The Bajaj Finserv is one of the best NBFCs out there in the Indian financial market. Its financial products position among the best in the market. One of the popular and successful products of Bajaj Finserv is business loan about which we are going to discuss today. The Bajaj Finserv business loan could help you if you want to start a new business or expand the current one.
You will get to know everything about the Bajaj
Finserv business loan such as range of loan amount, eligibility criteria,
documents requirement, etc. Let’s get started!
Bajaj
Finserv Business loan
Bajaj Finserv business loan is largely
focused on facilitating the SME/MSME sector. The fund could help you to expand
your business, or to commence a new venture. Here are the highlights:
⮚ Bajaj Finserv business loan amount ranges from
Rs. 3 lakhs to Rs. 20 lakhs.
⮚ The rate of interest starts at 19% p.a.
⮚ The loan tenure ranges from 1 year to 4 years.
⮚ The processing fee is charged up to 2% of the
loan amount excluding taxes.
⮚ The prepayment charge is 2%.
⮚ The foreclosure charge is 4%.
Bajaj
Finserv business loan additional charges
⮚ The penal charge is 2% per month.
⮚ The document processing charge is Rs. 1,449.
⮚ The secure fee is NIL.
⮚ The service charge is NIL.
⮚ The outstation collection charge is Rs 65.
Features
& Benefits of Bajaj Finserv business loan
⮚ Bajaj Finserv does not require a collateral to
offer the loan.
⮚ The line of credit is also available.
⮚ For existing customers, there are pre-approved
offers.
⮚ The loan gets disbursed quickly as soon as the
verification process gets completed.
⮚ There are special business loans for women
entrepreneurs.
⮚ There are no hidden charges.
⮚ The pre-payment charges are very low.
Bajaj
Finserv Business loan eligibility criteria
⮚ The applicant age should be between 25 years and
55 years to apply.
⮚ The applicant should have a minimum of 2 years
of work experience.
⮚ The business should have been in existence for a
minimum of 3 years.
⮚ The ITR for the last year should be submitted.
⮚ The minimum CIBIL score required is 730.
⮚ These firms are eligible to apply.
♦
Sole
proprietorship firm
♦
Partnership
firm
♦
Trusts and
Societies
♦ Private limited company
♦ Closely help public limited company
Required
documents for Bajaj Finserv Business loan
⮚ The loan application form
⮚ Recent passport size photographs
⮚ Identity proof – Aadhar card, PAN Card, Driving
license, Voter ID Card
⮚ Address proof
- Passport, Electricity bill, for partners/entity/ Directors/
Proprietors/ guarantors and security providers
⮚ Business Proof
⮚ Bank statement for the last 6 months
⮚ Business ownership documents
⮚ Board resolution
⮚ Articles of Association and Memorandum
⮚ Profit and loss statement for the last two years
⮚ Balance sheet for the last 2 years
Types
of Bajaj Finserv business loan
⮚
Machinery loan
⮚
Working capital loan
⮚
SME/MSME loan
⮚
Business loan for women
Comparing
Bajaj Finserv business loan with other lenders
|
Lender |
Loan amount |
Interest rate |
Loan tenure |
Processing fee |
|
SBI
business loan |
Up to Rs. 100 crores |
9.50% onwards |
Up to 4 years |
Up to 3% |
|
HDFC
bank |
Up to Rs. 50 lakhs |
15% onwards |
Up to 4 years |
Up to 2.50% |
|
Kotak
Bank |
Up to Rs. 75 lakhs |
15% onwards |
Up to 3 years |
Up to2% |
|
Fullerton
Loan |
Up to Rs. 50 lakhs |
17% onwards |
Up to 4 years |
Up to 6.5% |
|
IDBI
bank |
Up to Rs. 35 lakhs |
13% onwards |
Up to 4 years |
Up to 1% |
How
to apply for Bajaj finserv business loan?
You can visit the official website of Bajaj
Finserv to apply for its
business loan. Fill out the loan application duly, then submit
it. A representative will get in touch with you to help with completing the
further formalities.
The
conclusion
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