Long Term Business Loan

Businesses take long-term business loans to cover their immediate business-related expenses or to fund their expansion plans. Such loans are typically paid off by the borrowing businesses over many years. The main reason why businesses go for such a loan is because after getting one, they will have to pay a lower amount as Equated Monthly Instalments (EMIs) to repay it.

Despite the convenience on offer, lenders set up certain eligibility criteria that borrowers must fulfil to avail of the loan. Read on to learn the eligibility criteria for availing a business loan on Bajaj Markets.

• The applicant must be between the age of 26 to 66 years.

• The business must be at least three years old.

• Income Tax returns must be filed for the business for at least the previous year.

• The previous year’s business turnover must have been audited by a Chartered Accountant.

The interest rates and charges that will be applicable on a long-term business loan are:

To avail a long-term business loan, you will need:

• A copy of your business plan

• A duly-filed copy of your application form along with passport-sized photographs

• Proof of your identity, age, and business income

• Business address and vintage proof

• Business PAN card along with copies of the relevant registrations, permits, and licences

• Bank statements of your business going back 12 months along with your Profit and Loss (P&L) statements

• A copy of your Memorandum of Association (MoA) and Articles of Association (AoA)

• Any other document as per the lender’s requirements