Business Loan : Eligibility & Required Documents
Business Loan Eligibility Criteria
In order to apply for a Bajaj Finserv Business Loan, you need to fulfil the following criteria:
- You should be between 25-55 years old.
- Your business should have a vintage of at least 3 years.
- Your business should have its Income Tax returns filed for at least the past 1 year.
- Your business should have its previous year’s turnover, duly audited by a CA.
You may need to submit other relevant financial documents at the time of document verification. You will be informed of these as and when required.
Documents Required for Business Loan
Bajaj Finserv requires a select number of documents when evaluating your business loan application. These include:
- Passport size photograph
- KYC documents
- Business proof: Certificate of business existence
- Relevant Financial documents
- Bank account statement of the previous month(s)
Line of Credit
Business loan allows you to avail ‘Line of Credit’ facility, also known as ‘Flexi line’. Line of Credit is a unique credit facility given to our loan applicants, wherein you are approved for certain limit of credit/ loan, for a said duration. The monthly installment for Line of Credit will consist only of the interest amount and will not have a principal component on a monthly basis. The principal amount of loan is to be repaid at the end of the tenure of the facility. Hence, it acts as a big saving arm to your cash flows.
Benefits of Line of Credit
- Your monthly instalment is only the interest amount charged for the month, unlike any other term loan
- You can deposit the funds when in access and withdraw fund when required in business, and you will be charged interest only on the amount utilized by you.
- The limit may drop along the tenor (Dropline) or remain constant throughout the tenor, giving you maximum availability of funds throughout the tenor.
- No additional cost levied on withdrawals/ drawdowns
- Access all your loan related information or transactions online at our customer portal
- Convert your term loan into line of credit, anytime of the year
- Bullet repayment option available at the end of the year.
Contact us at our toll free number: 020 3957 4151
- And Enter your 7-digit BFL Customer ID
- Select from various IVR options
- Access IVR in 10 languages: English, Hindi, Bengali, Marathi, Punjabi, Gujarati, Tamil, Telugu, Kannada and Malayalam
Or write to us at: firstname.lastname@example.org
Or Visit our office branch. To know the address of your nearest branch Click here
Or access your loan account online at our Experia- customer portal