Micro loans are small-ticket loans designed to meet the financial needs of individuals, small businesses, and entrepreneurs in Delhi. These loans are easily accessible and help bridge short-term gaps in capital or personal funding. Check your business loan eligibility to explore suitable funding options based on your profile.
Key features and benefits:
- Quick disbursal: Funds are usually be disbursed within 48 hours
- Minimal documentation: Streamlined approval with fewer paperwork requirements
- Flexible repayment: Tenure options ranging from a few months up to 36 months
- Collateral-free: No need to pledge assets or provide guarantors
- Purpose: Ideal for managing cash flow, small business needs, or emergency expenses
For more details, explore the benefits of a micro loan.
Documentation and eligibility criteria for a micro loan in Delhi
Eligibility criteria:
- Must be a citizen of India
- Age between 24 to 80 years
- Applicant should be self-employed
- CIBIL score of 685 or higher
- Business vintage of at least 3 years
Required documents:
- KYC documents - Aadhaar/passport/voter’s ID/driving license/letter from NPR/NREGA job card
- PAN card
- Proof of business ownership
- Other financial documents
Interest rates and charges for micro loan in Delhi
The interest rates for micro loans in Delhi vary depending on the loan provider, applicant profile, loan amount, and repayment tenure.
Typical charges:
- Interest rates: Starting from 14% per annum
- Processing fee: 4.72% of the loan amount
- Prepayment charges: Up to 4.72% of the outstanding loan amount
- Bounce charges: Rs. 1500 per bounce
How to apply for Micro Loan in Delhi
Applying for a micro loan in Delhi is quick and convenient, especially through online platforms.
Steps to apply:
- Go to the official Bajaj Finserv website and navigate to Micro Loan
- Click on ‘Apply Online’ to access the digital application form.
- Enter your basic information and verify it using the OTP sent to your registered mobile number.
- Provide your KYC and business-related details as requested.
- Upload your last 6 months’ bank statements and submit the completed application.
Once submitted, a representative will contact you to assist with the next steps. You can also check your pre-approved business loan offer for instant access to customised loan deals.
Why choose Bajaj Finserv for micro loans in Delhi?
Advantages of choosing Bajaj Finserv:
- Instant online application and approval process
- Attractive interest rates with transparent terms
- Customised loan offers based on your financial profile
- Secure digital platform for quick disbursal and EMI tracking
Difference between micro loan and business loan in Delhi
When it comes to financing options in Delhi, understanding the distinction between micro loans and business loans can help you make an informed decision.
Micro loans typically involve smaller amounts and are suited for addressing immediate, small-scale financial needs such as purchasing inventory or managing petty expenses. These loans usually come with shorter repayment periods and require minimal documentation. They tend to have higher interest rates due to the unsecured nature and small loan size.
On the other hand, business loans cater to a wider range of financial requirements, from working capital and equipment purchases to business expansion. These loans offer much larger amounts—ranging from Rs. 2 lakh to Rs. 75 lakh —and come with flexible repayment tenures that can extend up to 8 years (96 months). While business loans require more comprehensive documentation, they often feature competitive interest rates and, in many cases, do not require collateral.
For entrepreneurs and small business owners looking for substantial funding and longer repayment options to grow their ventures in Delhi, business loans provide a reliable and efficient solution. With tailored loan offers and fast approval processes, business loans are an excellent choice for managing both everyday expenses and major business investments.
Explore more about how a business loan can support your business goals in Delhi.
