Bajaj Finserv Business Loan


Bajaj Finance provides loans to small and medium businesses to meet their business requirements. These loans help with things like buying equipment, expanding the business, or covering day-to-day expenses. They also offer special loans for Chartered Accountants. If you have property, you can get a secured loan for different business needs like expanding, renovating, or restocking inventory. Plus, they offer pre-approved loans to both current and new customers.

Highlights of Bajaj Finance Business Loan
Interest Rate 9.75% to 25% p.a.
Loan Amount Up to Rs 80 lakh
Tenure Up to 12 years
Processing Fee Up to 3.54%

*Terms and conditions apply.

Table of Contents
Interest Rates
Fees & Charges
Types of Business Loan
Eligibility Criteria
Documents Required

Bajaj Finance Business Loan Interest Rates

MSME Loans

Loan Type Interest Rates (p.a.)
Secured Business Loan 9%-22%
Unsecured Business Loan 9.75%-30%
Business Loan for Chartered Accountant 11%-18%
Medical Equipment Loan Up to 14%
Business Loan for Doctors 11%-18%

Comparison Table of Business Loan Interest Rates offered by MybankingTips Partners:

Bank/NBFC/Fintech Interest Rate  
SBI Bank 9.10% p.a. Apply Now
HDFC Bank 10.00% - 22.50% p.a. Apply Now
Kotak Mahindra Bank 16% p.a. onwards Apply Now
RBL Bank 14%-26% p.a. Apply Now
ICICI Bank Up to 17% p.a. Apply Now
Axis Bank 10.75% p.a. Apply Now
IDBI Bank 8.05% to 13.45% p.a Apply Now
Bank Of Baroda 10% to 15% p.a Apply Now
Ujjivan Small Bank Up to 2.50% Apply Now
Bajaj Finserv 9.75% - 25% p.a. Apply Now
IIFL Finance 12.75% - 44% p.a. Apply Now
FlexiLoans 1% per month onwards Apply Now
ZipLoan 1% - 1.5% per month (Flat) Apply Now
Indifi Finance 1.5% per month onwards Apply Now
Five Star Business Finance Up to 2% Apply Now
Lendingkart Finance 1.25% per month onwards Apply Now
Tata Capital Finance 12% p.a. onwards Apply Now
NeoGrowth Finance 15% p.a. onwards Apply Now
Hero FinCorp Up to 26% p.a. Apply Now
Aye Finance Up to 2.5% Apply Now
Clix Capital Up to 3% Apply Now
Protium Finance Up to 1.5% Apply Now
HDB Finance 8% - 26% p.a. Apply Now
U GRO Capital Up to 9% p.a. Apply Now
Mcapital Business Up to 2% p.a. Apply Now

Also read: Best Business Loan Interest Rate

 

Bajaj Finance Business Loan Fees and Charges

Secured Business Loans

Particulars Fees and Charges
Processing Fees Up to 3.54% of loan amount
MOF (legal and technical charges) Rs 6,000
Document Processing Charges Rs 2,360
Penal Interest 3.50%
Annual/additional maintenance charges
  • Flexi Term Loan- 0.295%
  • Flexi Hybrid Loan- 0.59% during initial tenure and 0.25% during subsequent tenure

Unsecured Business Loans

Particulars Fees and Charges
Documents processing charges Rs 2,360
Penal Interest 3.50% per month
Prepayment Charges 4.72%
Mandate rejection charges Rs 450 per month
Foreclosure Charges

Term Loan- 4.72%

Flexi Term Loan and Flexi Hybrid Loan- 4.72%
Processing Fees Up to 3.54% of loan amount
Bounce Charges Rs 1,500 per bounce
Annual Maintenance Charges

Flexi Term Loan- 0.295%

Flexi Hybrid Loan- 1.18% during initial loan tenure and 0.295% during subsequent loan tenure

