It is often a cherished dream of every entrepreneur and business owner to grow their business, be it to expand operations, or strengthen the working capital of the business. However, this expansion is possible with the help of additional funding which is most commonly availed by way of short-term loans. Among the many lenders which offer such loans, one of the most notable is undoubtedly Bajaj Finserv. Offering loans that require minimal documentation, and are disbursed in the shortest time, Bajaj Finserv is the best option for all business owners looking to boost their business in order to up their profits.
There are several ways in which this loan can benefit small business owners, who can avail the loan for a number of purposes such as enhance the cash flow of their business, rent or lease out a bigger office space, renovate the office , purchase new machinery/equipment, rent or lease new equipment, upgrade their operations using the latest technology, increase their inventory, expand operations to other cities, hire more employees, and generally expand operations in order to be able to undertake large scale projects.
In order to be eligible for this short-term business loan, the customers must adhere to the following eligibility criteria:
They must be aged between 22 years to 55 years
The borrower’s must have been running their business for a minimum of 3 years
IT Returns for the business must have been filed for the past 1 year
The last year’s business turnover must have been audited by a Chartered Accountant
Following is the schedule of rates and charges applicable on the Bajaj Finserv Short-term Business Loan:
|Rate of interest||Starting from 18%|
|Processing fees||2%; subject to conditions|
|Loan statement charges||Rs.50|
|Interest & principal statement charges||Nil|
|EMI bounce charges||Rs.3000/bounce|
|Penal interest||2% p.m.|
|Borrower type||Time period||Foreclosure charges|
|Individual: floating rate||less than 1||4% foreclosure charges + applicable taxes|
|Non-individual: Floating rate; All borrowers: Fixed rate||>1||4% foreclosure charges + applicable taxes|
There are two ways in which you can apply for this loan, both of which are discussed below:
Online – To apply online, you must first visit the Bajaj Finserv website, go to the particular loan page, navigate to the ‘How To Apply’ section, and click on ‘Click here’. Next, you will be required to fill in some details, after which you must click on ‘Submit’.
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