Bajaj Finserv Business Loan Interest Rates
Last Updated : Feb. 6, 2023, 5:30 p.m.
Business Loans usually boost up the smooth working of a business. Some businessmen prefer taking Bajaj Finserv Business Loan as it has a competitive rate of interest. On the other hand, it also grants a business loan without collateral. But the main concern for the borrower is the rate of interest. So, let us see the Bajaj Finserv Business Loan Interest Rates and other Charges.
Business Loan Interest Rates and Fees
You can know the latest fees, Foreclosure charges, Pre-Payment Charges and Annual/Additional maintenance charges below table.
| Particulars | Details |
|---|---|
| Rate of Interest | Per annum 18% onwards |
| Processing Fee | Up to 2% of Loan amount + Taxes |
| Bounces Charge | Up to ₹3000 + Taxes |
| Documentation Processing Charges | ₹1449 + Taxes |
| Panel Interest Only applicable on non-payment of monthly instalment / before due date | 2% Per Month |
| Document/Statement Charges (Statement of Account / Repayment Schedule / Foreclosure Letter / No Dues Certificate / Interest certificate / List of documents) | Download e-statements/letters/certificates through Customer Portal- Free Physical Copy of the Documents from Branch- ₹50 |
Annual / Additional Maintenance Charges
| Particulars | Details |
|---|---|
| Flexi Term Loan | 0.25% of Flexi term loan amount + applicable tax |
| Flexi Hybrid Loan | 1.0% of the loan amount + Taxes applicable during initial tenure. 0.25% of the Flexi term loan amount + applicable tax. |
Note:- The annual/additional maintenance fee is deducted every year for the entire duration of the loan.
Business Loan Foreclosure Charges
It is full repayment of remaining Bajaj Finserv Business Loan amount in a single payment instead of paying your equated monthly instalment (EMIs) therefore it charges 4% + applicable taxes on your business loan principal outstanding.
| Particulars | Pre-Payment Charges |
|---|---|
| Flexi Term Loan | 4% of the Flexi Term Loan Amount + Taxes |
| Flexi Hybrid Loan | 4% of the Loan amount + Applicable Taxes 4% on the Flexi Term Loan + Taxes |
| Loan (Term Loan / Advance EMI) | 4% on the Outstanding loan amount + Chargeable Taxes |
Part Prepayment Charges of Business Loan
| Type of Borrower | Taken Time Period | Part-Prepayment Charges |
|---|---|---|
| Loan is taken at a floating interest rate. (Not Applicable) | Exceeding 1 Month from the Loan Disbursement Date | 2% + Tax on Prepaid Amount |
Some other Charges is Applicable to Loan Against Property (LAP) for Business Loan
| Particulars | Details |
|---|---|
| Rate of Interest | 16% p.a. |
| Processing Fees | Up to 2% of Loan amount + Taxes |
| Document/Statement Charges | Download your e-statements/letters/certificates through Portal- NIL Physical Copy from the Branch- Rs 50 |
| Mortgage Origination Fee (MOF) | ₹6000 Inclusive of applicable taxes |
| Penal Interest | 2% p.m. |
| Bounces Charges | ₹2000 inclusive of Taxes |
| Foreclosure Charges | 4% + Taxes |
| Any change in the number of days notice published through focused website. | 30 Days |
| Documentation Processing Charges | ₹1449 + Taxes |
| The notice period for right of lien/setoff | 7 Days |
Additional / Annual Maintenance Charges
| Particulars | Charges |
|---|---|
| Flexi Term Loan | 0.25% of Flexi term loan amount + Taxes |
| Flexi Hybrid Loan | 0.5% of loan amount + Taxes 0.25% of flexi term loan amount + Taxes |
Factors Affecting the Interest Rates on Business Loan of Bajaj Finserv
Bajaj Finserv business loan interest rates start from 18% onwards per annum . The interest rate depends entirely on the eligibility criteria of the borrowers. These are some reasons that why two borrower get a different interest rate from Bajaj Finserv.
Income of Borrower:- The main and important factor of the borrower. If the income of the borrower is high and meets Bajaj finserv terms and conditions then you will easily get a low rate of interest as compared to other borrowers. The high income increases the capacity of repayment of loans whereas the low-income increases the risk.
Good Relationship:- If you are already a customer of Bajaj finserv and have taken a lot of loans before and paid before hand then this could also be a reason for a low-interest rate.
Business Experience:- If you have sufficient business experience and stability then you can easily get a business loan at a low rate of interest. The minimum repayment period for clearing the loan is 12 months and the maximum limit is 60 months.
CIBIL Score:- Generally, A Cibil score is calculated on your credit history, debts, previous credit cards and loan payment history. Borrowers with high credit score can enjoy low interest rates than borrowers with lower credit
