Business loan For Self Employed by Bajaj Finserv

Business Loan  Updated date : November 22, 2017 29

Unsecured Business Loans ✔ Quick Small Business Financing in India ✔ Get Loans upto ₹30 Lakhs without Security ✔ Minimum Documentation ✔ Approval within 24 hours ✔ Flexi Loan Facility ✔ Collateral Free Loans ✔ Nominal interest rates ✔ Calculate Your EMI Online ✔ Apply Now for Small Business Loan Online & Get Assured Gifts ✔ Loan EMI Calculator

Business Loan Features and Benefits

With low interest rates and generously flexible repayment options, business loan by Bajaj Finserv can give the much needed boost to your business, enhancing your competitiveness and profitability. Loan for business by Bajaj Finserv gives a credit line facility, enabling you to expand your business to new heights, upgrade your existing business to latest machineries and equipment, scale up the growth and much more, at minimal repaying options.

Top Features of Business Loan:

Flexi Loans:

These loans from Bajaj Finserv help you get a loan amount that is higher than what you are eligible for. What is more, you have an option to pay the interest component only on the amount you’re borrowing. Because you are only paying the interest, your monthly installments are lower than they’d be with a standard business loan.

Loans up to Rs.30 Lakh:

Whether your business has needs for short-term loans, intermediate-term loans or long-term loans, Bajaj Finserv offers business loans up to Rs.30 lakhs. You can use the loan amount to invest in infrastructure, expand operations, buy equipment or inventory, or even to increase working capital.

Term Loans

How

You get the entire loan amount in one go.

EMIs

Your EMI consists of both the interest and principal.

Fees and Charges

The interest is charged on the entire loan amount.

Collateral Free Loans :

Bajaj Finserv’s business loan are collateral-free, which means you won’t have to put your personal or business assets on the line to qualify for financing. And since you don’t need to pledge collateral, there is no requirement for appraisal of the value of your assets. As a result, with collateral-free loans, funding is much faster and requires only minimal documentation.

Line of Credit:

Business loan allows you to avail ‘Business Line of Credit’ facility, also known as 'flexi line'. Line of Credit is a unique credit facility given to our loan applicants, wherein you are approved for certain limit of credit/ loan, for a said duration. The monthly installment for Line of Credit will consist only of the interest amount and will not have a principal component on a monthly basis. The principal amount of loan is to be repaid at the end of the tenure of the facility. Hence, it acts as a big saving arm to your cash flows.

Preapproved Offers:

As an existing customer of Bajaj Finserv, you will be eligible to get exclusive pre-approved offers from us. These offers may include a top-up loan or even reduction of rates from time to time.

Online Account Access

You have the convenience of accessing your business loan statement anytime, from anywhere online.

Advantages for SMEs Whether you are expanding into a new vertical or growing your existing business, you can avail of a small business loan for finance. In today’s fluxing economic climate, nearly any enterprise can see immediate growth as long as they use the business loan wisely.

What Can You Use a Business Loan for?

Working capital Business loans are great for businesses that sometimes require loans to meet their daily operations needs until their earnings are adequate to help them become sustainable over time. Applying for a working capital loan can help your business get off the ground and grow further without faltering for lack of funds. And as your business grows and its assets enable it to earn money, you can repay your business loan.

Business expansion If your business is turning a profit and has a positive cash flow, chances are that you are probably looking to expand operations and increase your reach. You can apply for a business loan to ensure your firm or enterprise keeps on going strong, and use the loan for leasing a new office space, hiring more workforce, building efficient technological support, procuring raw material, increasing your marketing, etc.

Buying machinery or equipment One good reason to apply for a business loan to buy equipment is that you can use the equipment for its life and later sell it for a salvage value. Make sure you do a cost-benefit analysis before you buy or lease equipment.

Infrastructure Infrastructure is often the backbone of companies and business owners can use a business loan to acquire delivery infrastructure or processing facilities. Business loans from Bajaj Finserv are also ideal to pay for acquisition of infrastructural facilities.

Inventory turn load Business loans from Bajaj Finserv can fund your purchase of a large amount of inventory to gear up for your busy season and make sure that there is no lag time between demand and supply.

Available for women entrepreneurs Business loans can cater to the financial needs of women entrepreneurs, giving them funds to create a competitive business. Business loan for women can be a turning point for your business, making a huge difference in your company's cash flow and thus setting it on a path for faster growth.

Business Loans Eligibility Criteria ✔ Documents Required for Business Loan ✔ Apply Online ✔ Loan Upto 30 Lakh without Security ✔ Mininum Documentation ✔ Low Interest Rates

Business Loan : Eligibility & Required Documents

In order to apply for a Bajaj Finserv Business Loan, you need to fulfil the following criteria:

  • You should be between 25-55 years old.
  • Your business should have a vintage of at least 3 years.
  • Your business should have its Income Tax returns filed for at least the past 1 year.
  • Your business should have its previous year’s turnover, duly audited by a CA.

You may need to submit other relevant financial documents at the time of document verification. You will be informed of these as and when required.

Documents Required for Business Loan

Bajaj Finserv requires a select number of documents when evaluating your business loan application. These include:

  1. Passport size photograph
  2. KYC documents
  3. Business proof: Certificate of business existence
  4. Relevant Financial documents
  5. Bank account statement of the previous month(s)
CitiesLoan Amount
Ahmedabad, Bhubaneswar, Bangalore, Chennai, Chandigarh, Delhi NCR, Guwahati, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Mumbai, Patna, Pune, Kochi30 lakh

Business Loan Interest Rate: Fees & Charges:

Bajaj Finserv is very open when it comes to sharing details of the full cost of your business loan from us. Below are fees and charges that you may be required to pay:

Types of feesCharges applicable
Rate of interestUp to 16% -35%
Processing feesUp to 2%
Loan statement chargesNIL
Interest & principle statement chargesNIL
PDC swap chargesNIL
EMI bounce chargesRs.2,500 for every bounce
Penal interest2.00% p.m
Secure feeNA

*Applicable following 1st EMI clearance.

Foreclosure Charges

Borrower Type: Interest TypeTime Period
(Months)
Foreclosure charges
Individual: Floating rate<1NIL
Non-Individual: Floating rate & All borrowers: Fixed rate>14% plus applicable taxes
  • For Term Loan on principal outstanding
  • For Line of Credit (Flexi Pure) Charges will be calculated on sanctioned limit
  • For Flexi Saver (Dropline Flexi) charges will be calculated on current Dropline limit
  • Foreclosure can be done only after 1st EMI on the loan is paid. Before 1st EMI repayment, loan can only be cancelled.

Part prepayment Charges

Borrower Type: Interest TypeTime Period
(Months)
Part payment charges
Individual: Floating rate>1NIL
Non-Individual: Floating rate & All borrowers: Fixed rate>12% plus applicable taxes on part payment amount paid
  • Part payment made should be more than 1 EMI.
  • Charges not applicable for Line of credit (Flexi Pure) & Flexi Saver (Dropline Flexi)

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