Bajaj Finserv Business Loan Details
Bajaj Finserv business loan can give you the much-needed hike to your business/MSME/SME, thus enhancing your profitability and competitive abilities. Business loan Bajaj Finserv gives you access to the much-needed funds, enabling you to expand your existing business or to buy new machinery and equipment, maximize the growth and so much more, by providing easy repayment options.
Bajaj Finserv provides you with a customized loan application process such that it suits any individual’s business credit requirements. Afinoz.com has an exclusive tie-up with Bajaj Finserv. Therefore, applying for a Bajaj Finserv business loan through Afinoz.com makes the process of application and approval of loans from Bajaj Finserv much easier and quicker. By availing of the benefits of Bajaj Finance business loans through Afinoz.com, business owners can achieve their dreams of business expansion and growth.
Bajaj Finserv Business loan Interest Rates
12 to 48 months
Up to 3% of the total loan amount + Service Tax
No prepayment permitted until the repayment of minimum 6 months EMI
>1 month 4% of the Principal Outstanding + Service Tax
2.00 % per month
Special Note: Rates are subject to periodic change. Business loan interest rates in Bajaj Finserv and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with Bajaj Finserv, etc.
Eligibility Criteria for Bajaj Finserv Business Loan
The eligibility for Bajaj Finserv business loan is decided on the basis of certain parameters. A loan seeker must come under the below-mentioned eligibility criteria to avail a business loan from Bajaj Finserv:
- The individuals whose businesses are constituted as any one of the following are eligible to apply for a business loan from Bajaj Finserv:
- Self-employed Professional/ Non-professional
- Sole Proprietorship Firm
- Partnership Firm
- Private Limited Company
- Closely held Public Limited Company
- Trusts and Societies
- Age limit: The minimum age at the time of application of a loan should be 25 years while the maximum age at the time of maturity needs to be 55 years
- Work Experience: The salaried individuals should have overall employment stability of a minimum of 2 years whereas a minimum of 3 years of experience in the current line of work is required for the self-employed individuals
- Loan amount: A borrower can avail a minimum loan amount of Rs. 50,000 to a maximum of Rs. 30 lakhs as per their business requirements
- Business Vintage: The business should have been well-established and should be up and running for more than 3 years
- Income Tax Return Certificate: You should be able to submit the Income Tax returns filed for your business for at least the last 1 year.
- CIBIL score: Loan approval will be difficult if your CIBIL score is low. In some cases, even if your credit score is low, but your business is doing good then your loan application might get approved, but you might be asked to pay a high interest rate and will be offered many unfavorable terms and conditions on your loan.
- Business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com, you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.
Bajaj Finserv Business Loan Documents Required
For obtaining a business loan from Bajaj Finserv, a borrower has to produce relevant documents according to their business profiles to receive the maximum loan amount. The documents required for availing a business loan are basic and include:
- Application form
- Passport size photograph
- PAN card - For applicant/co-applicant/guarantor
- Address Proof - For entity, partners/proprietors/directors, security providers, and guarantors
- ITR returns for two years certified by an authorized CA
- P/L statement and balance sheet for two years
- Bank certified bank statement for the previous month
- Business Proof: Certificate of business existence
- Business Ownership documents
- Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
Features and Benefits of Bajaj Finserv Business Loan
Bajaj Finserv Business loan(Also known as Bajaj Finance Business Loan) gives you the advantage of Flexi EMI options, higher loan amount, flexible tenure and lowers interest rates. The following are different features and benefits which a customer can avail when applying for business loans to fulfill their financial needs:
- No Collaterals Needed- Bajaj Finserv does not require you to pledge collateral, which means you won't have to put your assets for appraisal to qualify for financing. This makes the process of obtaining a business loan faster with less paperwork and minimum documentation.
- Line of Credit - In Bajaj Finserv Line of Credit, only the interest amount is deposited every month as funds. The borrower will not get a principal component on a monthly basis. You can deposit funds and withdraw funds only when required and will be charged interest only on the amount that you utilize. This gives you the maximum availability of funds throughout the loan tenure.
- Pre-approved Loan Offers for Existing Customers - Bajaj Finserv provides exclusive pre-approved offers as per the eligibility to its existing customers on business loans.
- Online Account Access - You can access and keep track of all the loan related information such as your repayment track, EMI schedule, etc. regarding your business loan online.
