A new or established business may employ a business loan, which is an unsecured loan. A business loan is a terrific option whether you need money for employing new employees, growing your firm to new locations, investing in cutting-edge equipment, or paying off all of your obligations.
These days, a large number of banks and non-banking financial institutions (NBFI) provide business loans with affordable interest rates.
You may benefit from the best-curated deals on business loans if you are eligible and have the necessary documentation in order.
Our Business Loan Partners
|Interest Rate Range
|Bajaj Finance Limited
|Lendingkart Finance Limited
|NeoGrowth Credit Pvt Ltd
Features and Benefits of Business Loan
Access to some of the most advantageous advantages for company financing is provided by Bajaj Markets, and they include:
- Access to a High and Affordable Capital: High-value business loans up to 75 lakhs are accessible via Bajaj Markets. Business loans are also the best option for short-, intermediate-, and long-term financial needs due to their low-interest rates.
- Flexi Loan Facility: You can withdraw money from the company loan as you see fit. Only the amount that was withdrawn is subject to interest in this case.
- Hassle-Free Unsecured Loans: Depending on your application, these unsecured business loans are authorised in a matter of hours.
- No Collateral or Security Needed: Bajaj Markets offers collateral-free business loans. In essence, this implies that you are not required to pledge any property as collateral for your loan. You may obtain funds quite easily thanks to the loan with no collateral.
- Exciting Offers: Personalized pre-approved offers and value-added services may enhance your business loan application process.
Eligibility Criteria for Business Loan
You must fulfil the requirements listed below in order to be qualified for a business loan:
- You must be an independent contractor.
- Self-employed professionals such as physicians and chartered accountants also work for themselves, as do self-employed non-professionals such as manufacturers and traders.
- You must be between the ages of 25 and 65 To qualify for a business loan, a business unit must be a partnership, limited liability partnership, or private limited company.
- You must have at least 5 years of overall business experience and 3 years of business experience in the present business.
- The yearly income (ITR) must be at least Rs. 1.5 lakh.
Business Loan Fees & Interest Rates
Access to carefully vetted new business loans with low-interest rates is made possible by Bajaj Markets. As a result, you pay reasonable EMIs for the duration of the loan. View the interest rate and fees associated with a business loan by referring to the table below:
|Starting from 12% p.a.
|2-3% of the Loan amount
|Up to 60 months
|4% of the principal outstanding amount + GST
|₹ 90,000 turnovers for 3 months
|₹ 25,000 to ₹75 Lakhs
How to Submit a Business Loan Application on Bajaj Markets
It’s now quite easy to apply for a new business loan online at Bajaj Markets. Just carry out these actions.
- Step 1: Visit the Online Platform: Visit the Bajaj Markets website, navigate to the “Loans” section, choose the “Business Loans” category, and then click the “Apply Now” button.
- Step 2: Online Form Filling: Please provide your contact and company information.
- Step 3: Select Your Lending Partner: Choose a business loan from your favourite partner from the list of loan offerings.
- Step 4: Specify Loan Details: Select the loan amount and term that you desire.
- Step 5: Required Documents: The scanned copies of all the necessary papers should be uploaded.
- Step 6: Approval & Disbursal: Send in your application, and when it has been verified and approved, the funds will be sent to your account.
Documents Required for a Business loan
The list of paperwork needed to apply for small business loans in India is shown below.
- Identity proof includes a PAN card, passport, driver’s licence, or voter ID.
- Aadhaar cards, passports, utility bills, and lease agreements can serve as address proof.
- recent six-month bank statement
- ITR forms also come with certified copies that include information like the balance sheet, profit and loss (P&L) statement, and income computation for the previous two years.
- Declaration of Sole Proprietorship or an attested copy of the Partnership Deed
- Memorandum and Articles of Association certified copy.
3 Unique Variants of our Business Loans
On Bajaj Markets, you may choose from three special business financing options. Here is a deeper look at each of these business loan categories and what each one includes.
One of the most typical sorts of company loans is this one. This lending option is available to larger, more established companies as well as smaller ones.
Here, you borrow the money you require and pay it back over a certain period of time. Equated Monthly Instalments (EMIs), which combine a principal and interest component, are used to make the payments.
If you want to pay off the loan early, be aware that doing so may result in foreclosure fees.
