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How to get a small business loan in 4 easy steps

  • Highlights

  • Choose the right type of business loan and lender based on your needs

  • Check the eligibility criteria to see if you qualify for the loan

  • Submit necessary documents to complete application

  • Receive funds in your account within just 24 hours

According to Dun & Bradstreet India’s study, India has only 4 small-to-medium businesses for every 100 companies. The absence of MSMEs, a phenomenon that’s referred to as the Missing Middle, is due to various reasons ranging from lack of finance to poor infrastructural facilities and a shortage of skilled labour.

However, the study indicates that a lack of access to finance is the main factor that’s hampering the growth of small businesses, as only 4% of MSMEs in India have access to formal sources of finance.

In such times, if you are wondering ‘How can I get a business loan?’, fret not because it’s all about approaching the right lender. Bajaj Finserv, for instance, offers feature-rich Small Business Loans that help you increase production, expand operations and even diversify your business offerings. Here’s how to get a small business loan of up to Rs.30 lakh in just 4 easy steps.

Fill out a simple online application form

The first step to applying for this beneficial Small Business Loan is to check Bajaj Finserv’s eligibility criteria and ensure that you meet them. When you apply with Bajaj Finserv, you must fulfil the following 3 requirements.

  • You should be between 25 and 55 years of age

  • Your business should be at least 3 years old

  • Your business should have filed income tax returns for at least the past one year

Once you meet the eligibility criteria, fill out and submit a basic online application form. Enter personal information such as your name, PAN, email address and date of birth, as well as company information such as the nature of your business, annual turnover and business vintage.

Wait for a call from a Bajaj Finserv executive

Once you submit the application form, Bajaj Finserv initiates the loan application process. On evaluating the details that you have entered in the form, Bajaj Finserv will contact you via a representative with a pre-approved loan offer.

Gather the necessary documents and submit them

Once you get your pre-approved loan offer, gather the required documents to prove your eligibility for the loan. Bajaj Finserv has minimal documentation requirements, which means that you can secure approval quickly and fund your business’ needs without any delays. To complete applying you must submit the following documents.

  • A passport-size photograph

  • KYC documents like your Aadhaar card, PAN card or voter’s ID

  • Certificate of your business’ existence

  • Financial documents such as the past month’s bank account statement

Receive money in your bank account within 24 hours

On successful verification of your documents, Bajaj Finserv will initiate the disbursal process. In fact, you can expect to receive funds straight in your bank account within just 24 hours.

Now that you know how to get a business loan in India, wait no more and apply for a quick and convenient loan from Bajaj Finserv today! Check your pre-approved offer to avail financing via a customised deal and expedite the loan borrowing process to meet your needs in a timely manner.

Additional Read: Flexi business loans vs term loans

Additional Read: Types of business loans explained

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