Bajaj Finserv Business Loan
Last Updated : Oct. 21, 2016, 10:52 a.m.
At times we require funds to expand our business or increase our working capital. This requirement can be met by availing the business loan from Bajaj Finserv Financial Institution. The institution provides loan for the highest value of₹30 lakhs. The loan tenure lasts up to 48 months and repayment can be done through ECS. The loans are available at the fixed rate of interest that are decided by the product dealer.
Bajaj Finserv Business Loan Interest Rate
The rate of interest is fixed and remain the same throughout the loan tenure. However, the rates vary from applicant to applicant depending on their nature of the business, annual turnover and financial position. To know more about the rates, take a look at the table below.
| Particulars | Details |
|---|---|
| Rate of Interest | 18.00% onwards |
| Loan Amount | Up to INR 30,00,000 |
| Tenure | 12 months to 48 months |
| Type Of Loan | Collateral free |
| Processing Fee | 2% of the loan amount |
| EMI Bounce Charges | INR 2,500 for every bounce |
| Penal Interest | 2% per month |
| Foreclosure Charges | 4% of the outstanding amount plus taxes |
| Part prepayment Charges | 2% of the part payment amount plus taxes |
How To Apply for Bajaj Finserv Business Loan
The candidates willing to avail the business loan product from Bajaj Finserv can apply through the following channels :
- Visit the branch office in the nearest location
- Apply online
- Send an SMS on 9773633633
Bajaj Finserv Business Loan Eligibility Criteria
| Category | Sub- Category |
|---|---|
| Self Employed Professionals (SEP) | - Allopathic doctors - Chartered accountants - Company secretaries - Architects who are practicing their profession (Proof of qualification to be documented) |
| Self Employed Non- Professionals (SENP) | - Traders - Manufacturers - Retailers - Proprietors - Service Providers, etc |
| Entities | - Partnerships - Limited Liability Partnership Private Limited - Closely held Limited companies - Other constitution types depending on their profile on a case to case basis |
- An applicant should be aged between 25-55 years
- Business should have a vintage of at least 3 years
- Business should have its Income Tax returns filed for at least the past 1 year
Bajaj Finserv Business Loan EMI Calculator
Make EMI calculation quick and simple using the Business Loan EMI Calculator . Just insert the loan amount, tenure and rate of interest in the calculator and get the desired result.
For Example, If you are interested in taking a loan of ₹30,00,000 at the rate of interest of 18% for the period of 48 months (4 years), insert the values in the calculator. The calculator will compute the monthly installment amount for you.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 5,62,402 | ₹ 4,95,098 | ₹ 24,37,597 |
| 2 | ₹ 6,72,418 | ₹ 3,85,082 | ₹ 17,65,179 |
| 3 | ₹ 8,03,955 | ₹ 2,53,544 | ₹ 9,61,223 |
| 4 | ₹ 9,62,526 | ₹ 96,276 | ₹ 0 |
Bajaj Finserv Business Loan Application Form
The facility of online application is provided for the customer’s convenience. The customer can submit the details by registering online. Basic details such as personal details, financial details and loan details are required to register online. If, you are uncomfortable registering online visit the nearest bank branch.
Documents Required
You are required to attach the copy of the following documents in order to avail the loan.
- Application form
- Passport size photograph
- KYC documents
- Business Proof: Certificate of business existence
- Relevant financial documents
- Bank account statement of last month
Factors Affecting Business Loan Eligibility
- Loan Repayment track
- Credit Performance / Credit Bureau Update
- Debt servicing ability of the customer
- Business Vintage
- Financial Ratios
- Existing relationship
Bajaj Finserv Customer Care Number
Call on the customer care number to clear all product related queries. The service providers will update you with the latest information regarding the product. The customer care number is 020 3957 4151.
Features And Benefits
Following are the features and benefits
- No guarantors or collateral required
- Highest loan available up to₹30,00,000
- Attractive rate of interest
- Flexible tenure ranging up to 48 months
To Know More Details: https://www.bajajfinserv.in/