Features and benefits
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No additional paperwork
Borrow from your sanction multiple times without repeat applications.
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Zero part-prepayment fee
Part-prepay your loan whenever you can, without incurring additional costs.
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Repay affordably
Choose to pay interest-only EMIs to reduce your monthly outgo by up to 45%*.
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Withdraw freely
Withdraw freely from your approved sanction without the worry of fees or charges.
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Online customer portal
Use the online customer portal, My Account, to handle your loan payments digitally and conveniently.
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Cost-effective
Pay interest only on the amount that you utilise and not on the sanction as a whole.
Converting your existing loan into a Flexi Business Loan is a smart way of managing your finances. When used wisely, you can use the facility to reduce your EMI outgo by up 45%* and free up your finances for other obligations. The conversion process is 100% hassle-free as it takes just a few simple steps. In fact, a quick comparison between a term and Flexi Loan indicates that the latter can be a superior option. Here is the Bajaj Finserv Flexi Business Loan explained in depth.
|
Term Loan |
Flexi Loan |
Disbursal |
Full sanction disbursed to your bank account |
Loan sanction is made available in the loan account for flexible withdrawal. |
Fees and charges |
Interest is charged on the entire sanction |
Interest is charged daily, only on the amount you withdraw from the loan account. Moreover, your Flexi Loan interest rate will be the same as your existing loan. |
EMIs |
EMIs consist of both principal and interest components |
Choose to pay interest-only EMIs and repay the principal at a later part of the tenure. |
To further highlight the value of this facility, consider a loan with the sanction of Rs. 10 lakh, a tenure of 5 years, and an interest rate of 9.75%. The amount used is Rs. 5 lakh.
|
Term Loan |
Flexi Loan |
EMI |
Rs. 23,790 |
Rs. 13,550 |
Annual outgo |
Rs. 2,85,480 |
Rs. 1,62,600 |
Annual savings |
0 |
Rs. 1,22,880 |
Check Flexi Loan interest rate
Eligibility criteria and documents required
To avail of the benefits of this facility, all you have to do is meet the flexi loan eligibility criteria mentioned below:
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Age
24 years to 80 years*
(*age should be 80 years at Loan Maturity) -
Nationality
Indian
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CIBIL Score
Check your CIBIL Score for FREECredit Score should be 685 or higher
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Work status
Self-employed
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Business vintage
At least 3 years
Documents required
If you fulfil the above given eligibility criteria, the following documents are required to apply for a business loan.
- KYC documents - Aadhaar/ passport/ voter’s ID
- PAN card
- Proof of business ownership
- Other financial documents
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.
Frequently asked questions
A flexi business loan is a type of loan that allows you to borrow and repay funds as per your needs, within a pre-approved limit.
Flexi loan is safe as it is offered by a reputed financial institution, Bajaj Finance, which has a high credit rating and follows all the regulatory norms.
The maximum amount of Flexi loan depends on your eligibility criteria, such as your income, credit score, business vintage, etc. Bajaj Finance offers up to Rs. 80 lakh for Flexi business loans.
