Availing a business loan from Bajaj Finserv is simple. Applicants just need to fulfil the following eligibility criteria to avail the benefits of the loan.
• The applicant must be between 25 to 55 years old to apply for a business loan.
• Applicant must also own a business running for at least 3 years.
• Income Tax Returns for the applicant’s business should be filed for a minimum of 1 year.
The documentation requirements for business loans are minimal. You simply need to hand over the following documents to our representative.
• A copy of Income Tax Return filed for at least one year.
• Bank account statement for the last 6 months.
• Balance Sheet and Profit & Loss Statement for the previous 2 years, audited by a CA.
• For self-employed professionals – Registration document in case of sole proprietors. Other proofs of business identity for self-employed professionals include documents issued in the concern’s name like PAN card, payment receipt for municipal tax, electricity bill, IT returns, etc.
• For self-employed non-professional – Sole proprietor’s registration document, individual identity proof of the owner, IT Returns, at least 6 months of bank statements of the owner, statement of creditor/book debt/periodic stock, GST return, etc.
• For other entities (partnerships and Private Limited companies) – Partnership agreement in case of partnership firms and Certificate of Commencement/Article and Memorandum of Association for Private Limited companies. Other supporting documents for these concerns including returns of Income Tax, Goods and Services Tax, registration certificate under the Shops and Establishment Act, etc. Besides, partners and directors also need to submit individual proofs of identity.
Allopathic doctors, chartered accountants, company secretaries and architects who are practising their profession. Proof of qualification needs to be shared.
Traders and manufacturers, retailers, proprietors, service providers, etc.
Partnerships, limited liability partnership, private limited and closely held limited companies. Other constitution types depending on their profile on a case to case basis.
Based on your meeting the business loan eligibility criteria, you can get the funds in the following cities, up to a limit of Rs.20 lakh.
Bajaj Finserv’s lending criteria for business loans is simple and documentation requirements for business loans are minimal, making the application process easy and hassle-free for you.
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