Are you a business owner looking for funds to expand your operations, invest in new equipment, or meet your working capital needs? If so, a business loan could be the solution you are looking for. A business loan is a type of financing that is specifically designed for businesses, helping you overcome cash flow challenges, seize growth opportunities, and achieving your business goals.
With a Bajaj Finserv Business Loan, you can easily manage all your small or large business expenses. You can apply online and get funds of up to Rs. 50 lakh with minimal documentation and quick approval.
To help you navigate the process of getting a business loan, here is a step-by-step guide that covers everything from preparing your application to receiving the funds in your bank account.
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Step 1: Determine your loan purpose and amount
Before you apply for a business loan, you need to have a clear idea of why you need the funds and how much you need. This will help you narrow down your loan options and select the one that matches your purpose and amount.
For instance, if you need funds for a short-term project or to meet seasonal demand, you may opt for a working capital loan that has a shorter tenure and lower business loan interest rate. If you need funds for a long-term investment or expansion plan, you may opt for a Term Loan that has a longer tenure and a higher loan amount.
ou also need to consider your repayment ability and cash flow projections when deciding on the loan amount. You should borrow only as much as you can afford to repay without compromising your other financial obligations.
Step 2: Check your eligibility
Once you have decided on the loan purpose and amount, you need to check if you meet the eligibility criteria. The eligibility criteria for Bajaj Finserv Business Loan are simple:
Nationality: Indian
Business vintage: At least 3 years
CIBIL Score: 685 or higher
Work status: Self-employed
Age: 24 years to 70 years*
Step 3: Compare different loan options
Bajaj Finance offers three unique variants of loan: Term Loan, Flexi Term Loan, Flexi Hybrid Loan.
Flexi Term Loan: A flexible loan that allows you to drawdown, repay, and redraw funds as per your needs. You only pay interest on the outstanding principal. Your EMI includes both principal and interest.
Flexi Hybrid Loan: A flexible loan that lets you pay only interest as EMI for the initial period. You pay both principal and interest for the remaining period. You can also drawdown, repay, and redraw funds.
Term Loan: A regular loan that has a fixed loan amount, tenure, and EMI. You pay both principal and interest every month. However, there is a fee for part-payment or foreclosure.
You should choose the loan option that offers you the most competitive interest rate, favourable loan terms, minimal documentation, quick approval, and hassle-free service.
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Step 4: Prepare your documents and application
After comparing different loan options, you need to prepare your documents and application for the selected loan option. You need to submit certain documents to prove your identity, address, income, business proof, and bank statements. Some of the common documents required for a business loan from Bajaj Finance are:
KYC documents – Aadhaar/ passport/ voter’s ID
PAN card
Proof of business ownership
Other financial documents
You should ensure that all the information and documents that you provide are accurate, complete, and up-to-date.
Step 5: Submit your application and wait for approval
After preparing your documents and application, you need to submit your application. You can apply online through the Bajaj Finance website and fill out a simple online form with your basic details. You can then submit your documents online or offline and, in most cases, receive the funds in your bank account within 48 hours*.
Getting a business loan can be a smart way to secure your success and grow your business. However, you need to follow a step-by-step guide to get a business loan that suits your needs and budget. By following the steps mentioned above, you can prepare yourself for the loan application process, compare different loan options, and get the funds quickly and easily.
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