Lenders prefer to only give loans to creditworthy individuals. To this extent, they keep track of their clients’ financial behaviour to see if they could offer loans to such people. If they identify a creditworthy individual, the lenders will offer them what is known as a pre-approved loan. A pre-approved business loan, just like in the case of any other pre-approved financial products, is given to creditworthy businesspeople. One can benefit from availing a pre-approved business loan in many ways.

Features and Benefits of Pre-Approved Business Loans

Some defining characteristics of pre-approved business loans are:

Flexible Payment Facility: If the borrower wants, the borrower can only choose to pay the interest component as Equated Monthly Instalment (EMI) payments towards their pre-approved business loans during the initial months of the repayment tenure. Note that if the borrower chooses to go for the flexi-loan pre-approved business loan option, he or she will only have to pay interest on the business loan amount used.

High Loan Value: The amount availed as pre-approved business loans availed from the likes of Bajaj Finserv can be as high as ₹45 Lakhs. This money can be used for expansion purposes, running the day-to-day operations of the business or meeting working capital requirements.

Low Interest Rates: Since pre-approved business loans are only given to credit-worthy individuals that can repay the loan as per the terms, the lenders make them more attractive by charging very low interest rates on them.

Minimal Documentation: As pre-approved business loans are only offered to people who already meet the eligibility criteria, the borrower can avail them by submitting very few documents.

Dashboard Access: Pre-approved loan borrowers are given access to a portal that only they can access so that they can keep track of every detail concerning the loan, making it easier for them to manage the same.

Quick Application Process: The applicant can apply for the pre-approved quickly and in a hassle-free manner, much unlike applicants of regular business loans, who have to undergo a comprehensive business loan application process.

Pre-Approved Business Loan Eligibility Criteria

To be eligible for a pre-approved business loan, the individual must meet the following eligibility criteria:

  • The applicant should be between 26 to 66 years old

  • The applicant should own a business that is at least 3 years old

  • The loan applicant must have filed the tax returns in the name of the business at least once

How to Apply for a Pre-Approved Business Loan

One can apply for a pre-approved business loan through Finserv MARKETS by following the below-mentioned process:

  1. Once the individual clicks on the ‘Apply for a Business Loan’ tab on the Finserv MARKETS portal, he or she will be taken to a page where they will be required to fill out a business loan application form. Here, they must provide the relevant personal and business-related information and then click on ‘submit’.

  2. The applicant can upload the required documents as they were stated on the previous page post that online.

  3. Based on the provided details, the applicant will then be notified of their business loan offer within the next 24 hours.

  4. Upon meeting the eligibility criteria and completing the process, the applicant will receive the pre-approved business loan amount in their account within 24 hours.

Documents Required for Pre-Approved Business Loan

The applicant must submit the following documents to get a pre-approved business loan:

  • An identity proof

  • An address proof

  • Financial documents of the business like bank statements and income tax returns, and

  • Proof(s) of business ownership.

An individual can look up the business loan amount that they can avail instantly through Finserv MARKETS. As a user of the portal, the individual will be able to make use of benefits such as flexible loan repayment tenures, competitive interest rates and balance top-up facilities.