Flexi Term Loan
With this type of company loan, you may repay a sizeable percentage of your debt whenever you have the money.
As an alternative, you may even borrow extra cash as needed by your firm if your credit limit is not entirely utilised.
Throughout the loan term, the amount of outstanding principal will determine how much interest is owed. Both the principle and the interest, when needed, will be included in your EMI.
Flexi Hybrid Loan
A Flexi term loan and a flexible hybrid loan are extremely similar. The main distinction, however, is in the makeup of the EMIs.
Your EMIs for a flexible hybrid loan will only include the interest that is charged during the initial period of repayment.
The interest and principal balances of your business loan will be included in the EMIs once a specified amount of interest has been repaid.
Types of Business Loans
Different sorts of business loans are offered depending on the demands and requirements of the firm.
- Start-up Business Loans: As a budding entrepreneur, you may always apply for a startup firm loan if you need money to launch your business. If you want to extend the activities of your start-up business, you may also apply for this financing.
- Working Capital Loan: With a working capital loan, independent contractors may control the day-to-day costs of their businesses. This includes maintaining a constant cash flow, investing in equipment, and repaying immediate debt. To put it briefly, getting this loan will assist you in managing the costs of running your business.
- Loans for machinery: A loan for machinery might assist you with costs associated with your company’s equipment. You can improve old machinery with this financing, buy new ones, or even fix broken equipment.
- SME and MSME Loans: An MSME loan can be used to finance business needs like updating your company’s infrastructure, buying equipment or supplies, or generally growing your business operations.
- Business Loan for Women: The majority of financial institutions provide business loans for women, which may aid female entrepreneurs in achieving financial independence and fostering the expansion of their businesses.
- Term Loan: Popular among reputable lenders nationwide, term loans are a common type of company financing. It might be either secured or unsecured, depending on the terms set out by the lender. Usually, the loan is granted for a term of one to twenty years. The quantity made available is mostly determined by the company’s credit history.
How to Calculate Business Loan EMI?
The following fundamental formula, i.e., may be used to calculate the EMI for a business loan.
E = P x r x (r+1)n/(r+n-1)n
Here, “E” stands for the EMI and “P” stands for the loan balance.
The letters “r” and “n” stand for the monthly interest rate and loan term, respectively.
An EMI calculator for business loans is available on Bajaj Markets. Through the online interface of this application, you are able to determine the EMI quantity.
You may analyse the breakdown of each element, including the interest and principal loan amount, using our EMI calculator.
Simply told, depending on the computations, you may efficiently carry out your financial planning.
Reasons To Apply For a Business Loan
If you need money for your business and want to apply for a business loan, you may do it quickly and conveniently online right now.
Here are some reasons why this type of finance can be the best option if you’re unsure about obtaining a business loan for your project.
Increased Working Capital
The cash on hand to cover your company’s immediate liabilities is referred to as working capital. For just this aim, there are specialised working capital company loans available.
You may increase your company’s liquidity and conveniently satisfy your working capital needs by making use of this service.
You will eventually need to extend your firm in several ways as you scale it up. This involves introducing new goods or services, starting a new branch, buying new machinery and equipment, and leasing new office space. Business loans might assist you with the additional financing needed for all of this.
Building future credit might also be aided by business financing. You raise your company credit score (or personal credit score, in the event of a sole proprietorship or similar entity) each time you pay the EMIs due on your business loan on time.
You will find it simpler to get more credit facilities for your company in the future as a result.
Improved Business Marketing
Another area of the company that needs a big expenditure is marketing. You need a strong marketing strategy if you want to reach your target market and increase lead conversion.
You may be able to acquire the money you need through business loans to increase your company’s consumer base and advertise it more effectively.
Upgradation of Your Workforce
You may also increase and/or modernise your personnel with a business loan to accommodate your company’s expanding demands.
You can use the borrowed money to pay for new hires or raise salaries for current workers when they are due. Additionally, it can help pay for the necessary retraining or upskilling of your personnel.
Dos and Don’ts of Business Loans
When applying for a business loan online, you should take into account the following factors:
|Stay prepared with your documents and business plan
|Make multiple loan applications
|Conduct a comparative lender review
|Don’t read the terms of low-cost loans before taking them out.
|Borrow only the required amount
|Create a real business budget
|Estimate your expenses appropriately
|Pay off your loan too quickly