Whether you’re handling a micro, small, or medium-scale business, there’s always a need for capital. Business expenses range from working capital to machinery costs and infrastructural upgrades, all of which will occur at multiple points in the business’ lifecycle. A healthy revenue and enough working capital are not always sufficient to handle such expenses, especially when your business may be expanding or diversifying. When there may not be enough capital to fall back on, a good option to consider bolstering these reserves is the Bajaj Finserv Business Loan.
Loaded with features, this instrument can not only help plug leaks in working capital but also help you manage expenses affordably. This is all thanks to the flexible tenor and the competitive business loan interest rate. For a complete breakdown of its benefits, look at how you can give your enterprise a boost with the Bajaj Finserv Business Loan.
Qualify for funds quickly, without risking your business assets
As a business owner, you may not have the time to devote to lengthy loan processes. With this credit facility, drawn-out procedures are a thing of the past as you can qualify for funds in a matter of minutes. This business loan has minimal requirements for qualifying and applying, and it is collateral-free. As such, you don’t have to pledge your business assets.
By not having to provide collateral, the application process skips several long-winding valuation and verification procedures. Moreover, it helps safeguard your valuable assets. All these factors combined to provide you with a quick, hassle-free experience, which is crucial in today’s fast-paced business environment.
Access a high loan amount for large capital requirements
Whether it is the funds required to boost working capital or purchase or lease new machinery or restock inventory, business expenses usually amount to a sizable sum, regardless of the industry. With the Bajaj Finserv Business Loan, such big-ticket costs can be easily addressed thanks to the sanction of up to Rs.45 lakh. This makes it a great solution for all types of needs, be it short, intermediate, or long-term goals. Moreover, this sanction has no spending restrictions, and you can use this capital freely.
Enjoy expedited loan processing and disbursal
To complement the easy eligibility provisions, this business loan also extends the privilege of swift loan processing. This is important in today’s economic climate as delays could cost profits. However, with this loan, you don’t have to worry about time-consuming underwriting processes as you can get approved for the loan in a matter of hours. What’s more, you only have to submit minimal documents when you apply, making it easy to manage, even on the go. Here are the eligibility criteria and documentation required to apply for the loan successfully.
Eligibility criteria:
- Applicant must be between 25 and 65 years of age
- Applicant must have a CIBIL score of at least 685
- Applicant must have a business vintage of at least 3 years
Documents required:
- ID proof
- Aadhaar Card
- PAN
- Passport
- Address proof
- Utility bills
- Lease agreement
- Financial details
- ITR copy
- Bank account statement of the past 6 months
- Audited profit and loss statements of the past 2 years
- Business ownership proof
- Business registration documents
- Partnership agreement
- Memorandum of Association
Do note the above-mentioned list of documents is indicative and you may be requested to furnish additional paperwork during application if needed.
Borrow on cost-effective terms for optimal outflow
The business loan interest rate you get is another notable feature that makes this a great option for business owners. It comes at a competitive rate and applying with a stable financial history can help you get an even better deal. This adds to the affordability of the loan and helps ensure that the enterprise’s outflow stays profitable. Another feature that you benefit from is the flexible tenor that ranges up to 84 months. This helps you tailor repayment to suit varying business goals while ensuring that both working capital and profits are never in the red.
These loan features can help you boost your business while ensuring that your loan stays cost-efficient all through. Additionally, you may be able to qualify for a personalised business loan offer, which further expedites processing and offers a better-suited business loan interest rate. All you have to do is check your pre-approved offer online to access capital without any hassles.
