Bajaj Finserv offers customised loans to MSME and SMEs

Last Updated: Fri, Sep 14, 2018 15:08 hrs
Bajaj Finserv (Image Courtesy: Wikimedia)

Pune: Bajaj Finance Ltd, the lending arm of Bajaj Finserv, offers SME and MSME segment a customized Business Loans with simple eligibility criteria and minimal documentation. SMEs and MSMEs can borrow loan up to Rs. 30 lakh by submitting their registration certificate of the company and previous year income tax returns. The loan can be availed in 24hours once the application meets all the criteria.

With the evolvement of GST as a framework, most of the data is expected to be structured and uniformly available across SME segment. This enhances ability of the segment to borrow funds for growth and expansion. Bajaj Finserv has also introduced secured enterprises for SME customers. This is essentially a lighter version of mortgage offering which is offered in smaller markets where structured information may not be readily available.

This loan eligibility is solely based on the valuation of the property to be mortgaged and not basis the financial documents of the applicant.

The Business Loan by Bajaj Finserv offers attractive interest rates and flexible repayment options. With approvals in just 24 hours and free of collateral/ guarantor, Bajaj Finserv Business Loan offers one of the most hassle-free financing option for MSME and SME enterprises or self-employed individuals.

Exclusive Flexi loan facility

To cater to the needs of growing businesses, Bajaj Finserv offers innovative Flexi Business Loans to SMEs. As per the eligibility SME customer is offered a loan limit which can be utilized as and when required. This an option where the customer pays interest on the amount utilized. The consumer is free to withdraw any amount or part pre-pay in the assigned tenor and within the assigned limit, without incurring additional charges.

The SME customers gain from this feature in two ways: not only does this give them access to money as and when their business needs it without making multiple loan application, but it also charges them interest only on the amount used during the initial tenor. This helps the SME customer save time, meet urgent expenses and save money. They can borrow as many times as they want, and make part-prepayments when they have excess funds and can re-avail the repaid amount upto limit too.

Simple eligibility criteria and minimal documentation

To qualify for Business Loan the applicant needs to be an Indian citizen between 25 and 55 years of age. The business vintage should be at least three years with at least one year's proof of filing income tax returns. The loans are approved instantly and requires KYC and financial documents at the time of document verification.

Easy application process

With a simple three step process, applying for this loan is quick and convenient. The applicant needs to fill in the online application form on the company's website. Once the information meets the eligibility criteria a representative of Bajaj Finserv will contact the SME within 24-hours to discuss the loan offer and documentation. Lastly, the applicant needs to submit the requisite documents. Upon verification, the loan amount will be disbursed. The usual timeline for this three step process is 48 hours.

Online Access

Bajaj Finserv Business Loans offer the convenience to SMEs of accessing their business loan statement online at anytime and anywhere. Customers can have complete control over their loan including repayment over the Experia portal.



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