What are the interest rates on SME loans?
SME loans help small and medium enterprises meet their business needs, and their interest rate depends on how well you meet the lender’s eligibility criteria. Bajaj Finserv has simple eligibility parameters so SMEs can qualify for a business loan with ease. This makes repayment more affordable through the tenor.
Aiding repayment, our other facilities like part-prepayments and foreclosure are also available at nominal charges. Part-prepayment allows you to use surplus funds to prepay the loan over and above your regular EMIs. This reduces the principal and allows you to decrease your subsequent EMIs or loan tenor. We offer this facility with a fee of up to 4.72% of the loan amount (Inclusive of applicable taxes) plus taxes on the amount part-prepaid. However, if you’re an individual borrower who has opted for the Flexi facility on the Bajaj Finserv SME Loan, you needn’t pay any part-payment charges.
Foreclosure or full prepayment allows you to repay your entire loan amount and interest in one go. This helps you save on interest payment over the tenor of the loan. We offer this facility with a fee of up to 4.72% (inclusive of applicable taxes) plus taxes on the outstanding loan amount on the foreclosure date. The same rate is also applicable on Flexi Term Loan and Flexi Hybrid Term Loan to make repayment stress-free.
Here are the latest interest rates and other nominal charges applicable on the Bajaj Finserv SME Loan.
| Type of fee | Applicable charges |
| Rate of interest | 14% to 25% per annum |
| Processing fees | Up to 4.72% of the loan amount (inclusive of applicable taxes) |
| Bounce charges | Rs. 1,500 per bounce. “Bounce charges” shall mean charges for (i) dishonour of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason. |
| Flexi Facility Charge | Term Loan - Not applicable • Up to Rs. 6,499/- (inclusive of applicable taxes) for loan amount less than Rs. 1000000/-.
*Loan Amount includes approved loan amount, insurance premium, VAS charges. |
| Penal Charge | Delay in payment of instalment(s) shall attract Penal Charge at the rate of 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
| Prepayment charges | Full Pre-payment
Part-prepayment –
|
| Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from loan amount |
| Annual maintenance charges | Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to 0.413% (Inclusive of applicable taxes) of the Dropline Limit (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: Up to 1.18% (Inclusive of applicable taxes) of the Dropline Limit during Initial loan tenor. Up to 0.413% (Inclusive of applicable taxes) of Dropline Limit during Subsequent loan tenor. |
| Legal and incidental charges | Recovery of charges |
| Principal Holiday Facility Fees | Principal Holiday (as applicable below) - (Inclusive of applicable taxes) Up to Rs. 6499 (Inclusive of applicable taxes) for loan amount less than Rs. 10,00,000. Note- |
Additional read: Meaning of SME