Foreclosure and Prepayment Charges

Loan Variants Charges
Flexi Term Loan 4.72%
Flexi Hybrid Loan 4%
Term Loan/Advance EMI/step-up structured monthly instalment/ step-down structured monthly instalment 4.72%
Prepayment Charges

2%

  • Not applicable if you're an individual borrowing at floating rates. It's also not valid for Flexi term loans or the Hybrid Flexi variant.
  • Time Period- More than 1 month from date of loan disbursal

Also read: Best Business Loan EMI Calculator

Types of Bajaj Finance MSME Loans (Loans offered through Bajaj Finance MSME World)

Bajaj Finance provides both secure and unsecure loans to small and medium businesses through their MSME World program. These loans help these businesses finance their various needs.

Bajaj Finance Secured Business Loan

Bajaj Finance provides different types of secured loans to MSME loan applicants:

Bajaj Finance Loan Against Car

Purpose: Bajaj Finance offers a Loan Against Car option for self-employed individuals to cover their working capital needs. Additionally, applicants can use this loan to address personal needs like home improvements, higher education expenses, and other urgent financial requirements.

Loan Amount: Up to Rs 35 lakh

Tenure: Up to 6 years

Bajaj Finance Business Loan Against Property

Purpose: Bajaj Finance provides a Business Loan Against Property option for MSMEs. This helps them use their existing properties to fulfill different business needs.

Loan Amount: Up to Rs 80 lakh

Tenure: Up to 12 years

Processing Fees: Up to 2%

Bajaj Finance Unsecured Business Loans

Bajaj Finance offers five types of business loans under its Unsecured Business Loan category without needing collateral.

Bajaj Finance Business Loan for Working Capital

Purpose: Bajaj Finance provides Business Loans for Working Capital to assist MSME loan applicants in covering their everyday administrative needs. This includes expenses like payroll, rent, utilities, operational costs, and managing cash flow discrepancies.

Loan Amount: Up to Rs 50 lakh

Tenures: Up to 8 years

Bajaj Finance Business Loan for Chartered Accountants

Purpose: Bajaj Finance offers business loans without needing collateral to Chartered Accountants. These loans help them with different business needs like setting up a new office, expanding to new branches, upgrading technology in their practice, and hiring additional staff during busy filing seasons.

Loan Amount: Up to Rs 55 lakh

Tenure: Up to 8 years

Bajaj Finance Business Loan for Doctors

Purpose: Bajaj Finance provides business loans to doctors for various needs, including renovating clinics, upgrading equipment, paying employee salaries, covering administrative costs, and establishing new clinics.

Loan Amount: Up to Rs 55 lakh

Tenure: Up to 8 years

Bajaj Finance Business Loans for Expansion

Purpose: Bajaj Finance offers Business Loans for Expansion to MSME loan applicants. These loans can be used for various expansion activities such as purchasing modern equipment, boosting productivity, investing in technological upgrades, managing inventory, and covering operational costs.

Loan Amount: Up to Rs 50 lakh

Tenures: Up to 8 years

Bajaj Finance Business Loan for Machinery Purchase

Purpose: Bajaj Finance offers Machinery Purchase loans to MSMEs, helping them finance their purchases of machinery and equipment.

Loan Amount: Up to Rs 50 lakh

Tenures: Up to 8 years

Medical Equipment Loan

Purpose: Bajaj Finance provides Medical Equipment Loans for purchasing machines such as ultrasound units, ECGs, CT scanners, X-ray machines, MRIs, angiography machines, monitors, scanners, and more.

Loan Amount: Up to Rs 6 crore

Tenure: Up to 7 years

Prepayment Charges: NIL

Bajaj Finance also offers 3 unique variants of unsecured business loans:

  • Term Loan: These are standard loans where the loan amount is repaid through equated monthly installments (EMIs) that consist of both principal and interest. Applicants also have the option to prepay the loan amount before the end of the loan tenure.
  • Flexi Term Loan: Bajaj Finance provides term loans with flexible repayment options. Applicants can also access extra funds from the Flexi Term Loan Account if needed.
  • Flexi Hybrid Loan: In these loans, the applicant initially pays only the interest component during the initial phase of the loan tenure. Afterward, the regular EMI, which includes both interest and principal components, is paid.

