Applying For A Business Loan? Here’s What You Need To Know
In order for any business to take off and advance as planned, one needs to keep it well-oiled with finance. A popular way of financing business is by taking a business loan which you can use for various purposes like leasing a new office space, recruiting skilled workers, upgrading technology and investing in technical support, buying raw material and, of course, spending for digital and mainline marketing.
There are various options available in the market for an entrepreneur seeking a loan for business, with different lenders offering loans at different interest rates, terms and conditions. At Bajaj Finserv, you can find a business loan best suited for your needs at attractive rates and additional benefits. Read below to gain more insight into Bajaj Finserv’s business loan offerings before you apply online.
Bajaj Finserv considers these consumer profiles eligible for business loans:
- Self Employed Professionals (SEPs): These include allopathic doctors, chartered accountants, company secretaries and architects who are actively practising their profession. They will need to provide proof of qualification to Bajaj Finserv.
- Self Employed Non Professionals (SENPs): This category includes traders, manufacturers, retailers, proprietors, service providers, etc.
- Entities: These will include partnerships, limited liability partnerships, private limited companies and closely held limited companies.
List of Documents Required
In order to evaluate your business loan application, Bajaj Finserv will require the following documents.
- Passport size photograph
- KYC (Know Your Customer) documents such as ID proof and address proof
- Business proof: Certificate of business existence
- Relevant financial documents
- Bank account statement of the previous month(s)
How to Apply for Bajaj Finserv Business Loan
Step 1: Apply by online application form for small business loan.
Step 2: Fill in the mandatory details such as your name, Aadhar Card number, business details, etc. and click ‘Submit’.
Step 3: That’s it! The representative from Bajaj Finserv will get in touch with you along with your pre-approved offer.
Apply via SMS
Step 1: SMS ‘BL’ to 9773633633
Step 2: A representative from Bajaj Finserv will get in touch with you along with your pre-approved offer.
Features of Business Loans
Taking a business loan from Bajaj Finserv has various advantages.Here they are:
Line of Credit
Bajaj Finserv gives you the option of a business line of credit facility. It is a unique credit facility given to loan applicants, which allows them to borrow any amount of money up to a predetermined loan for any period of time up to the predefined tenor. Your monthly instalment in this case comprises only the interest amount. The principal amount is payable at the end of the tenor. You are free to repay and re-avail any time within the limit, making this a flexible option for your business needs.
Loan up to Rs.30 lakh
Bajaj Finserv offers business loans up to Rs.30 lakh, which can be used by you for investing in infrastructure, expanding operations, buying equipment/inventory and raising working capital.
No Collateral Needed
Bajaj Finserv’s provides collateral free loans, business loans do not require you to pledge any assets as security or collateral and, as a result, there is no requirement for appraisal of your assets. The whole loan approval process becomes faster with less paperwork and minimum documentation.
Flexi loans from Bajaj Finserv will give you the option to pay the interest component only on the amount you’re borrowing. Because you are only paying the interest, your monthly instalments are lower than they’d be if you take a standard business loan.
Bajaj Finserv offers pre-existing customers great pre-approved offers which may include top-up loans or rate reductions.
Get Online access
Bajaj Finserv gives you complete access to all your online loan information, loan payments, schedule, etc.
Drive your business into its next phase of growth with a business loan from Bajaj Finserv.