Bajaj Finance Business Loan

Overview

Bajaj Finserv is a Financial service Company that is engaged in the business of lending, asset management, wealth management and insurance. It provides small business loans for various business purposes like expansion of operations, upgradation of technologies or processes, meeting the working capital requirements, infrastructure investments, etc. The business loans provided by this company are among the most competitive and most sought after loans by the corporate and SME world owing to its multifaceted features and benefits along with easy access for such loans. The details of the business loans provided by Bajaj Finserv are mentioned hereunder.

Eligibility for Bajaj Finserv Business Loans

The eligibility criteria for Bajaj Finserv is very simple in order to increase its reach and provide financial assistance to more number of small business applicants. The eligibility requirements set by the company are mentioned below.

Age restrictions 

Bajaj Finserv requires the individuals to be minimum of 25 years of age to apply for the small business loans of the company and a maximum age to apply is 55 years.

Business continuity 

The company requires the business to be owned by the applicant as well as in existence for a minimum period of 3 years in order to be eligible for its small business loans.

Income Tax Returns 

The Income Tax Returns of the applicant are a mandatory requirement for applying the small business loans of the company. The ITR has to be filed for at least 1 year in order to be eligible for these loans.

Eligible applicants for Bajaj Finserv Business Loans are the following persons/entities

• Self-Employed Professionals (Proof of qualification to be submitted)

Allopathic Doctors 

Chartered Accountants

Company Secretaries

Practicing Architects

• Self-Employed Non-Professionals (Proof of qualification to be submitted)

Traders

Manufacturers

Retailers

Proprietors

Service providers

• Entities

Partnership Firms

Limited Liability Partnerships (LLPs)

Private Limited and closely held Companies

Other Constitution Types (depending on the applicant’s profile)

Documents Required for Bajaj Finserv Business Loans

The documentation process for Bajaj Finserv Business Loans is very simple and requires very basic documents that are usually part of the KYC process of any financial institution.

The details of the same are provided hereunder.

Identity Proof of the applicant 

Bajaj Finserv requires the applicants to provide for an identity proof along with age proof and photo identification via any of the following documents

• Aadhaar Card
• Voter’s Id
• PAN card
• Passport
• Driving License
• Any other valid document issued by the government

Address Proof of the applicant 

Address Proof of the applicant can be any of the KYC documents as  well as any of the following documents.

• Passport
• Electricity Bill
• Ration card
• Telephone Bill
• Lease Agreement
• Trade License or certificate of trade license can be considered as address proof for the purpose of a loan from Bajaj Finserv Business Loan
• Any other valid document issued by the government

Financial Documents

Following are the list of documents to be submitted by self-employed professionals and non-professionals

• Copy of ITR for minimum 1 year
• Bank account statement for minimum 6 months
• Audited Balance Sheet and Profit and Loss Statement for the preceding 2 years (audited by a CA)

Business Ownership Proof

Self-Employed Professionals

• Registration document in case of Sole Proprietors
• Other proof include documents like PAN Card, payment receipt of Municipal tax, electricity Bill, etc. in the name of the entity

Self-Employed Non-Professionals

• Sole Proprietor’s registration document
• Individual identity proof of the owner
• Bank statement of minimum 6 months
• GST Return
• Stock Statement
• Statement of Creditor

Other entities

• Partnership Deed/Agreement for Partnership Firms
• Certificate of Commencement/ Memorandum of Association and Articles of Association for Private Limited Companies
• Income Tax/ GST Returns
• Registration certificate under Shops and Establishments Act.
• Individual identity proofs of Partners and Directors

Features and Benefits of Bajaj Finserv Business Loans

Bajaj Finserv provides easy and affordable small business loans for many purposes like investing in infrastructure, working capital needs, investing in new technological advancements and much more. These loans come with many features and benefits that make it an attractive option for the applicants. Some of such features of these business loans are discussed below.

Amount of loans availed

Bajaj Finserv provides many business solutions for the organizations based on their needs like short term finance, intermediate loans and long term loans. These loans can be availed for a maximum amount of Rs. 30,00,000.

Rate of Interest

The rate of interest on Bajaj Finserv Business Loans in India starts from 18% per annum depending on the credit profile of the applicant, loan sought, etc. Rate of interest in case of business loans taken against property is 16% per annum.

Stress free unsecured loans

Bajaj Finserv provides unsecured loans in as quick as 24 hours from the application without any hassles. It requires not more than 2 acceptable and approved documents to sanction the loans and thus satisfy the urgent need of capital requirement by the eligible small scale businesses.

No collateral

Bajaj Finserv does not require any collateral for these small scale business loans. This ensures that the applicants get the loans promptly without any unnecessary delays and at minimum documentation.

Pre-approved offers

Borrowers can get access to pre-approved loan offers of the company upon application. These pre-approved loans are at minimal documentation, reduced rate of interest and high top up options.

Flexi Loan facility

Bajaj Finserv provides the unique option of flexi loans where the borrower can withdraw only as much finance as needed in the organization and can repay the loan depending upon the available cash flows. Company provides this facility at zero prepayment charges. Borrowers can repay only interest as EMIs and have the option to repay the principal at the end of the tenure. Bajaj Finserv charges interest only on the amount withdrawn which in turn enables the borrower to reduce the EMIs by as much as 45%.

Online Access to the Account

Bajaj Finserv provides easy access of their loan account to the borrowers which enables them to access their business loan statement anywhere and anytime at their convenience.

Charges for Bajaj Finserv Business Loans

Bajaj Finserv provides business loans at nominal charges. The list of some of these charges for business loans as well as loans against property for business loans are mentioned here.

Bajaj Finserv Loans for Special Needs

Bajaj Finserv has loan options that are specifically designed for the borrower’s unique needs. Some examples of such loans are mentioned below.

Business Loans for Women

Bajaj Finserv provides easy and hassle free loans up to Rs. 30,00,000 specially for women entrepreneurs in order to meet their growing business needs.

Machinery Loans

Borrowers can get loans in order to install or upgrade any machinery or equipment for the business advancement or to meet any needs of bulk orders or staying at par with the completion in the market.

SME and MSME Loans

Loans for SME and MSME sectors provided by the company enables such entities to get loans for their operational needs as well as any other working capital requirements.

Working Capital Loans

Bajaj Finserv provides loans for working capital requirements of the entity without any collateral needs in order to ensure smooth flow of operations and no hindrance with the progress or existence of the organization