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What is 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.

Features and Benefits of Long Term Business Loans

Flexi Loan Facility

With long-term business finance options, entrepreneurs can avail a large amount which can be withdrawn as per their needs. The Flexi loan facility allows borrowers to repay only the interest component READ MOREof the loan as EMI, which makes it much easier to use the loan for profitability. READ LESS

Flexible Repayment Tenure

A long-term business loan offers flexible repayment tenures lasting up to several years. This lets businesses easily invest capital towards future benefits without worrying about repaying their loan inREAD MORE a hurry. If you avail of a business loan on Bajaj Markets, you can repay it flexibly with a repayment tenure lasting up to 72 months. READ LESS

No Collateral

With long-term business finance options, no collateral needs to be provided to avail the loan. This is an especial relief since entrepreneurs need to leverage all their assets towards making their busiREAD MOREness profitable and can’t afford to lock any asset away as collateral. READ LESS

Online Access

With digitalisation taking over the entire world, long-term business finance lenders have also moved operations online. Borrowers can now easily avail of loans with only a few clicks and by uploading tREAD MOREheir documents online in a convenient and hassle-free manner. Additionally, it has become easier for borrowers to keep track of their pending repayment amount since all information is centralised on a dedicated portal. READ LESS

Eligibility for Long Term Business Loan

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.

Long Term Business Loan Interest Rates and Charges

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

Interest rate

12% per annum onwards

Processing fees

Up to 2% of the loan amount

Penal interest rate

Up to 2% per month

Documents Required for Long-Term Business Loans

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

FAQs

What is the maximum duration for a long-term business loan?

You can get a long-term business loan for a maximum tenure of up to 72 months.

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