Micro loans in Hyderabad are designed to provide quick financial support for small businesses, entrepreneurs, and individuals. They offer easy access to funds with minimal formalities and help manage short-term cash flow needs effectively. Check your business loan eligibility to find out the right financing option based on your profile.
Some key benefits include:
- Fast disbursal of funds
- Minimal documentation requirements
- Flexible repayment options
- No collateral needed
- Ideal for emergency expenses, inventory purchase, and working capital
Explore more about the advantages of a micro loan.
Documentation and eligibility criteria for micro loan in Hyderabad
To apply for a micro loan in Hyderabad, applicants must meet certain eligibility requirements and submit specific documents.
Eligibility criteria:
- Indian citizenship
- Age between 24 to 80 years
- Self-employed or business owner
- Minimum CIBIL score of 685
- Business vintage of at least 3 years
Required documents:
- Valid KYC (Aadhaar, Passport, Voter ID, Driving License)
- PAN card
- Proof of business ownership
- Bank statements for the last 6 months
Interest rates and charges for micro loan in Hyderabad
Interest rates for micro loans vary based on the lender, applicant profile, loan amount, and tenure.
Typical charges include:
- Interest rates starting from 14% per annum
- Processing fees around 4.72% of the loan amount
- Prepayment penalties up to 4.72% of outstanding amount
- Bounce charges Rs. 1500 per bounce
How to apply for micro loan in Hyderabad
Applying for a micro loan in Hyderabad is straightforward and can be done online:
- Visit the official Bajaj Finserv website and navigate to Micro Loan
- Click ‘Apply Online’ to fill out the digital application form
- Provide your basic details and verify via OTP
- Upload necessary KYC and business documents
- Submit your application and await approval
A representative will assist you through the process after submission. You can also check your pre-approved business loan offer for instant access to tailored funding solutions.
Why choose Bajaj Finserv for micro loans in Hyderabad?
Bajaj Finserv offers several advantages for micro loan applicants in Hyderabad:
- Instant online application and approval process
- Competitive interest rates with transparent terms
- Customised loan offers based on financial profile
- Secure platform with quick disbursal and easy EMI tracking
Difference between micro loan and business loan in Hyderabad
Understanding the difference between micro loans and business loans helps in selecting the right financing option.
Micro loans are generally smaller, suitable for immediate and short-term financial needs, and require minimal documentation. They come with higher interest rates and shorter repayment tenures.
Business loans offer higher loan amounts (ranging from Rs. 2 lakh to Rs. 75 lakh) with flexible repayment tenures up to 8 years. These loans require more documentation but often have lower interest rates and sometimes no collateral requirement, making them ideal for business expansion and larger financial needs.
For comprehensive financial solutions, consider exploring business loan options available in Hyderabad.
