Are you considering expanding your business but need funds to take that next big step? A business loan could be the perfect solution to cover your working capital needs, purchase new equipment, or explore new markets. But before applying, it is important to understand the business loan eligibility criteria to ensure a smooth application process.
Knowing how to assess your eligibility can save you valuable time, reduce the risk of rejection, and significantly increase your chances of quick approval. So let us deep dive into the eligibility requirements and the key documents you will need to get started.
Why business loan eligibility matters
Lenders use eligibility criteria to assess if a borrower can repay the loan on time. Meeting these requirements boosts your chances of approval and can even help you secure better interest rates and loan terms. Think of it as clearing a checklist that ensures you are financially ready to handle the loan responsibly. These business loan eligibility criteria can differ from lender to lender although most of them are similar:
- Nationality: You must be an Indian citizen
- Business vintage: Your business should have been operational for at least 3 years
- CIBIL score: A minimum score of 685 is typically required to showcase creditworthiness
- Work status: You should be self-employed, whether running a shop, owning a business, or practising a profession like medicine or law
- Age: You need to be at least 24 years old when applying, with a maximum age limit of 80 years at loan maturity
Documents required to apply for a business loan
Apart from fitting into the eligibility criteria, you also need some basic documents for the loan process. These would normally include KYC documents, proof of business ownership and basic financial documents like bank statements, profit and loss statements, and income tax returns. Ensuring your documents are updated and easy to access can help you avoid delays in the approval process.
While there are multiple lenders offering business loans, Bajaj Finance stands out for its quick approvals, competitive rates, and convenient terms that cater to various businesses and their requirements. Here is why Bajaj Finance is a popular choice among entrepreneurs:
- Loan amount up to Rs. 80 lakh: Whether you are running a small shop or a large enterprise, the loan caters to businesses of all sizes
- No collateral required: Get a business loan without risking your assets
- Fast disbursal within 48 hours: Once approved, the funds are in your account quickly
- Longer repayment tenures: You can choose a repayment period that suits your business needs, from 12 to 96 months
- Transparent charges: With zero hidden fees you get clarity from the get-go
Whether you are looking to manage cash flow, expand your operations, or invest in equipment, this loan offers a hassle-free borrowing experience.
How to apply for a Bajaj Finserv Business Loan
Applying for a Bajaj Finserv Business Loan is a simple process. You can follow these simple steps:
Step 1: Visit the official website and go to the application page, click on the ‘Apply’ tab
Step 2: Enter your mobile number and verify it with an OTP
Step 3: Fill in your details, such as name, PAN, date of birth, and PIN code
Step 4: Choose the loan amount and select a loan type: Term Loan, Flexi Term Loan, or Flexi Hybrid Loan
Step 5: Pick your repayment tenure, ranging from 12 to 96 months
Step 6: Submit the form and wait for a Bajaj Finance representative to guide you through the next steps
Just within a few simple steps, you can get the funding required to catapult your business to new heights!
A Bajaj Finserv Business Loan is a flexible and reliable way to meet your business’s financial needs. By understanding the eligibility criteria and preparing the necessary documents, you can ensure a hassle-free application process. Check your business loan eligibility today to take the next step toward growing your business!