Eligibility Criteria for Bajaj Finance Business Loans

Bajaj Finance Secured Business Loan

For Loan Against Property

  • Only Indian residents can get secured business loans.
  • Salaried individuals should be between 25 and 70 years old when they apply for the loan, while self-employed applicants should have been in business for at least 3 years and be between 18 and 80 years old.
  • Applicants must own a home or business property in the city where Bajaj Finance works.
  • People with a credit score of 720 or higher are more likely to get a Business Loan Against Property.

Loan Against Car

For Salaried Individuals

  • Applicants must be at least 21 years old when applying for the loan and should not exceed 70 years old by the end of the loan period.
  • They should have at least 1 year of work experience.
  • The minimum monthly income requirement for applicants is Rs 20,000.

For Self-employed Individuals

  • Applicants must be 25 years old when applying for the loan and should not exceed 65 years old by the time the loan matures.
  • Self-employed proprietors can apply for Loans Against Car.

Bajaj Finance Unsecured Business Loan

  • Applicants must be Indian residents.
  • The minimum age requirement for applicants is 24 years at the time of loan application and up to 70 years at the time of loan maturity.
  • Self-employed applicants with a business history of at least 3 years can apply for these loans.
  • Applicants with a CIBIL score of 685 or higher typically have better chances of getting Bajaj Finance Business Loans.

For Business Loans for Doctors

  • Doctors applying for Business Loan for Doctors must be Indian residents.
  • The minimum age requirement for applicants is 22 years at the time of loan application, and they should not exceed 72 years at the end of the loan tenure.
  • The medical registration degree should be registered with the medical council.
  • Doctors with CIBIL scores of 685 or higher have better chances of getting approved for business loans.

For Medical Equipment Loans

  • Medical Equipment Loans are available for individuals as well as establishments such as diagnostic centers, IVF centers, pathology labs, nursing homes, super-specialty hospitals, endoscopy centers, and dialysis centers.
  • For loans ranging from above Rs 50 lakh to Rs 6 crore, applicants should have been in business for at least 2 years.

For Business Loans for Chartered Accountants

  • Chartered Accountants (CAs) applying for a business loan should have practiced for at least 2 years.
  • The applicant should own an office or house in the city where Bajaj Finserv operates.

Also read: Best Business Loan Eligibility

 

Documents Required for Availing Bajaj Finance Business Loan

For Secured Business Loans

Loan Against Property

  • KYC documents along with firm registration and ID proof are required.
  • Salary slips for the past 2 months.
  • Primary business bank statements for the last 6 months.
  • Property documents including sale deed, electricity bill, and house tax receipt.
  • Partnership deed, company MOA (Memorandum of Association), AOA (Articles of Association), and COI (Certificate of Incorporation).
  • The primary banking account of the applicant should have a minimum vintage of 1 year.

Loan Against Car

  • Bank statement
  • RC Book
  • KYC documents
  • Passport size photograph
  • Salary slips

For Unsecured Business Loans

  • Business ownership proof
  • KYC Documents- Aadhaar card, Passport, PAN card, Voter ID
  • Other financial documents

For Business Loans for Doctors

  • KYC Documents- Aadhaar card, passport, voter ID, PAN card
  • Certificate for Medical Registration

For Medical Equipment Loans

  • ITR
  • P&L
  • Audited balance sheet for last 2 years
  • Current account statement for last 6 months

For Business Loans for Chartered Accountants

  • Certificate of practice
  • KYC Documents- Aadhaar card, PAN card, driving license, Voter ID, etc.
  • Address Proof- Rent agreement, electricity bill, passport, etc.

Also Read :  Best Business Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.