Make your business loan payments easily

Follow these steps to make your business loan payments easily.
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Make your business loan payments easily
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3 min
11-July-2024

What is a business loan?

A business loan is a financial product designed to provide capital to businesses for various purposes such as expansion, purchasing equipment, or managing operational expenses. These loans are typically offered by banks, credit unions, and financial institutions, and can be either secured or unsecured. Secured business loans require collateral, such as property or equipment, while unsecured loans do not. The terms and conditions, including interest rates and repayment schedules, vary depending on the lender and the borrower’s creditworthiness. Business loans are essential for growth, enabling companies to invest in opportunities that drive profitability and success.

What is business loan repayment?

Business loan repayment refers to the process of paying back the borrowed amount, along with any interest, to the lender over a specified period. The repayment terms are agreed upon at the time of loan approval and can include monthly installments, balloon payments, or flexible payment schedules. Repayment plans are designed to fit the cash flow and financial stability of the business. Timely repayment is crucial as it affects the business’s credit score and future borrowing capabilities. Effective management of loan repayments ensures financial stability and helps maintain a good relationship with the lender.

How to pay a business loan EMI?

Paying a business loan EMI through your Account involves the following steps:

  1. Login: Go to the Bajaj Finserv website and click on the Loan Repayment page.
  2. Access account: Enter your credentials to log in to your My Account portal.
  3. Navigate: Once logged in, navigate to the 'EMI Payment' section.
  4. Select loan: Choose the business loan for which you wish to make the EMI payment.
  5. Payment method: Select your preferred payment method (net banking, debit card, or any other available option).
  6. Confirm: Verify the payment details and confirm the transaction.
  7. Receipt: A receipt of the transaction will be generated, confirming the payment.

Other ways for business loan monthly payment

Offline methods:

  1. Bank branch: Visit the nearest branch of the lender to make the payment. Provide your loan details and make the payment via cash, cheque, or demand draft.
  2. Customer care: Call the lender’s customer care service to guide you through the payment process.

Online methods:

  1. Mobile app: Use the lender’s mobile app to log in and navigate to the loan repayment section to make the payment.
  2. Auto-debit: Set up an auto-debit facility from your bank account to ensure timely EMI payments.
  3. NEFT/RTGS: Use NEFT or RTGS to transfer the EMI amount directly to the lender’s account.

Documents required for business loan repayment

  • Loan Account Number: This unique identifier for your loan account.
  • Repayment schedule: Details of the EMI amounts and due dates.
  • Bank statements: To verify sufficient funds for the repayment.
  • Identity proof: Such as a PAN card, Aadhar card, or passport.
  • Address proof: To verify your business address.
  • Income proof: Recent income statements or tax returns to confirm financial stability.
  • Payment receipts: Previous payment receipts for reference.
  • Authorization letter: If someone else is making the payment on behalf of the borrower.

Bajaj Finserv app for all your financial needs and goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-qualified limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more

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Disclaimer

1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.

2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.

Frequently asked questions

What is the customer care number for a Business loan in Bajaj Finserv?
For queries related to business loans, you can contact Bajaj Finserv customer care at 08698010101. This number is available for assistance regarding your business loan.
How can I check my pending EMI in Bajaj Finserv?
You can access this document online via the My Account customer portal or mobile app. After logging in, navigate to the services section to check the EMI statement. Alternatively, you can obtain this document by visiting your nearest Bajaj Finserv branch.
How to get NOC after paying a loan?
After completing the repayment of your loan, you can obtain the No Objection Certificate (NOC) from Bajaj Finserv. Log in to the My Account portal and download the NOC from the loan details section. You can also contact Bajaj Finserv customer care at 08698010101 or visit the nearest Bajaj Finserv branch with your loan account details and request the NOC.
How to make part payment of a business loan?
To make a part payment of your business loan in Bajaj Finserv, log in to the My Account portal, navigate to the loan details section, select the part payment option, and follow the instructions to make the payment online. You can also call customer care at 08698010101 and follow their instructions or visit the nearest Bajaj Finserv branch with your loan account details and make the payment through cheque or cash, ensuring you receive an acknowledgment for your part payment.
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