Features and benefits
Flexi Loan benefits
Bajaj Finance extends the Flexi Loan facility, which you can use to borrow freely and pay interest only on what you withdraw.
No collateral needed
Since this loan is unsecured, you do not have to pledge assets to avail of financing.
Online loan management
For 24x7 access to information about your loan, be sure to use our online customer portal.
As a business owner, setting up a new hotel or restaurant chain or maintaining your existing one usually requires ample funds. You can manage this need efficiently and faster with a loan for hotels and restaurants by Bajaj Finance.
With easily accessible financing, you can stock up raw materials, pay for property licences and permits, buy equipment, hire personnel, renovate, set up marketing and more. You can use the loan amount of up to Rs. 55 lakh to meet any business-related expenses. The loan also comes with a flexible tenure of up to 96 months and an attractive interest rate.
Eligibility criteria and documents required
Due to the simple loan eligibility criteria, you do not have to worry about qualifying for the loan. To make matters simpler, you only need to submit minimal documentation when applying.
24 years to 70 years*
(*age should be 70 years at the time of loan maturity).
685 or higher
At least 3 years
You will need the following documents to apply:
- KYC documents - Aadhaar/ passport/ voter’s ID
- PAN card
- Proof of business ownership
- Other financial documents
Interest rate and fees applicable
When you opt for our loan for hotels and restaurants, you enjoy the benefit of low-interest rates and nominal fees and charges. This helps keep the loan affordable all through the tenure.
|Type of fee||Applicable charges|
|Rate of interest||9.75% - 25% per annum|
|Processing fees||Up to 3.54% of the loan amount (inclusive of applicable taxes)|
|Bounce charge||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)|
Term Loan - Not applicable
Flexi Term Loan (Flexi Dropline) - Up to Rs. 999/- (inclusive of applicable taxes)
Flexi Variant (as applicable below) - A fee will be deducted upfront from the loan amount
*Loan Amount includes approved loan amount, insurance premium, VAS charges, and documentation charges.
|Penal interest||Any delay in payment of monthly instalment shall attract penal interest at the rate of 3.50% per month on the monthly instalment, from the date of default until the receipt of monthly instalment.|
|Stamp duty||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/ Pre-EMI Interest||
Broken period interest/ pre-EMI interest shall mean the amount of interest on Loan for the number of day(s) which is(are) charged in two scenarios:
Scenario 1 – More than 30 days from the date of loan disbursal till the first EMI is charged:
Scenario 2 – Less than 30 days from the date of loan disbursal till the first EMI is charged:
|Annual maintenance charges||
Term Loan – Not Applicable
Flexi Term Loan (Flexi Dropline): Up to 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: Up to 1.18% (inclusive of applicable taxes) of the total withdrawable amount during initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable Amount during subsequent tenure.
|Switch Fees*||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.
How to apply
The steps to apply for this loan are simple, easy to execute, and take just a few minutes. They are as follows:
- 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
Yes, you can get a loan for hotel business from Bajaj Finance. We provide financing for hotels and restaurants up to Rs. 55 lakh without any collateral. You can use the loan amount to meet any business-related expenses, such as buying equipment, hiring staff, renovating, etc.
The loan amount that you can get for a hotel business depends on your eligibility criteria and submitted documents. Bajaj Finance offers loans ranging from Rs. 2,00,000 to Rs. 55 lakh for various service enterprises, including hotels. You can check your eligibility online by filling a simple form on their website.
The interest rate of business loan for hotel varies depending on your credit score, business vintage, loan amount, and repayment tenure. The rate of interest starts from 9.75% p.a. and can go up to 25% per annum. There are also other fees and charges applicable, such as processing fees, bounce charges, document processing charges, etc. You can find the details of these charges on their website.
Starting a small hotel business requires planning, financing, and execution. You need to identify a market need and set your strategic goals. It is also important to review your financing options. Next, you need to do your paperwork and get the required permits. After that, you need to find hotel premises, build, and furnish them. Next you need to hire and train your staff. Finally, you need to draft a marketing plan and launch your hotel.