Categories
Categories
Ajit Samal
by on November 10, 2020
71 views

A business loan in India is a feasible method to lift funds for multiple purposes of business, for instance, obtaining new assets, purchasing new properties or making expansion, etc. and Bajaj Finserv is among the leading financial institutions in India when it comes to extending business loans.

Bajaj Finserv offers business loans up to Rs.20 lakhs along with several benefits such as minimal interest rate, flexi loan facility, and flexible repayment tenors. But, prior to planning on the usage of the funds, you should be cognizant of the application procedure.

Bajaj Finserv has an easy application procedure that helps you raise funds appropriately. Here is everything you need to know about how you can take out the business loan from the moneylender. Let’s plunge!

Bajaj Finserv business loan eligibility criteria

In order to avail Bajaj Finserv business loan, you simply need to meet the eligibility criteria as required for any kind of loan. Following are the eligibility terms that you’ll need to fulfil to avail the benefits of the loan:

  • You must stand between 25 to 55 years to apply for a business loan.
  • You must have a business driving for at least 3 years.
  • You must have filed income tax returns (ITRs) of your business for at least 1 year.

Documents required for Bajaj Finserv business loan

Bajaj Finserv asks for nominal documents to extend business loans. Thus, you are simply required to be ready with the following documents:

 

  • Proof of Identity

You need to hand over your identity proof with relevant KYC documents including PAN card, passport, driving license, aadhaar card, voter ID or any other government-issued valid document.

 

  • Proof of Address

Besides KYC, documents, in particular, ration card, telephone bill, passport, electricity bill, lease agreement, trade license or certificate of trade license can be taken in use as the proof of address when applying for a Bajaj Finserv Business Loan.

Applicants can also give any other government-issued document as proof of address to complete their loan application.

  • Financial documents

The typical business loan documents list that self-employed professionals and non-professionals are required to present are as follows:

  • Copy of the ITR filed for at least 1 year.
  • Last 6 months bank statement.
  • Balance sheet and profit & loss statement for the last 2 years, audited by a chartered accountant.
  • Proof of business proprietorship

The need of business ownership proof for Bajaj Finserv Business Loan differs as per the type of business and your individual profile. Documents for varying business profiles are stated below:

 

  • For self-employed professionals

The registration document is required in case of sole proprietors. Other business ownership proofs for self-employed professionals include documents, in particular, electricity bill, payment receipt for municipal tax, PAN card, income tax returns, etc.

 

  • For self-employed non-professionals

Registration document of the sole proprietorship, individual proof of identity of the owner, income tax returns, GST return, business owner’s bank statements of at least 6 months, statement of creditor/book debt/periodic stock, etc. are needed in case of self-employed non-professionals.

 

  • For partnerships and private limited businesses

The partnership agreement is needed in case of partnership firms and certificate of commencement (CoC)/Article and Memorandum of Association (MOA) in case of private limited businesses.

In addition, other supporting documents for these business include ITRs, GSTRs, registration certificate under the shops and establishment act, etc. Besides, partners and directors are also required to submit individual identity proofs.

Who can apply for Bajaj Finserv business loan?

Following are the customer profiles which are eligible to apply for business loans from Bajaj Finserv:

Customer profiles

Sub-profiles

Self-employed professionals

Allopathic doctor, CA, company secretary, architects, etc. who are practising their profession.

Self Employed Non-Professionals

Traders and manufacturers, retailers, proprietors, service providers, etc.

Entities

Partnership, limited liability partnership (LLP), private limited and closely held limited companies.


The existence of other entities relies on their profile.

On the basis of your meeting with the Bajaj Finserv business loan eligibility criteria, you can avail of the funds up to a limit of Rs.20 lakhs.

The lending criteria of Bajaj Finserv for business loans is rather simple and documentation requirements are also nominal which makes the loan application process simple, seamless and hassle-free for you.

How to apply for the Bajaj Finserv business loan?

In order to apply for the loan, you need to go through 4 steps significantly. Here these are:

 

  • Meet eligibility criteria and required documents

Just as every loan has set eligibility criteria, similarly, first and foremost, you need to qualify eligibility criteria of Bajaj Finserv business loan. additionally, you need to check at your end whether you possess every required document or not, if yes then great and if no, then get those.

 

  • Opt for the mode of application

You can either apply online or offline in order to avail of the loan. To apply offline, you need to SMS ‘BL’ to 9773633633, and very soon a representative from Bajaj Finserv will come into contact with you with a pre-approved offer.

The online process includes filling and submitting the application form with your documents post which the representative of the financial institution will contact you. The online approach is handier if you do not have the time to visit a branch.

 

  • Enter your information and submit the documents

When you are applying online for Bajaj Finserv business loan, make sure you undergo the application form entirely. Fill in your personal information, in particular, your name, date of birth, tenure and principal carefully. Once you are done with this step, submit the application online alongside the photocopies of the appropriate documents.

 

  • Get your loan post verification

Post you have submitted your application; a representative will check all your documents and your loan application and if everything goes well and verified, you will get confirmation about the approval of your loan application.

After the approval, the loan amount will get disbursed directly into your bank account within 24 hours. This lessens all your concern about waiting in long queues and many other hassles to get admittance to the loan amount.

The End Line

As a whole, with the help of the above information, you can get smart facilitation in availing the Bajaj Finserv Business Loan within the span of a short time and raise funds for the purpose of fulfilling your needs like working capital expenditures, expansion, etc.

 

Furthermore, to find out additional information such as with regards to Bajaj Finserv business loan interest rate you may directly visit the official portal of the moneylender.


Lastly, a smart option that always plays great while availing a loan is a loan calculator, so, you can also take the help of business loan EMI calculator in order to figure out the estimate payback amount by yourself.

Post in: Finance
Be the first person to like this.
Page generated in 0.284 seconds with 18 queries and GZIP enabled on 172.31.7.56.