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
Additional Read: How to apply for PAN Card Online
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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