Term Business Loan | Term Loans for Business Online in India

Term Loans for Business

Term loans for business are credit facilities availed for a pre-defined term. They are useful when the funding requirement is well-defined and time-bound. These loans also have a specific repayment schedule and can offer fixed or floating interest rates. Based on the duration, term loans can be classified into short-term loans, intermediate-term loans, and long-term loans.

These loans could be either secured or unsecured and can be used for a variety of purposes, like increasing working capital, buying new machinery, or leasing bigger office premises.

Term Loans for Business: Features and Benefits

Bajaj Finserv Term Loans for Business offer various features and benefits like:

Flexible tenors

The most important feature of term loans for business is that they offer flexible repayment tenors, ranging up to 84 months.
Flexi loan facility

Our term loans for business come with a Flexi loan facility, that allows you to borrow what you need within a fixed loan limit. You can also choose to pay only the interest as EMI and repay the principal amount later.
Quick approval and disbursal

Term loans for business are easy to apply and avail. A fast-track approval process allows you to get the funds in your bank account within 24 hours* of approval.
Pre-approved offers

Bajaj Finserv customers get access to exclusive pre-approved loan offers, which may include top-up loans, occasional reduction in rates, etc.
Online account access

You can manage your Bajaj Finserv Term Loan statement online, from anywhere at any time through Experia, the online customer portal.

Term Loans for Business: Eligibility Criteria and Documents Needed

The following are the prerequisites for a Bajaj Finserv Term Loan:

Age between 25 and 65 years
Your business should have a vintage of at least 3 years
Your business should have filed ITR for at least the previous year
Your business should have its previous 2 years turnover duly audited by a CA

Documentary support for the above will be required for verification.

Term Loan Interest Rates and Charges

Bajaj Finserv brings transparency and clarity about term loan rates and charges. The following are the current charges:

Fee Type	Charge applicable
Rate of interest	18% p.a. and onwards
Processing fees	Up to 2% of the loan amount (plus taxes)
Bounce charges	Up to Rs.3,000 (Inclusive of taxes)
Penal interest	2% per month
Document processing charges	Rs.2,000 (plus taxes)
Outstation collection charges	Not applicable
Document/statement charges	Download loan documents at no additional cost by logging into the customer portal – Experia. You can also get a physical copy of your documents from any of our branches at a charge of Rs.50/- (inclusive of taxes) per statement/letter/certificate.