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

A wide range of hotels and restaurants can now be found in every corner of the country, with new entrepreneurs making the most of the tourism opportunities available across the nation. This has led to India’s hotel business ballooning up to a $22 billion industry. Meanwhile, the country’s restaurant business is already estimated to have reached the $50 Billion mark. However, for a new or existing business to be a part of this competitive landscape, there is a growing need for easy and quick access to hotel and restaurant financing options. This need is being readily met by customised business loans for hotels and restaurants across the country. Unlike typical bank loans for hotel businesses, these loans are swift, fast, and easily accessible.

If you are a business owner in the hospitality industry seeking hotel loans or restaurant loans, look no further than the Bajaj Finance Business Loan available on Finserv MARKETS. This business loan can be customised to meet the needs of a wide variety of hospitality businesses and is trusted by business owners nationwide.

Features & Benefits of Restaurant Business Loan

While there are many lending products available in the market, you require a restaurant business loan that offers more than just financing as a hospitality business owner. This is why the Bajaj Finance Business Loan available on the Finserv MARKETS platform is an ideal choice with its many attractive features. Here are all the features and benefits that can help fulfill the requirements of your hotel or restaurant:

  • No Collateral: To grow your hospitality business, you need not pledge any of your possessions or business assets as collateral. That is why the unsecured Bajaj Finance Business Loan requires no guarantor and zero collateral from your end.

  • Quick Approval and Disbursal: An ideal hotel or restaurant loan should meet the ever-changing needs of the business in no time. The Bajaj Finance Business Loan on the Finserv MARKETS platform makes this possible. It allows your business loan application to be approved in just 3 minutes. Moreover, you can receive the approved loan amount in a period as short as just 24 hours!

  • Flexibility of Tenures: A hospitality business can have various financing requirements - some long-term, others short-term. That is why a business loan is an ideal option since it offers business owners their choice of tenures from 12 to 60 months.

  • Minimal Documentation: As a business owner, you must already have a plethora of paperwork to go through regularly. Keeping this in mind, the business loan at Finserv MARKETS minimizes paperwork and only requires a few essential documents to process your loan.

Restaurant Loan Eligibility Criteria

The eligibility criteria for a restaurant loan that can be availed through Finserv MARKETS have been kept at a minimum to make things easier. 

  • If the loan is for an existing restaurant, it has to be in business for at least 6 months

  • If the establishment is already functional, they must have a minimum turnover of ₹90,000 over the course of three months preceding the application

  • The restaurant must not be on a blacklist for small business loans

  • The eatery must be established in a proper location

Restaurant Loan Fees and Charges

Just like any other form of lending, a restaurant business loan attracts certain charges and fees. They are as follows:

Applicable Interest Rate

Anywhere between 15-27% p.a.

Processing fee (One-time charge)

Between 2-3%

Repayment Tenor Length

Up to 24 months

Applicable pre-closure fee

0

The maximum amount that can be borrowed

From ₹50,000 to up to ₹2 Crore

Schedule of repayment

Advance needs to be repaid every month or every two weeks, depending on the agreed-upon terms of repayment

How to Apply for Restaurant Loan Online?

The restaurant business loan application process is fairly simple and does not require one to furnish many documents. The process for doing the same is as follows:

  • Apply for the loan online: You can help yourself to the business loan application page on Finserv MARKETS. You can do so by clicking on this link.

  • Submit the required documents: All necessary documents of the applicant, such as the ones pertaining to the owner’s identity, the restaurant, and its turnover, will need to be uploaded online. This should not take much time, considering that only a small number of documents need to be uploaded.

  • Disbursal: It only takes a few hours to up to a day to review an application for a restaurant loan. If approved, the money will be credited into the account of the borrower within 72 hours.

Documents Required for a Restaurant Loan

As implied above, the borrower must make sure that they have a certain set of documents before initiating the restaurant loan application process. Those documents are as follows:

  • Identity Proof: PAN card, Aadhaar Card, Driving License, and Voter ID. Only one of these is going to be required

  • Proof of Residence: Electricity bill, water bill, or Ration Card

  • Proof of business registration

  • Deed of Partnership (if there is any)

  • Passport-size photographs

Whether a small restaurant or a luxurious hotel, your hospitality business can truly benefit from an easy and accessible business loan customized for your specific needs. To that end, consider availing of the Bajaj Finance Business Loan available on the Finserv MARKETS platform, trusted by 100 million customers nationwide. As a business owner, you can avail of restaurant loan amounts as high as ₹30 Lakh with a loan application process that is seamless and transparent. Make sure that you check your business loan eligibility online before applying for the hotel loans. This will help you reduce the chances of your business loan application.

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