Machinery purchase is one of the highest costs associated with an expanding business. To ramp up production, you need more equipment and additional employees to operate it. Together, this can cost you up to tens of lakhs a month.
Keep up with the ever-changing demands of customers with fresh offerings and new solutions. Invest in technological upgrades for your existing systems to improve product quality, or try a new way of production that doubles your output.
Invest in the right tools to help your employees reach higher goals. Buy the latest equipment for faster production, send your employees for courses to upgrade their skills, and buy goal-tracking software.
Keep a healthy inventory of the latest offerings for your customers. A seamless supply chain is an essential for any seasonal or fast-moving business. Avoid gaps in your inventory with the working capital provided by a business loan.
3 unique variants of our business loan
Flexi Term Loan
Assume that you have taken a loan of Rs. 20 lakh with a repayment period of 24 months. You have paid the EMIs on time for the first six months. So, by now, you must have paid back roughly Rs. 5 lakh.
It occurs to you, that you need another Rs. 5 lakh. To drawdown additional funds from your Flexi Term Loan account, sign-in to our customer portal – My Account.
Now, let us say you have decided after three months to pay off a portion of your loan, for example, Rs. 10 lakh. You can easily repay by signing in to My Account.
Your interest will be automatically adjusted throughout, and you only need to pay interest on the outstanding principal. Your EMI includes both the principal and the adjusted interest.
A modern-day business demands dynamism and may need quick investments. A Flexi Term Loan is perfect for such uses.
Flexi Hybrid Loan
This is another variant of our business loan that works exactly like the Flexi Term Loan. The only difference is that, for the initial period of the loan, your EMI will only consist of the applicable interest. For the subsequent period, the EMI will consist of the interest and principal components.
Click here for a detailed description of how our Flexi Hybrid Loan works.
This is like regular business loan. You borrow a certain amount of money, which is divided into equated monthly instalments that consist of both principal and the applicable interest.
There is a fee applicable for part-payment as well as foreclosure of your Term Loan before completion of your loan tenure.
Features and benefits of our business loan
Features and benefits of our Business Loan
Watch this video to know everything about the features of our business loan.
3 unique variants
Choose the loan type that suits you the best – Term Loan, Flexi Term Loan, Flexi Hybrid Loan.
No part-prepayment charge on Flexi variants
You can prepay a portion of your loan at no extra charges with our Flexi Term Loan and Flexi Hybrid Loan.
Read about our Flexi Hybrid Loan
Loan of up to Rs. 55 lakh
Manage your small or large business expenses with loans ranging from Rs. 2,00,000 to Rs. 55 lakh.
Convenient tenures of up to 8 years
Get the added flexibility to pay back your loan with repayment options ranging from 12 months to 96 months.
Money in your bank account in 48 hours*
In most cases, you will receive the loan amount in your account within 48 hours of approval.
No hidden charges
All fees and charges are mentioned upfront on this page and in the loan document. We advise you to read these in detail.
No collateral required
You do not have to worry about providing any collateral or security to get our business loan.
Online application process
You can apply for our business loan from the comfort of wherever you are, at a time convenient for you.
*Terms and conditions apply
Eligibility criteria and documents required
Anyone can apply for our business loan if they meet the five basic criteria mentioned below. If you meet all the business loan eligibility criteria, you will need a set of documents to complete your application process.
- Nationality: Indian
- Business vintage: At least 3 years
- CIBIL Score: 685 or higher
- Work status: Self-employed
- Age: 24 years to 70 years*
- KYC documents - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
- PAN card
- Proof of business ownership
- Other financial documents
*Higher age limit is applicable at the time of loan maturity.
How to apply for a business loan
Applicable fees and charges
|Type of fee||Applicable charges|
|Rate of interest||9.75% - 25% per annum|
|Processing fee||Up to 3.54% of the loan amount (inclusive of applicable taxes)|
|Documentation charges||Up to Rs. 2,360/- (inclusive of applicable taxes)|
Term Loan - Not applicable
*The Flexi charges above will be deducted upfront from the loan amount
|Prepayment charges||Full prepayment
•Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment.
•Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
•Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.
•Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment.
•Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi.
|Annual maintenance charges||Term Loan: Not applicable
Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges.
Flexi Hybrid Loan: Up to 1.18% (inclusive of applicable taxes) of the total withdrawable amount during initial loan tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent loan tenure.
|Bounce charges||In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied.|
|Penal interest||Delay in payment of monthly instalment shall attract penal interest at the rate of 3.5% per month on the monthly instalment outstanding, from the respective due date until the date of receipt of monthly instalment.|
|Stamp duty||Payable as per state laws and deducted upfront from the loan amount|
|Mandate rejection charges||Rs. 450/- per month from the first month of due date for mandate rejected by customer’s bank until the new mandate is registered.|
|Broken period interest/ pre-EMI interest||Broken period interest/ pre-EMI interest shall mean the amount of interest on loan for the number of day(s) which is(are) charged in two scenarios:
Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:
In this scenario, broken period interest is recovered by the following methods:
•For Term Loan: Deducted from the loan disbursement
•For Flexi Term Loan: Added to the first instalment amount
•For Flexi Hybrid Loan: Added to the first instalment amount
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:
In this scenario, interest is charged only for the actual number of days since the loan was disbursed.
|Switch fee||Up to 1.18% of the loan amount (inclusive of applicable taxes)
(Switch fee is applicable only in case of switch of loan. In switch cases, processing fees and documentation charges will not be applicable)
Frequently asked questions
A business loan is a financial offering that can help you meet your planned and unplanned business expenses. It is a kind of unsecured financing, and you can avail of one without providing any collateral.
You can get a business loan of up to Rs. 55 lakh from Bajaj Finserv by fulfilling the easy-to-meet eligibility criteria. Once your application is approved, you can get the loan amount in your bank account within 48 hours*.
*Terms and conditions apply
Business entities such as proprietary concerns, partnership firms, private limited companies, self-employed professionals, and self-employed non-professionals can apply for a Bajaj Finserv Business Loan. All applicants are required to fulfil the eligibility criteria and submit their relevant documents.
Bajaj Finserv considers a CIBIL score of 685 or above as a good credit score. A strong business turnover and having all your documents in check also reflect positively on your profile.
You can use a business loan to manage your venture’s planned and unplanned expenses. From leasing a larger office premise to renovating your workspace, you can use it for various purposes. You can even purchase, lease, or repair machinery or upgrade old technology to bring in a more efficient and smoother way of working. Stocking up inventory, purchasing raw materials in bulk, or expanding your operations are some other end-uses of a business loan.
Applying for a business loan from Bajaj Finserv is easy. Start by clicking on the ‘Apply’ button on this page and open the online application form. Enter your basic details and verify your profile with the OTP that is sent to your phone.
Share the basic details of your business and gather your business documents. A representative from Bajaj Finserv will contact you with the next steps. Once your loan application is approved, you can get money in your account within 48 hours*.
*Terms and conditions apply
To get a business loan from Bajaj Finserv, you must own a business that has been operational for a minimum of 3 years. You are also required to have filed your income tax returns for at least one year.