- Loans up to Rs. 30 lakhs - The maximum amount of business loan that you can avail from Bajaj Finserv is up to Rs. 30 lakhs
- Quick Disbursement - Once you submit your loan application along with the relevant documents online, your business loans are usually approved within 3 working days.
- Attractive Interest Rates - Bajaj Finserv provides complete transparency with respect to the business loan interest rates so that you can plan your business finances better.
- SME & MSME Loans - You can get loans to fund your small or medium-sized business enterprises using Bajaj Finserv SME & MSME (Micro and Small and Medium Enterprises) loans
- Business Loan for Women Entrepreneurs - Women entrepreneurs get the benefits of lower interest rates on business loans along with flexible repayment schemes.
- Flexible Tenure - Tenures ranging from 12 months to 48 months for ease of repayment
- Very low pre-payment charges
- No hidden charges
Bajaj Finserv Business Loan Offers
In addition to its business loans, Bajaj Finserv also offers some other types of loans that suit the varied needs of a business. These include:
1. Machinery Loan
Bajaj Finserv offers equipment loan or machinery loan to businesses. The purpose of this loan is to purchase new and better machinery or to repair broken equipment. Small businesses can apply for this loan online as well as offline. Minimal documentation is needed and the eligibility criteria is also simpler. Given below are a few highlights of this loan:
- Businesses can avail up to Rs. 30 Lakh as machinery or equipment loan.
- Bajaj Finserv offers online access to loan customers through which they can get information on their loan account on the go.
- Established businesses can also get pre-approved offers at surprisingly low rates of interest.
- The repaired or upgraded machinery will not stand as collateral. This means that the machinery loan is an unsecured loan and there will be no risk to business assets.
2. Working Capital Loan
Businesses need funds to carry out their day-to-day functions. With the growth of an enterprise, this amount may get considerably large and when cash flows don’t match with it, there will be the need to take a loan. Bajaj Finserv meets this need of businesses through its working capital loan. A few important points about this loan are as follows:
- This loan helps businesses carry out sales functions effectively and prepares them to take bulk orders. It also acts as a financial cushion for them.
- Working capital loan is an unsecured loan so that the businesses would not have to risk any of their assets to meet a day-to-day need.
- Businesses can procure loans up to Rs. 30 Lakh under this scheme.
- If the business meets the eligibility criteria set by the lender and is able to submit the relevant documents, this loan can be approved within 24 hours.
- Through its flexible payment feature, Bajaj Finserv allows the borrowers to make the EMI payment as and when their receivables are ready. No prepayment charges are levied.
- Bajaj Finserv also gives out pre-approved offers to the businesses. They can get excellent interest rates under such offers.
- Through an online network, the borrowers can get information about their working capital loan as and when needed.
3. SME/MSME Loan
Bajaj Finserv gives out loans to the Micro Small and Medium Enterprises to help them upgrade their infrastructure, install new equipment and to meet other important needs. This loan is available at an attractive interest rate and with minimal documentation. Let’s have a look at some of its features:
- This loan is collateral-free and hence the businesses need not put any risk to its assets.
- A high value loan of up to Rs. 30 Lakh can be procured by the applicants.
- Flexible tenure of 12 months to 60 months is offered by the NBFC.
- The loan amount is disbursed to the business account in full. However, interest will be charged only on the amount withdrawn. This helps the businesses save considerably on the interest part.
- If the business meets the eligibility criteria and is able to meet the documentation formalities quickly, the loan can be processed within 24 hours.
- Only two business documents would be necessary for this loan.
- Borrowers can manage their loan account online and get easy access to all the information on their loan.
- Businesses may also get pre-approved offers from Bajaj Finserv.
4. Business Loan for Women
Women are now playing a major role in the Indian business sector. To match the needs of women entrepreneurs, Bajaj Finserv offers business loans for women. Some important features of this loan include:
- No collateral is required to avail this loan.
- Women entrepreneurs can procure up to Rs. 30 Lakh as business loan. The loan proceeds can be utilized for business set-up, growth, expansion or to purchase/upgrade/repair the machinery.
- With the quick online application process, businesses can avail this loan in less than 24 hours of the application.
- Repayment can be made as per the cash flow of the businesses. This will help in reducing the overall interest outgo as well as in managing the business funds better.
- The eligibility criteria are quite simple and only two business documents are required.
- Pre-approved offers with competitive rates of interest can also be availed by the businesses.
Apart from the major categories above, Bajaj Finserv also offers loans to professionals such as doctors and chartered accountants. Self-employed individuals can also avail a personal loan to meet the needs of their small business.
