Microfinance Loan

Microfinance loans are microcredits, typically offered to low-income individuals and groups. They are generally offered to individuals who lack access to financial services. The loan amount is usually low and typically has no restrictions on end-use. 

These are generally offered as financial support to individuals and SHGs (Self Help Groups) to kickstart a new enterprise, self-employed business, and other income-generating activities. With a Bajaj Finance Limited microfinance loan, you can get funds to kickstart your enterprise. 

You also benefit from low interest rates, flexible repayments, and easy EMIs.

A microfinance business loan usually has varied eligibility criteria based on the lender you choose. Along with a good credit score, here are some basic requirements that you need to fulfil to qualify for the loan:

• Your age must be between 18 and 60 years

• You must belong to the low-income group

• Your monthly household income should be a maximum of ₹15,000

• The business you wish to set up or support must be engaged in an income-generating activity
  

Also, here are some documents you will have to furnish when applying for a microfinance business loan:

• Valid KYC document: Any one of the following

  • Voter ID

  • Aadhaar card

  • MNREGA card

  • Ration card

  • PAN card
    

• Proof of income: Any one of the following

  • Form 16

  • ITR filing

  • Family Income Certificate

  • Credit Information Company (CIC) reports

  • Balance sheet

• Bank account proof like bank passbook and statements

The requirements may vary depending on the lender you choose. Contact your lender and request the complete list of eligibility criteria and required documents before applying.

Here are the types of microfinance loan facilities you can get:

• Individual Loans 

Individuals can get this microcredit facility for their business and personal requirements. 

• Group-based Loans 

Banks and MFIs offer these loans to self-help groups (SHG) where members serve as guarantors for each other’s loan requests. 

• Agricultural Loans 

These loans cater to the needs of small businesses involved in agricultural activities. This includes dairying, livestock rearing, fisheries, etc.

• Micro Enterprise Loan 

These loans are provided for the growth and development of micro-businesses.

To get a microfinance loan for your business from lenders available on Bajaj Markets, you can follow these simple steps:

1. Click on the ‘Apply Now’ button on this page 

2. Enter your details such as mobile number, profession, and address 

3. Provide your personal and business-related details

4. Check the details, then submit the loan application

Following this, a representative will reach out to you to further guide you through the process.

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.