Collateral is an asset, having a measurable financial value, that you can borrow against. Assets like real estate, machinery, vehicles, even stocks and shares can be pledged to avail a loan. However, if you are unable to repay the loan, the lender has the right to assume permanent possession of the asset and liquidate it to recover the outstanding amounts.
On the other hand, collateral-free loans do not require you to pledge any asset as security. It brings peace of mind and opens up unlimited opportunities. One can avail collateral-free loans for various purposes. Such loans can help you meet business goals as well as personal needs like higher education, medical emergencies, marriage expenses, etc.
Bajaj Finserv extends collateral-freebusiness loans at competitive interest rates and flexible repayment options.
Flexi loan limit for collateral-free Business Loans can go up to Rs. 30 lakh. Use this EMI calculator for computing the EMI of your collateral free loan.
Access your loan account from anywhere at your convenience, with Experia, our customer portal.
Eligibility criteria for availing a collateral-free Business Loan:
Age between 22-55 years
Your business should have a vintage of at least three years
Your business should have filed Income Tax returns for at least the previous year
Your business should have its previous year's turnover duly audited by a CA
Bajaj Finserv brings transparency and clarity about loan rates and charges. The following are the current charges:
Online Application
Click here to apply
Fill in the details and click Submit
Our representative would contact you with your pre-approved offer
Through SMS
Our representative would contact you with your pre-approved offer
SMS ‘BL’ to 9773633633
A business loan EMI calculator helps you know the monthly instalments you have to pay, thereby helping you plan your repayment with ease.
Enter the below on the EMI calculator–
The calculator uses the following formula –
E = P x r x (1 + r) ^ n / [(1 + r) ^ n - 1]
Here,
Check the following example to see how the calculator works –
You have a business loan of Rs. 20 Lakh at 12% rate of interest for 4 years. As per the above formula, your EMI will be:
E = 20,00,000 x 12%/12 x (1 + 12%/12) ^ 4 / [(1 + 12%/12) ^ 4 – 1]
E = 52,668
Hence, your EMIs will be Rs. 52,668.
A Business Loan EMI Calculator is simple to use. All you need to do is enter the loan amount, tenor (in months) and the rate of interest, and you’re done.
You can repay your Business Loan in various ways. One of the easiest methods is to pay your loan through an Equated Monthly Instalment (EMI), where your loan gets divided into equal fixed sums that are paid on a monthly basis until your loan has been fully repaid. An EMI consists of the loan’s principal amount and the interest accrued on it.
This repayment method makes it easy for small businesses that operate on tight cash and want to fund expensive purchases like equipment, plant and machinery, etc. but don’t have enough liquidity to pay up-front for such costs.
Repaying via easy EMIs with Bajaj Finserv, is an ideal way of paying back your business loan as it gives you the exact amount you have to pay at the end of every month for a given period.
A Small Business Loan calculator is an EMI calculator which helps you calculate your monthly payments on business loan.
This calculator helps you to predetermine the amount need to pay at the end of every month, helping you to opt for a loan amount that matches the short-term plans of your business and thus, facilitating your cash resources planning.
Bajaj Finserv offers low Business Loan interest rates, which make your EMIs affordable and help you repay the loan comfortably with lesser chances of defaulting.
The following is the interest and other charges on business loans –
| Type of charges | Rate |
|---|---|
| Rate of interest | 18% per annum onwards |
| Processing fees | Up to 3% on the principal |
| Penal interest | 2% per month |
| Bounce charges | Up to Rs. 3,000 (Inclusive of taxes) |
| Document processing fees | Rs. 1,449 with applicable taxes |
| Outstation collection charges | Rs. 65 with applicable taxes |
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