, non-intrusive and speedy documentation process.

  6. No Collateral Required: Guarantors and collaterals can slow down the access to loans for people - therefore, the business loans for manufacturers on Finserv MARKETS, require no collateral.

Eligibility Criteria and Documents Needed for Manufacturing Business Loan

To avail Loan for manufacturers on Finserv MARKETS, the following simple eligibility criteria for business loan need to be met:

  1. The age of the loan applicant should range between 26-66 years.

  2. The loan applicant must also have a business vintage of 3 years - they must be owning and operating a business for 3 years.

  3. The loan applicant’s business’ Income Tax Returns must have been filed for a minimum of one year.

All the documents required to procure a business loan are very readily accessible - they are listed below.

  1. Identity proof. The loan applicant needs to provide any identification proof issued by the government with the appropriate KYC papers. This ID proof could be passport, driving license, voter ID card, etc.

  2. Address proof. Electricity bill, ration card, telephone bill, or any other document with your current address on it can be submitted as the address proof in the loan application.

  3. Financial records. A business balance sheet audited by a CA (of the last 2 years) and a bank account statement(of the last 6 months) need to be submitted with your loan application.

  4. Proof of business ownership. For self-employed people, IT returns suffice as proof of business ownership.

Fees and Charges

One of the many benefits of getting a Bajaj Finserv business loan on Finserv MARKETS is that there are no hidden charges.

Below are the three fees that you need to keep in mind:

  1. Processing Fees: A small processing fee (3.99% of the loan amount) is charged.

  2. Convenience Fees: A flat convenience fee of Rs. 4,499 is charged.

  3. ECS Return Fees: A flat Electronic Clearing Service Fee of Rs. 450 is charged.

Below are the 3 charges you need to keep in mind:

  1. Bounce Charges: Rs. 3000 is charged as a bounce charge if the cheque bounces for any reason.

  2. Outstation Collection charges: An outstation cheque comes with a nominal extra charge of 65.

  3. Foreclosure Charges: 4% of the outstanding loan account is charged as a foreclosure charge.

How To Apply?

The loan application process on Finserv MARKETS is as smooth as it can be. Follow the below steps to get your business loan approved in under 3 minutes:

  1. Fill an online form: The online form will gather your personal and employment details.

  2. Specify your terms: Specify the loan amount and repayment tenure.

  3. Wait for your loan: Have your loan amount approved and disbursed to your bank account in no time!

Conclusion

Manufacturing is the backbone of a country’s economy - and the business loans for manufacturing on Finserv MARKETS are custom built to finance your manufacturing expansion. Whether you need a short-term loan to tide over a cash crunch or require a long-term loan to boost the long-term viability of your business, your needs will be fulfilled through a loan that is tailor-made for you.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor-made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no-cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!