A simple guide to Bajaj Finserv Business loan

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

The loan disbursement could happen in less than 72 hours if everything goes smoothly. If you need further help, contact the Bajaj Finserv business loan customer care by dialling their toll-free number 020-3957 5152. 

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