Simple eligibility criteria
All you need to qualify for this business loan is to be an Indian citizen between 24 (18 years age of non-financial applicant / Co-applicant / Guarantor) to 80 years*. *Higher age limit is applicable at the time of loan maturity. Your business vintage should be at least three years with at least one year’s proof of filing income tax returns. The last requirement is to get your previous year’s turnover audited by a chartered accountant.
Minimal documentation
With little paperwork required for this loan, you don’t need to spend time collecting documents when you’re in a hurry. Only submit essential papers like business proof, financial and KYC documents, and bank account statements along with your passport-size photographs.
Easy application process
With a simple 3-step process, applying for this loan is quick and convenient. Instead of visiting a lender or spending time in queues, you can apply online in minutes. Fill out and submit the online application form. Representatives of Bajaj Finserv will contact you within 24 hours with a pre-approved loan offer. You will need to submit the documents needed. Once your documents are verified, your loan amount will be disbursed. The usual timeline for this is 48 hours.
No need for collateral
Since a Bajaj Finserv Business Loan is unsecured, you don’t need to offer any collateral as security. This means that applying for the loan is quick, and approval doesn’t take time either because there are no assets to be assessed.
Quick approval
You will know if your loan has been approved or not in just five minutes after submitting the application form. When you need urgent cash, the faster you get to know the status, the better.
Additional read: How to choose the right machinery supplier
Flexi loan facility
To cater to the needs of growing businesses, Bajaj Finserv offers innovative Flexi business loans. These loans give you the maximum amount you qualify for. Once you choose your tenor, you can borrow as much as you need within the sanctioned limit.
You gain from this feature in two ways: it gives you access to money when your business needs it without multiple loan applications, and it charges you interest only on the amount used. This saves time and money and helps you meet urgent expenses. You can borrow as many times as you want and make part-prepayments when you have excess funds. You can re-avail the prepaid amount too.
To plan better, you can use the business loan EMI calculator to estimate your monthly outgo. Also, stay informed about the current business loan interest rates before you apply for business loans to make a smart financing decision.
You have the option of paying only the interest as your EMIs, making managing cash flow easier. You can repay the principal at the end of the tenor. This loan facility helps you meet your last-minute needs for financing easily and is cheaper than a term loan.
With a substantial loan amount of up to 80 lakh, Bajaj Finserv’s Business Loan ensures that your urgent financial worries are addressed. You are free to use these funds in any area of your business without restriction. With the added Flexi loan facility, you can save money and finance unpredictable business needs.
Additional Read: What are the different sources of business finance
