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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.

  • Term Loan

    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.

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Features and benefits of our business loan

Features and benefits of our business loan 00:45

Features and benefits of our Business Loan

Watch this video to know everything about the features of our business loan.

  • 3 unique variants

    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

    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.

  • Loan of up to %$$BOL-Loan-Amount$$%

    Loan of up to Rs. 80 lakh

    Manage your small or large business expenses with loans ranging from Rs. 2,00,000 to Rs. 80 lakh.

  • Convenient tenures of up to %$$BOL-Tenor-Max-Years$$%

    Convenient tenures of up to 8 years

    Get the added flexibility to pay back your loan with repayment options ranging up to 96 months.

  • Money in your bank account in %$$BOL-Approval$$%*

    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

    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

    No collateral required

    You do not have to worry about providing any collateral or security to get our business loan.

  • End-to-end online application process

    End-to-end 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

    Still have not found what you are looking for? Click on any of the links at the top of this page.

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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 eligibility criteria, you will need a set of documents to complete your application process.

Eligibility criteria

  • Nationality: Indian
  • Business vintage: At least 3 years
  • CIBIL Score: 685 or higher
  • Work status: Self-employed
  • Age: 24 years to 80 years*

*Higher age limit is applicable at the time of loan maturity.

Documents needed

  • KYC documents - Aadhaar/ passport/ voter’s ID/ driving license/ letter from NPR/ NREGA job card
  • PAN card
  • Proof of business ownership
  • Other financial documents

*You should be 80 years or younger at the end of the loan tenure.

How to apply for a Business Loan

Video Image 01:15
   

Step-by-step guide to applying for a business loan

  1. Click on the ‘APPLY' button on this page.
  2. Enter your 10-digit mobile number and OTP.
  3. Fill in the application form with your basic details, such as your full name, PAN, date of birth, and PIN code. 
  4. Once you enter all your details, please click on ‘PROCEED’ to visit the loan selection page. 
  5. Enter the loan amount that you need. Choose from our three business loan variants – Term, Flexi Term, and Flexi Hybrid. 
  6. Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’. 
  7. Complete your KYC and submit your business loan application.

Our representative will guide you on the next steps. The loan amount will be transferred to your bank account upon verification of your documents.

Applicable fees and charges

Type of fee

Applicable charges

Rate of interest

9.75% to 30% p.a.

Processing fees

Up to 3.54% of the loan amount (inclusive of applicable taxes).

Bounce charges

In case of default of repayment instrument, Rs. 1,500/- per bounce will be levied.

Document processing charges

Up to Rs. 2,360 (inclusive of applicable taxes).

Flexi Fee

Term Loan - Not applicable

Flexi Term Loan (Flexi Dropline) - Rs. 999/- (Inclusive of applicable taxes)

Flexi Variant (as applicable below) -

  • Rs. 5,999/- (inclusive of applicable taxes) for loan amount up to Rs. 9,99,999/-
  • Rs. 7,999/- (inclusive of applicable taxes) for loan amount from Rs. 10,00,000/- to Rs. 14,99,999/-
  • Rs. 12,999/- (inclusive of applicable taxes) for loan amount from Rs. 15,00,000/- to Rs. 24,99,999/-
  • Rs. 15,999/- (inclusive of applicable taxes) for loan amount of Rs. 25,00,000/- and above

*Charges will be deducted upfront from the loan amount

*Loan amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.

Penal interest

Delay in payment of monthly instalment shall attract penal interest at the rate of 42% per annum applicable on the monthly instalment outstanding, from the respective due date until the date of receipt of monthly instalment.

Part-prepayment charges*

Full Pre-payment

  • Term Loan: 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment
  • Flexi Term Loan (Flexi Dropline): 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: 4.72% (Inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment.

Part Pre-payment

  • 4.72% (Inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part Pre-Payment.
  • Not Applicable for Flexi Term Loan (Flexi Dropline) and Hybrid Flexi.

Stamp duty (as per respective state)

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

Broken period interest/ pre-EMI-interest is the amount of interest charged on the loan, for the following number of days:

Scenario 1: Over and above a period of 30 (thirty) days from the date of disbursement of the loan

Method of recovery of Broken Period Interest/ Pre-EMI Interest:

  • For Term Loan: Deduct from disbursement
  • For Flexi Term Loan: Added to first instalment amount
  • For Hybrid Flexi Loan: Added to first instalment amount

Scenario 2: Less than period of 30 (thirty) days from the date of disbursement of the Loan, Interest on first instalment will be charged for actual number of days

Annual maintenance charges

Term Loan – not applicable.

Flexi Term Loan: 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: 1.18% (Inclusive of applicable taxes) of the total withdrawable amount during initial loan tenure. 0.295% (Inclusive of applicable taxes) of total withdrawable amount during subsequent loan tenure.

Switch fee charge

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

What is a business loan, and how much can one borrow?

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 up to Rs. 80 lakh from Bajaj Finance by fulfilling the easy-to-meet eligibility criteria. Upon approval of your application, you can get the loan amount in your bank account within 48 hours*.

*Terms and conditions apply

Who can apply for a business loan?

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 have to fulfil the eligibility criteria and submit their relevant documents.

What is the minimum CIBIL Score required for a business loan?

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.

What can I use a business loan for?

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 have the option to 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.

How can I apply for a small business loan?

Applying for a business loan from Bajaj Finance Ltd. 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 you receive on your phone.

Share the basic details of your business and gather your business documents. A representative from Bajaj Finance Ltd. will contact you with the next steps. After approval of your loan application, you can get money in your account within 48 hours*.

*Terms and conditions apply

What is the minimum business turnover required to qualify for a business loan?

To get a business loan from Bajaj Finserv, you must own a business that has been operational for a minimum of 3 years. You also should have filed your income tax returns for at least one year.

What are the eligibility criteria for a small business loan?

To get a small business loan from Bajaj Finserv, you need to fulfil only basic eligibility criteria. You should be a self-employed individual who is between 24 years and 80 years of age, with a minimum CIBIL Score of 685. Your business should also be at least 3 years old.

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