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Benefits of Bajaj Finserv Business Loan: How To Get Bajaj Finserv Business Loan
27 Feb 2019 | 4 min read
Grow Fast with Bajaj Finserv Business Loan
Bajaj Finserv is an Indian Non- Banking Financial Company (NBFC). It deals with consumer finance, commercial lending and wealth management. Its headquarters is in Pune, Maharashtra. The company has a network of over 1,400 branches across the country with staff strength of around 20,000. The company was even ranked at #119 among The Economic Times 500 in 2014. Bajaj Finserv Limited holds 57.8% of the total shares and has a controlling stake in the subsidiary.
What are the benefits of Bajaj Finserv Business Loan?
To start any business one needs to fulfill the primary requirement which is funds. The fund is the prime most requirements for any of the business. To solve this problem, Bajaj Finserv provides a business loan to self-employed and businessmen for financing the expansion or working capital requirements for their business. Bajaj Finserv offers small business loan up to 30 lakh for one’s business in 24 hours only. Business Loan can be used for the following purposes –
- Increasing cash flow
- Taking premises on rent
- Renovating office
- Repairing machinery and equipment
- Upgrading to the latest technology
- Stock up on inventory
- Hiring employees and meeting the business costs
- Buying raw materials
- Expanding the geographical territory or business operations
The customized Bajaj Finserv Business Loan is segregated into the following types –
- Working Capital Loan for managing operational expenses
- Machinery Loans for upgrading machinery
- SME and MSME Loans for your enterprises
- Business Loans for women for making them self employed.
You can check your eligibility for the business loan. Make use of an EMI calculator and compute your eligibility in a few seconds. Just you need to enter the loan amount, rate of interest and tenor and the result will be displayed.
Features of Bajaj Finserv Business Loan:
An applicant can qualify for a business loan from the Bajaj Finserv, subject to fulfillment of the following criteria –
- He/she should fall between 25-55 years of age
- There should be a business existence for at least 3 years
- ITR should be filed for at least the past 1 year
Extensive Capital made affordably: Bajaj Finserv offers easy and quick loan up to Rs 30 lakhs to private companies at a low-interest rate. Regardless of whether your business has requirements for transient loan, a moderate-term loan or long term loan, these loans are the ideal financing answer for your little scale business.
Flexi Loan Facility: Pull back just what you need and repay finds according to your business income at no prepayment charges. Pay only for the interests as EMIs, and repay the principal amount toward the finish of the tenure. Interest is charged just on the sum pulled back, helping you to bring down your EMIs by up to 45% and help your income.
On- time Loan Availability: The unsecured business loan provided by Bajaj can be approved within 24 hours if you have cleared the eligibility criteria. It can be applied with just 2 documents. This easiness makes Bajaj Finserv the best, quickest and hassle-free business loan provider.
Loan Amount: Bajaj Finserv offers you a loan up to Rs 30 lakh and you can use it for building up of infrastructure, expanding operations, up gradation to the latest plans and machinery, maintenance of machinery or obviously to increase the working capital.
No collateral required: As it is the unsecured loan hence neither guarantee nor mortgage is required. Furthermore, since you don't have to vow insurance, there is no prerequisite for the examination of the estimation of your benefits. Therefore, with insurance free loan, financing is a lot quicker and requires just minimal documentation.
Bajaj Finserv Business Loan Interest Calculator:
There are multiple factors on which this bank provides a business loan to the consumers and they are as follow:
Loan amount: Bank gives a loan of minimum Rs. 5 lakh to 30 lakh. The interest rate for the higher loan is low such that EMI is low.
CIBIL Score: Bajaj Finserv considered the CIBIL score of at least 700. Higher the CIBIL Score, higher the chances to get your business loan approved.
Revenue: Bajaj Finserv will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least Rs. 12 Lakh.
Bajaj Finserv Eligibility Criteria
Banks have detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:
|
Eligibility Criteria |
Description |
|
Age: |
25 to 65 years |
|
Minimum Turnover |
Rs. 12 Lakh |
|
Business Existence (in months) |
36 months |
|
ITR (months) |
0 months |
|
Loan Amount |
Rs. 5 Lakh to Rs. 30 Lakh |
|
Loan Tenure |
48 months |
|
Owned House or Place of Work |
Not Required |
|
CIBIL Score |
700 and above |
Bajaj Finserv Business Loan EMI Calculator
Bajaj Finserv Business loan EMI is a fixed amount that the customer need to repay in the form of monthly installments to the company till fully paid. Lowest EMI offered by the Bajaj Finserv is Rs 2937 per lakh loan amount. EMI of the Bajaj Finserv is affected by the several factors and they are as:
Interest rate: Higher the interest rate, higher will be the EMI. For a four years credit from Bajaj Finserv at a loan fee of 18.00% per annum, EMI will be Rs. 2,937 for every Rs. one lakh credit sum. At a financing cost of 20.00% for a similar loan, the EMI will be Rs. 3,043.
Loan tenure: Longer the loan period, lesser will be your monthly EMI. At financing cost of 18.00% per annum, the EMI on Bajaj Finserv business loan would run from Rs. 9,168 to Rs. 2,937 for loan tenure going from 12 to 4 years.
Sum Borrowed: Bajaj Finserv Loan EMI will be high on the off chance that you apply for a high loan amount. For sum obtained Rs. 5 Lakh, the EMI at 18.00% for four years would be Rs. 14,687. Thus for sum obtained Rs. 30 Lakh, the EMI at 18.00% for four years would be Rs. 88,125.
Other Charges
Notwithstanding financing costs, business loan likewise carries some more charges which include:
Dispossession Charges- These charges are to be paid in the case that you need to repay your whole credit sum before the finish of loan tenure. Bajaj Finserv permits prepayment of credit subsequent to paying 1 EMI's with prepayment charges - 4%
Processing Fee- Bajaj Finserv requests a handling expense of up to 2% of the loan amount with an appropriate service charge.
Document required for the Business Loan
Business loan documents Checklist- A juncture comes in any business life cycle when you need to manage cash flow and grow your business by investing in capital expenditure or upgrading the business equipment etc.
- Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement, utility bills
- Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
- Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
- Copy of Income Tax PAN for 24 months
- Bank statement of last 6 months.
For any query about the Bajaj Finserv Business Loan application, you can log on to afinoz.com or give us a call at +91 120 411 0376 or mail us at info@afinoz.com.