Bajaj Finserv Business Loan EMI Calculator
Bajaj Finserv Business Loans can be repaid in Equated Monthly Instalments (EMI). Repayment in easy EMIs allows businesses to function easily as they can provide for a huge business need and pay for it over a period of time. EMI facility is especially helpful for businesses that operate on tight cash and function on the payable to receivable basis.
How to calculate Business Loan EMI?
Before getting a loan, the borrowers should calculate the EMI that they would have to pay. Bajaj Finserv Business Loan EMI Calculator is a tool that helps prospective borrowers do their thorough research. The following information will be needed to calculate EMI:
- Loan Amount
- Loan Tenure
- Rate of Interest
They just have to enter the above information in their tool and the EMI amount will be shown. Applicants can check the EMI as many times as they want by altering the data entered. This will give them a clear insight on which loan would match the plans of their business.
Bajaj Finserv Business Loan Customer Care
Bajaj Finserv is very prompt on answering customer queries or handling their complaints. Customers can reach them via phone, email or by visiting the nearest branch directly.
The customer care number for all queries is- 020 3957 5152. Assistance is available in multiple languages including Hindi and English.
Customers can also directly raise a request by logging into the Bajaj Finserv Customer Portal.
SMS service can also be availed for the purpose. Send HELP to +91-92275-64444
Customers can also visit the nearest branch of Bajaj Finserv to resolve any queries. A customer helpdesk is available at the branch to listen to customer complaints and resolve them at the earliest.
Ques. How long does it take to get the business loan from Bajaj Finserv?
Once you upload your documents online, your business loan may get approved within 24 hours and disbursed in 72 hours, depending on the loan amount you apply for and your eligibility.
Ques. Can I pre-pay my Bajaj Finserv business loan?
Yes, you can pre-pay your business loan after a period of 6 months or repayment of 6 EMIs whichever is earlier or as per the terms and conditions stated by Bajaj Finserv at the time of the loan application. In case you want to prepay your loan before 6 months, a small pre-payment fee will be charged by the company.
Ques. Can I check my Bajaj Finserv Business Loan status?
If you have applied for your Bajaj Finserv business Loan through Afinoz.com, then all you need to do is to fill the Bajaj Finserv business loan application details on our website and get your loan status at real-time via SMS and emails. Alternately, you can log into your account on our website with your Afinoz loan application ID and check your loan status.
Ques. My credit score is low, will I still get a business loan from Bajaj Finserv?
If you have a poor credit score, you can still qualify for a business loan only if the negative remarks on your credit report are at least a few years old.
Ques. How can I find out if I am eligible for the Bajaj Finserv business loan?
Afinoz.com provides you with an eligibility calculator called the business loan eligibility calculator which you can use to determine your eligibility for the loan. It will also tell you the amount you are eligible to obtain from the bank.
Ques. What is the maximum amount of business loan that I can avail?
Bajaj Finserv provides the maximum amount of Rs. 30 lakhs as per your needs and your eligibility.
Ques. Do I need to provide any security or collateral for availing a business loan from Bajaj Finserv?
Bajaj Finserv does not ask for any kind of security/collateral while applying for a business loan.
Ques. What is the maximum and minimum loan tenure for a business loan from Bajaj Finserv?
You can avail a business loan from Bajaj Finserv for a period of 12 to 48 months.
Ques. Will my information be safe online?
Afinoz.com is one of India’s most committed financial platforms which do not share any of its client data with third parties other than the concerned financial institution/s. All the data is sent online in an encrypted format, making it safe and secure at all times.
Ques. How do I repay my Bajaj Finserv business loan?
You can repay your loan in EMI’s (Equated Monthly Installments) in the form of post-dated cheques or Electronic Clearance Service (ECS) or Direct Debit.
Ques. How can I track my loan application?
You can log onto our website www.afinoz.com with the unique transaction ID provided to you at the time of signup and track your application. You can also track your application process through your registered mobile number and email ID in real-time.
Ques. What is the basis on which the loan limit is decided by Bajaj Finserv?
The loan amount is mainly decided based on 1)Your annual income/earnings 2) Your credit history
Ques. What are the interest rates offered by Bajaj Finserv for a business loan?
The Bajaj Finserv business loan interest rate currently ranges from 16% to 35% For any query about the Bajaj Finserv business loan application, you can log on to afinoz.com or give us a call at 0120-411-0376 or mail us at firstname.lastname@example.org