Most small businesses and start-ups in India struggle to sustain themselves due to limited access to financing sources. However, with credit options like microfinance loans, small business entrepreneurs can account for such lags with more success. They can now meet their funding requirement with a micro business loan of up to Rs. 45 lakh from Bajaj Finserv that comes with quick approval and minimal paperwork.
Typically, micro loans are a short-term financing option that extends a small quantum of loan to entities like small businesses, self-employed individuals, start-ups and micro-enterprises. The primary objective of micro business funding is to provide working capital to low-income or micro-entrepreneurs with little or no access to formal credit facilities and help them become self-reliant.
Further, this financial solution aims to facilitate socio-economic development, promote self-help groups and start-ups. Additionally, promoting women entrepreneurship is among the topmost priority of micro financing companies.
With quick approval and less paperwork, funding for your small business is now convenient and easy. Microfinance loans from Bajaj Finserv can help in fulfilling the short-term needs of your business.
On meeting the micro loan eligibility, you can avail of up to Rs. 45 lakh at competitive rates of interest. Such a high loan quantum comes in handy for meeting working capital requirements, cost of purchasing and installing high-end machinery.
Microfinance loans come with a flexible tenor of up to 84 months. You can pick a tenor that matches your repayment capability.
Microfinance loans from Bajaj Finserv are unsecured and you would not be required to provide any asset as a security to get the loan amount sanctioned.
With minimal documentation and easy online application, you can get the loan amount in just 24 hours of approval.
With the Flexi facility, you can withdraw money as per your needs from the sanctioned limit and pay interest only on the amount utilised. You can also opt for interest-only EMIs for the initial part of the tenor and reduce your monthly instalment by up to 45%*.
Availing micro loans for small businesses from Bajaj Finserv is simple and hassle-free. You just need to meet the below mentioned eligibility criteria to secure a micro credit for your business:
To avail of a micro loan online, you have to submit only a handful of documents. Here is the list of the required documents:
A. Identity proof - KYC documents like Aadhaar card, passport, PAN card, voter ID, driving license or any other documents issued by the government.
B. Address proof – Apart from KYC, documents like electricity bill, telephone bill, trade license, lease agreement or passport can be used as address proof.
C. Income proof – Copy of income tax returns for at least one year, bank account statement for the last 6 months, audited balance sheet and profit and loss statement for the last 2 years.
D. Business ownership proof - Partnership and private limited companies, self-employed and self-employed non-professionals need to provide business registration certificate, tax records and other proof of address and identity specified by the NBFC at the time of application.
Bajaj Finserv offers micro enterprise loan at attractive rates of interest. The latest rates of interest and associated charges are presented in the table given below –
|Type of charge||Applicable Charges|
|Interest rate||17% onwards|
|Processing charge||Up to 2% of sanctioned loan value + taxes|
|Bounce fee||Up to Rs. 3000|
|Document processing charge||Rs. 2000 + taxes|
|Interest penalty||2% per month|
|Collection charge (outstation)||NA|
|Document/statement charges||You can get a physical copy of a micro enterprise loan document from any branch at Rs. 50 (including taxes)
You can also download e-statement of certificates and documents related to micro finance loans for free from our customer portal – Experia.
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