Bajaj Finserv is a Non-Banking Financial Company(NBFC) founded in 2007. This company provides various lending facilities, business loans are one of them. You can get a business loan up to Rs. 45 lakhs with an interest rate starting at 17% per annum.
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Features and Benefits
You can get a loan of up to Rs. 45lakhs.
Reasonable EMI value.
Pay your loans over 84 months i.e, up to 7 years.
At starting years pay 45% less EMI
You can use the amount to diversify or expand your business.
For a person whose credit/CIBIL score is 658 or above.
No collateral or guarantor is required.
Eligibility to apply for a business loan with Bajaj Finserv
You must be an Indian Resident.
Your Business must be 3 years old.
You must have a credit/CIBIL score of 658 or more
You must be Self-employed.
The minimum age to apply is 24 years
Maximum age up to 70* years
At maturity age, not more than 70 years.
Fee and Charges
SL.No
Fee and Charges
Rates
1
Rate of Interest
starts at 17% per annum
2
Processing fee
up to 2% of loan amount+Taxes
3
Bounce Charges
up to Rs. 3000 including Taxes
4
Penalty in case of delay or non-payment of EMIs
2% per month on EMI outstanding from the date of default arises till payment is not received.
5
Document processing charge
Rs. 2000+Taxes
6
Stamp duty
as per your state.
7
Annual maintenance charges
0.25%-1% +Taxes
8
Foreclosure Charges
4%+Taxes
Documents Required
KYC documents (adhar card/PAN card/Voter ID card/driving license)
Address Proof (Utility Bills/ rent agreement/passport or any other government-approved document)
Copy of GST return
Income Tax Return
Bank Statements
Business registration documents
Proof of ownership of Business
For a private limited company, certificate of commencement or AOA/MOA
For partnership firm – partnership agreement
How to apply for a Business loan with Bajaj Finserv?
Go to Bajaj Finserv website
Click on Business Loans
A new page will be open.
Now, Click on apply now.
An application form will open.
Enter your info asked for.
Upload the required documents, Bank statements, and more.
Submit the application
You will be getting a call from their team to guide you for the next steps.
Types of Business Loans available
1] Start-up loans – It is very easy to get a start-up loan with Bajaj Finserv, you just need to maintain good credit history and credit score.
2] Working Capital loans – Working capital is money required for day-to-day expenses. Working capital requirement is calculated as Current asset minus Current liabilities.
3] MSME/SME loans – Bajaj Finserv also provides MSME/SME loans i.e., Micro Small and Medium Enterprise loans. If you are registered under MSME you are eligible for this loan.
All the documents required, eligibility criteria, loan amount, repayment tenure. Interest rates and application process for these loans are the same as mentioned above.
The Flexi facility is a credit facility that offers you to pay only interest amounts for the initial period of your loan and help save up to 45% on EMIs.
2] What is the Working capital loan interest rate?
Interest rates for a working capital loan also start at 17% per annum.
3] Who can get MSME loans?
A person who fulfills the eligibility criteria mentioned above and registered their business under MSME.
4] What is a credit/CIBIL score to apply for a Bajaj Finserv business loan?
Your credit score must be 658 or more to apply for a Bajaj Finserv business loan. To know more about credit scores click here.
5] Is the processing fee applicable?
Yes, the processing fee of 2% of the loan amount+Taxes is applicable.
