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:
18% per annum onwards
Up to 2% of the loan amount
Penal interest rate
Up to 2% per month
Previously, entrepreneurs looking to avail business loans had to fill out numerous applications, provide a range of documents, and even wait several months before the application itself could be processed. Recently, with portals like Bajaj Markets, digitalisation has made processes much simpler and much more convenient for those in search of long-term business finance.
To apply for a business loan on Bajaj Markets, all you must do is fill out a simple, to-the-point application form. You will be asked to specify how much you wish to borrow and a repayment tenure that works best for you in the form. You can easily choose a long repayment tenure of up to 60 months and ensure maximum flexibility for repayment.
Additionally, you will be required to upload soft copies of the required documents.
Once these details have been provided and if the information, once validated, is in order, the loan will be approved in just 2 minutes, and the loan amount can be disbursed to your bank account within 24 hours.
With such easy long-term business finance options available to entrepreneurs now, it won’t be long before India emerges as a hub of successful ventures and a market for all kinds of great products.
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