1. Why Opt for Business Loans?
You can opt for business loans for various reasons. You may need the fund for expansion of the business or renovation of the premises. It can be for the purchase of new machinery, or it may be for maintaining your inventory at an optimum level. Most of the financial institutes cover all the needs. We, at Bajaj Finserv, provide credit facilities for all your business requirements. We can fast track collateral-free loans up to 80 lakh depending on your need.
2. Who is Eligible?
Businesses with a good credit history are eligible for this loan facility. It includes small business enterprises, self-employed individuals, wholesale and retail traders for various commodities, rice mills, cotton mills, etc.
3. What are the Requirements of the Financial Institutes?
When you contact any lender for the traders’ business loan, you need to have a couple of things ready. The requirements vary from lender to lender. However, the general requirements include KYC documents, proof of business, business plan, and financial statements showing past performances.
Online lenders like Bajaj Finserv offer collateral-free loans with minimum documentation. This hassle-free process ensures that the business owner can take advantage of a market opportunity with the minimum possible delay. You can also check your repayment capacity using the business loan EMI calculator and stay updated on business loan interest rates before you apply for business loans.
4. When Can You Avail the Loan?
You need to have a very clear understanding why you need it and when you need it. You should have a clear business plan. Ideally, the business plan should show the requirements, expected fund flows and profitability. It should mention how the loan will be repaid. Different institutes take different time periods to process the loan application. Also, time is required for completing the mortgage procedure. You need to keep that in mind while applying.
Bajaj Finserv understands your needs and your urgency. That is why we provide fast processing. We can disburse up to Rs. 80 lakh within 48 hours of processing. Not only that, but our dedicated Relationship Officers also provide you service at your doorstep to save your valuable time.
5. How Can You Avail the Loan?
A well-planned approach is the correct way to move ahead. Once you identify your need, take a structured approach to avail funding. First specify exactly how much debt is needed, and when you need it. Research well about your funding options. Take your time to prepare a well-grounded business plan. Gather all the required documents. Then you need to get in touch with the lender.
