Bajaj Finserv, a non-banking financial company (NBFC), is the subsidiary of Bajaj Group that takes care of financial services. The core business of Bajaj Finserv handles lending, insurance, and wealth management. Bajaj Finance Limited takes care of the lending and wealth management divisions of Bajaj Finserv.
Several products and services are offered across the consumer, commercial, and SME customer base. There are many business loan schemes designed and offered by Bajaj Finance to cover the needs of businesses across micro, small, medium and large entities.
Here is all you need to know about Bajaj Finserv business loans.
|Loan Schemes||Business Loans|
Business Loans Against Property
Loans for Doctors
Loans for Chartered Accountants
Lease Rental Discounting
|Loan Amount||Up to Rs.45 lakh|
|Loan Tenure||Up to 96 months|
|Interest Rate||18% p.a. onwards|
|Business Loans||Small businesses can get a loan of up to Rs.45 lakh in just 24 hours. The loan amount can be used to scale up the business to new heights. Pre-approved offers are available under the scheme.|
|Business Loans Against Property||Business loans can be received by pledging a property and securing the loan.|
|Business Loans for Doctors||Doctors can get a loan of up to Rs.35 lakh to get the latest medical equipment, renovate/expand their clinic, integrate technology, or manage the cash crunch. Part prepayment facility is available without additional charges.|
|Business Loans for Chartered Accountants||Chartered accountants can go for this loan scheme to fund their firm’s expansion, maintenance, payroll, and cash flow. A loan of up to Rs.32 lakh is offered under the scheme only if the applicant owns a property.|
|MSME Loan/SME Loan||Micro, small, and medium enterprises can make use of this loan scheme to purchase inventory, buy equipment, pay salary to employees, or manage the cash flow of the business. This is a collateral-free loan.|
|Working Capital Loan||This scheme aims to help businesses with their daily or short-term operations. Businesses that don’t have stable sales can go for this scheme to fulfil their needs.|
|Machinery Loan||This unsecured loan scheme is dedicated to fund the repair of a broken machine or upgrade an existing machine to the latest version.|
|Business Loan for Women||This loan scheme comes with nominal interest rates, easy eligibility criteria and quick approval to encourage women entrepreneurs.|
|Startup Business Loan||Through this scheme, Bajaj Finserv supports numerous start-up companies with financing of up to Rs.45 lakh. Any startup with business experience of up to three years is eligible for this loan scheme.|
|Term Loan||As the name suggests, these loans come with a pre-defined term period for the loan repayments. They include specific repayment schedules and may have fixed or floating interest rates.|
|Channel Financing||This scheme helps dealers and merchandisers to connect with channel partners and stock up branded goods by paying the suppliers upfront.|
|Invoice Finance||High-value unpaid invoices can be used as collateral to get cash at hand much before the client pays the business directly. This cash can be reinvested into the business to make more profit.|
Bajaj Finserv offers business loans at the minimum rate of 18% p.a. The interest rate may vary based on the scheme chosen, the eligibility of the applicant, and many other factors.
|Processing Fee||Up to 2% of the loan amount + applicable taxes|
|Statement of Account/ Repayment Schedule/Foreclosure Letter/No Dues Certificate/Interest Certificate/List of documents||A physical copy of your statements/letters/certificates/List of Documents from any of our branches at a charge of Rs.50 (Inclusive of taxes) per statement/letter/certificate.|
|Bounce charges||Up to Rs.3,000 (inclusive of applicable taxes)|
|Penal interest (Applicable in case of non-payment of monthly Instalment on/before the due date)||2% per month|
|Document processing charges||Rs.2,000 + applicable taxes|
Select the best scheme you think is right for you, submit the application and necessary documents, and the customer executive from Bajaj Finserv will get in touch with you. If everything goes well, your loan will be approved in 24 hours.
Sole proprietors can get a business loan with Bajaj Finserv, subject to the documentation they can provide. The lender would require you to submit a registration certificate, PAN card, IT returns, bank statement for the last six months, electricity bill, GST returns, and credit/book debt/periodic stock as proofs for the business. Based on the lender’s satisfaction, the loan will be approved and disbursed on a case-by-case basis.
Step 1: Visit the Bajaj Finserv official website and click ‘Apply’ next to the business scheme you are interested in.
Step 2: Fill in the application form with your personal and business details.
Step 3: Upload the required documents and submit them.
Step 4: An executive from Bajaj Finserv will contact you to explain the loan offer 24 hours.
Step 5: After the eligibility check of your business and verification of your documents, the loan amount will be disbursed within 24 hours.
The eligibility criteria applicable to Chartered Accountants are given below.