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Business Loan
WHAT IS A BUSINESS LOAN?
In order to understand how a business loan works, imagine borrowing a capital to fund a startup or pay for an existing business’s expansion without pledging anything against the borrowed amount.
A Business Loan is thus an unsecured loan at an interest rate, giving you access to credit that can be paid back over an agreed time along with the interest, without any security against it.
HOW TO GET A BUSINESS LOAN EASILY?
When you apply for a business loan in India, it is likely that you are a self-employed individual/chartered accountant, doctor, lawyer, working in a limited/private limited company or a partnership/proprietorship firm.
The easiest way however, to apply for a business loan, is to go online and get your job done in minutes.
The eligibility criteria and loan amount might depend on factors such as:
Type of Business
Turnover
Cash-flow
Profit
Track Record
WHAT ARE THE DOCUMENTS REQUIRED FOR BUSINESS LOAN?
Business Loan or SME loan requirements are different from other loans. In order to read about all the documents that would be required as well as to check eligibility criteria for Business Loan in detail.
Business Loan : Eligibility & Required Documents
Here’s a list of the Business Loan customer profiles that we consider:
Self Employed Professionals (SEP) – Allopathic doctors, chartered accountants, company secretaries and architects who are practicing their profession. Proof of qualification – document to be shared.
Self Employed Non Professionals (SENP) – Traders and manufacturers, retailers, Proprietors, and service providers etc.
Entities – Partnerships, Limited Liability Partnership, Private Limited and closely held Limited companies.
Other constitution types depending on their profile on a case to case basis.
Documents Required for Business Loan
Bajaj Finserv requires a select number of documents when evaluating your business loan application. These include:
Passport size photograph
KYC documents
Business proof: Certificate of business existence
Relevant Financial documents
Bank account statement of the previous month(s)