In Chennai’s dynamic business environment, access to timely and affordable finance can make all the difference for micro and small entrepreneurs. A Micro Loan provides an excellent funding solution designed specifically to meet the small capital requirements of businesses, helping them grow without the burden of complex formalities or heavy collateral. Understanding how micro loans work and their benefits can empower you to make the best financial decisions for your business. Check your business loan eligibility before applying to ensure faster approval and a smooth borrowing experience.
Features and benefits for micro loan in Chennai
Micro loans in Chennai offer small-scale financing solutions tailored to meet the immediate capital requirements of micro and small entrepreneurs. These loans help business owners bridge cash flow gaps, purchase inventory, or expand operations without heavy financial strain.
Key features and benefits:
- Quick loan approval and disbursal.
- Minimal documentation and hassle-free process.
- Flexible loan amounts suited to small business needs.
- Competitive interest rates to keep repayments manageable.
- No collateral required, making it accessible to many.
- Support for a variety of business purposes including working capital and equipment purchase.
Explore more about micro loan options at micro loan.
Documentation and eligibility criteria for micro loan in Chennai
Understanding the documentation and eligibility criteria is essential to ensure a smooth application process for a micro loan in Chennai.
Eligibility criteria:
- Indian residency
- Age between 24 and 80 years
- CIBIL score 685 or higher
- Business vintage of minimum of 3 years
Documents required:
- KYC documents - Aadhaar/passport/voter’s ID
- PAN card
- Proof of business ownership
- Other financial documents
Meeting these requirements will enhance your chances of quick loan approval.
Check your pre-approved business loan offer to know if you're eligible for faster access to funds without additional documentation.
Interest rates and charges for micro loan in Chennai
Bajaj Finserv offers Micro Loans in Chennai at competitive rates with full transparency on applicable charges.
Applicable charges include:
- Interest rate: Starts from 14% p.a., depending on applicant profile
- Processing fee: Up to 4.72% of the loan amount (inclusive of applicable taxes)
- Prepayment charges: Up to 4.72% (terms apply)
- Bounce charges: Rs. 1,500 per instance
How to apply for micro loan in Chennai
Applying for a Micro Loan with Bajaj Finserv is quick and hassle-free.
Follow these simple steps:
- Click on “CHECK ELIGIBILITY” on the micro loan page
- Enter your mobile number and verify it with the OTP
- Fill in your details such as PAN, date of birth, and business information
- Select the loan amount and tenure that suits your needs
- Submit your application and upload the required documents
Once your application is approved, the loan amount is disbursed to your account within 48 hours.
Why choose Bajaj Finserv for micro loans in Chennai?
Bajaj Finserv stands out as a reliable choice for micro loans in Chennai due to its customer-centric approach and seamless service.
Benefits of choosing Bajaj Finserv:
- Quick loan approval and disbursal.
- Transparent interest rates and minimal hidden charges.
- Flexible repayment options tailored to your business cash flow.
- No collateral or guarantor required.
- Access to expert financial advice and support.
Difference between micro loan and business loan in Chennai
| Feature | Micro loan | Business loan |
|---|---|---|
| Loan amount | Typically up to Rs. 5 lakh | Higher amounts, often starting from Rs. 2 lakh |
| Purpose | Small business needs, working capital, inventory | Larger capital investments, expansion, machinery |
| Documentation | Minimal documents required | More extensive documentation needed |
| Collateral | Usually unsecured | Often requires collateral or guarantor |
For detailed insights, you can also explore options for a business loan.
