Features and benefits of Business Loan of Rs. 20 lakh
-
Quick disbursal
Get the funds you need for your business expansion within 48 hours of approval.
-
Requires no collateral
You can now get a business loan of Rs. 20 lakh without pledging any collateral. It means no more hassle of arranging security to get funds.
-
Minimal documentation
Submit basic documents to get a hassle-free business loan from Bajaj Finserv.
-
Flexible tenors
Repay your loan easily over a long period of time of 96 months. You can also use the online Business Loan EMI Calculator and find an instalment amount that suits your budget.
-
Online account management
Download your account statements and manage your loan account 24x7 with our customer portal – My Account
-
Flexi facility
Choose our unique Flexi facility and lower your monthly outgo by up to 45%* for the initial tenor.
A business loan is specially designed to solve any monetary requirements of a company. Availing of a business loan of Rs. 20 lakh is not a hassle once you fulfil the eligibility parameters and submit the required documents. You can check your pre-approved offer from Bajaj Finserv to expedite the processing time.
Eligibility criteria for a business loan of Rs. 20 lakh
-
Nationality
Resident Indians
-
CIBIL score
685+
-
Business vintage
3 years minimum
-
Age
24 years to 80 years*
(*Age should be 80 years at Loan Maturity)
Documents required for a business loan of Rs. 20 lakh
KYC documents - Aadhaar card, PAN card, voter ID card, driving license, passport.
Address proof - Utility bills, rent agreement, passport, etc.
Financial documents - Copy of GST return, bank account details, etc.
Proof of business ownership - Registration papers of a business.
Business loan of Rs. 20 lakh: Interest rates and applicable charges
Bajaj Finserv is always transparent regarding the interest rate charged and other associated fees. There are no hidden charges at all.
Type of fee |
Applicable charges |
Rate of interest |
14 to 25% per annum |
Processing fees |
Up to 4.72% of the loan amount (inclusive of applicable taxes) |
Bounce charges |
Rs. 1,500 per bounce. “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason. |
Flexi Facility Charge |
Term Loan - Not applicable |
Penal charge |
Delay in payment of instalment(s) shall attract Penal Charge of Rs. 40 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
Prepayment charges |
Full Pre-payment 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. Not applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi. |
Stamp duty |
Payable as per state laws and deducted upfront from loan amount |
Broken period interest |
Method of recovery of "Broken Period Interest/Pre monthly instalment Interest" would be as follows: Scenario 1: If Loan is disbursed on 1st or post 10th of the month: |
Annual maintenance charges |
Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to 0.413% (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 0.413% (Inclusive of applicable taxes) of the Total Withdrawable Amount during Subsequent loan tenure. |
Legal and incidental charges |
Recovery of charges |
Principal Holiday Facility Fees |
Principal Holiday (as applicable below) - (Inclusive of applicable taxes) Up to Rs. 6499 (Inclusive of applicable taxes) for loan amount less than Rs. 10,00,000. Up to Rs. 8,999 (Inclusive of applicable taxes) for loan amount between Rs. 10,00,000 and 14,99,999. Up to Rs. 13,999 (Inclusive of applicable taxes) for loan amount between Rs. 15,00,000 and Rs. 24,99,999. Up to Rs. 16,999 (Inclusive of applicable taxes) for loan amount Rs. 25,00,000 and above. Note- The above principal holiday facility fees will be deducted upfront from loan amount. Loan amount includes approved loan amount, Insurance Premium and VAS Charges. |
How to apply for a business loan of Rs. 20 lakh?
To apply for a business loan of Rs. 20 lakh, here are the steps to follow.
- 1 Click on APPLY ONLINE to open our application form
- 2 Enter your phone number and authenticate with an OTP
- 3 Fill in basic personal and business details
- 4 Upload your bank statement for the last 6 months and submit the form
Once you submit the form, you will get a call from our representative to guide you on further steps. Check your business loan eligibility now to take the first step towards securing timely funds.
Why choose Bajaj Finserv for Rs. 20 lakh business loan
Bajaj Finserv offers a hassle-free business loan of Rs. 20 lakh without the need for any collateral, making it easier for businesses to access funds quickly. With minimal documentation and a simple application process, you can get your loan approved and disbursed within 48 hours. The loan comes with flexible repayment tenures of up to 96 months, allowing you to choose EMI amounts that suit your budget using the online calculator. Additionally, the unique Flexi facility lets you reduce your monthly payments by up to 45% during the initial period. Manage your loan conveniently anytime via the online portal, making Bajaj Finserv a smart choice for growing your business efficiently.
Business loans with other amounts
FAQ
To qualify for a 20 lakh loan, your monthly salary typically needs to be around Rs. 40,000 to Rs. 50,000 or more, depending on the lender, tenure, and interest rate.
You can apply online with a trusted lender by submitting basic documents and completing verification. Once approved, the loan amount can be disbursed within 24 to 48 hours.
