Bajaj Finserv offers customised Business Loans to SMEs and MSMEs subject to certain eligibility criteria. The NBFC offers Loan Amount upto Rs. 30,00,000 to SME and MSMEs on submission of registration certificate of the company and previous year income tax returns. Eligible customers can avail loan amount within 24 hours of the Business Loan application.
With the GST framework; the data is expected to be structured and uniformally available across SME segment. Thereby enabling Small and Medium Enterprises to apply for the loan in order to meet needs related to growth and business expansion.
In markets where structured information is unavailable; Bajaj Finserv introduced secured enterprises for SME customers. The eligiblity for this Loan is based completely on the value of the property to be mortgaged and not on the basis of financial documents of the applicant.
Some Benefits of Bajaj Finserv Business Loan to SME and MSMEs include attractive interest rate, flexible repayment options, faster approval and zero collateral. The borrowers can have Online access to their Business Loan statement anytime and anywhere.
Bajaj Finserv also launched Flexi Business Loan for SME customers. Under this facility, the borrower is sanctioned a loan limit and is given complete freedom to use the funds as per his requirements. The interest is calculated only on the amount utilised. Also, the customer can withdraw any amount or part pre-pay within the assigned tenure and loan limit; without any additional charges.
Applicant in the age group 25 years to 55 years are eligible to apply for Business Loan. Also, the borrower should have min. 3 years of stable business with at least one year’s proof of ITR. The whole loan process is easy requiring only KYC documents and financial documents at the time of document verification.