What is a business loan, and how much can one borrow?

A business loan is a financial offering that can help the client to meet their planned and unplanned business expenses. It is a kind of unsecured financing, and the client can avail one without providing any collateral. The client can get a business loan of up to Rs. 50 lakh from Bajaj Finance by fulfilling the easy-to-meet eligibility criteria. Upon approval of the application, the client can get the loan amount in the bank account within 48 hours.

Who can apply for a business loan?

Business entities such as proprietary concerns, Partnership firms, Private Limited companies, Self-employed professionals and self-employed non­ professionals can apply for a Bajaj Finserv Business Loan. All applicants are required to fulfill the eligibility criteria and submit their relevant documents.

What are the requirements to get a business loan?

 The client can apply for a business loan if they meet the following eligibility criteria:

  • Age: 24 years to 70 years (You should be 70 years or younger at the end of the loan tenure)

  • Employment: Self-employed

  • Business vintage: Minimum 3 years

  • CIBIL score: 685 or higher

  • Nationality: Indian

 The client need to submit the following documents:

  •  KYC documents

  •  Proof of business ownership

  • Other financial documents

What is the minimum CIBIL Score required for a business loan?

Bajaj Finserv considers a CIBIL Score of 685 or above as a good credit score. A strong business turnover and having all the documents in check also reflect positively on the client's profile.

What can the client use a business loan for?

The client can use a business loan to manage their venture's planned and unplanned expenses, from leasing a larger office premise to renovating their workspace. The client have the option to purchase, lease, or repair machinery or upgrade old technology to bring in a more efficient and smoother way of working. Stocking up inventory, purchasing raw materials in bulk, or expanding their operations are some other end-uses of a business loan.

What is the minimum business turnover required to qualify for a business loan?

To get a business loan from Bajaj Finserv, the client must own a business that has been operational for a minimum of 3 years. They are also required to have filed the income tax returns for at least one year.