Smart Borrowing with Bajaj Finance: Understanding Business Loan Options and Terms

Bajaj Finance offers a variety of business loans tailored for MSMEs, including working capital loans, business expansion loans, machinery purchase loans, and specific loans for professionals like Chartered Accountants and doctors. With loan amounts up to Rs 55 lakh and flexible tenures up to 8 years, Bajaj Finance ensures quick disbursal and minimal documentation. Secured loans against property and medical equipment loans are also available, providing comprehensive financial solutions for diverse business needs.

LOANBAJAJ FINSERV

Investbegin

6/14/20243 min read

Bajaj Finance Business Loans
Bajaj Finance Business Loans

Smart Borrowing with Bajaj Finance: Understanding Business Loan Options and Terms

Bajaj Finance offers various business loans tailored to meet the diverse needs of micro, small, and medium enterprises (MSMEs). These loans cater to working capital requirements, business expansion, machinery purchase, and specific needs of professionals such as Chartered Accountants and doctors.

Loan Types and Features
  1. Unsecured Business Loans:

    • Working Capital Loan: To cover day-to-day administrative expenses.

      • Loan Amount: Up to Rs 50 lakh

      • Tenure: Up to 8 years

    • Business Loan for Expansion: For business growth activities such as purchasing equipment and technology upgrades.

      • Loan Amount: Up to Rs 50 lakh

      • Tenure: Up to 8 years

    • Machinery Purchase Loan: For financing machinery and equipment purchases.

      • Loan Amount: Up to Rs 50 lakh

      • Tenure: Up to 8 years

    • Business Loan for Chartered Accountants: For setting up or expanding practices.

      • Loan Amount: Up to Rs 55 lakh

      • Tenure: Up to 8 years

    • Business Loan for Doctors: For clinic renovation, equipment upgrades, and other professional needs.

      • Loan Amount: Up to Rs 55 lakh

      • Tenure: Up to 8 years

  2. Medical Equipment Loan:

    • Purpose: For purchasing medical equipment such as MRI machines, ultrasound units, etc.

    • Loan Amount: Up to Rs 6 crore

    • Tenure: Up to 7 years

  3. Secured Business Loans:

    • Business Loan Against Property: Leveraging existing property for business needs.

      • Loan Amount: Up to Rs 80 lakh

      • Tenure: Up to 12 years

      • Processing Fee: Up to 2%

    • Loan Against Car: For self-employed individuals to meet working capital or personal requirements.

      • Loan Amount: Up to Rs 35 lakh

      • Tenure: Up to 6 years

Interest Rates and Fees
  • Interest Rates:

    • Unsecured Business Loans: 9.75% - 30% p.a.

    • Business Loan for Chartered Accountants and Doctors: 11% - 18% p.a.

    • Medical Equipment Loan: Up to 14% p.a.

    • Secured Business Loans: 9% - 22% p.a.

  • Fees and Charges:

    • Processing Fee: Up to 3.54% of the loan amount

    • Prepayment Charges: 4.72% (Term Loan), 2% (certain conditions)

    • Bounce Charges: Rs 1,500 per bounce

    • Penal Interest: 3.50% per month

    • Document Processing Charges: Rs 2,360

    • Foreclosure Charges: 4.72%

Eligibility Criteria
  • Unsecured Business Loans:

    • Age: 24-70 years

    • Business Vintage: At least 3 years

    • CIBIL Score: 685 or higher

    • Nationality: Indian

  • Business Loans for Chartered Accountants:

    • Practice Experience: At least 2 years

    • Property Ownership: Must own an office or house in the city where Bajaj Finserv operates

  • Business Loans for Doctors:

    • Age: 22-72 years

    • Medical Registration: Degree must be registered with the medical council

    • CIBIL Score: 685 or higher

  • Medical Equipment Loans:

    • Business Vintage: At least 2 years for loans above Rs 50 lakh

  • Secured Business Loans:

    • Loan Against Property: Must own residential or commercial property in the city where Bajaj Finance operates

    • Loan Against Car:

      • Salaried: Age 21-70 years, minimum monthly income Rs 20,000

      • Self-Employed: Age 25-65 years, proprietors eligible

Required Documents
  • Unsecured Business Loans:

    • KYC Documents (Aadhaar card, Passport, PAN card, Voter ID)

    • Business ownership proof

    • Financial documents

  • Business Loans for Chartered Accountants:

    • KYC Documents

    • Address Proof

    • Certificate of practice

  • Business Loans for Doctors:

    • KYC Documents

    • Certificate for Medical Registration

  • Medical Equipment Loans:

    • ITR

    • P&L statements

    • Audited balance sheet for the last 2 years

    • Current account statement for the last 6 months

  • Secured Business Loans:

    • Loan Against Property: KYC documents, salary slip for 2 months, primary business bank statement for 6 months, property documents, partnership deed, company MOA, AOA, COI

    • Loan Against Car: KYC documents, passport size photograph, salary slips, bank statement, RC Book

Application Process

Applicants can apply for business loans through Bajaj Finance's online portal or by visiting their branches. The process includes submitting the required documents, meeting eligibility criteria, and undergoing credit checks.

Highlights
  • Quick Disbursal: Loans are disbursed quickly with minimal documentation.

  • Flexible Tenure: Various tenure options are available based on the type of loan.

  • Pre-Approved Loans: Existing and new customers can avail pre-approved loans for faster processing.

Bajaj Finance business loans provide a comprehensive solution for MSMEs and professionals to meet their business and professional requirements efficiently.

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