Question 1

What makes Bajaj Finserv Business Loan a recommended option?

Accepted Answer

Whether the business is in its initial stage or has been in existence for a long time, additional finance will be required to keep up the momentum of the business. The Bajaj Finserv Business Loan can help you bridge any working capital mismatch or for building infrastructure or to take your business to the next level. Bajaj Finserv is a good choice since they offer small Business Loans up to 30 Lakhs. These are disbursed as fast as 24 hours. Even the pre-approval facility is also available.

Question 2

Can the credit limit be enhanced for Bajaj Finserv Business Loan?

Accepted Answer

Yes, the limit can be enhanced on Bajaj Finserv Business Loan. This depends on the eligibility at the time of requesting for such enhancement. Also, a new copy of the documents might have to be submitted.

Question 3

What is the difference between the line of credit and term loan?

Accepted Answer

A Term Loan is a specific purpose loan. Herein the whole amount sanctioned is disbursed to the borrower?s bank account. There is an option for prepayment, but there is no option for multiple withdrawals. Loan repayments are made as equated monthly instalments, set as per repayment schedule.  While a Line of Credit is sanctioned, and the amount stays in the linked account offered by a lender. The borrower can utilise the amount as per requirement. Multiple withdrawals are allowed, and interest will be applied only to the extent of funds utilised. The limit will be renewed every year. There is an option to pre-pay when on the availability of surplus funds. The borrowers pay interest on the used amount every month.

Question 4

How does the line of credit work?

Accepted Answer

In a line of credit, an eligible loan amount will be fixed as a limit. Withdrawals to the extent of the limit can be made any number of times as per one's requirement. Interest will be charged on the amount utilised. Part payments can be made when surplus funds are available. The same can be withdrawn when required. There will be a fixed amount available throughout the tenor. The limit might drop (dropline facility) along with the tenor depending on the cash flow or can be fixed throughout the tenor. Interest has to be paid as and when due and the principal is repaid at the end of the tenor.

Question 5

Is prepayment allowed for Bajaj Finserv Business Loan?

Accepted Answer

Yes. Prepayment is allowed with a penalty of 4% of the outstanding principal amount on the day of prepayment of the loan. Part prepayment is allowed with a penalty of 2% on the outstanding principal amount on the day of part prepayment. Part prepayment is allowed only after payment of 1 EMI.

Question 6

Are there any benefits in having a Current/ Saving account for Business Loan?

Accepted Answer

Yes, one can get the benefit of easy and quick documentation if the Current/ Saving Account is there with the lender. Standing Instructions for a debit of EMI through the account can be opted for.

Question 7

What are the different kinds of SME Business Loans by Bajaj Finserv?

Accepted Answer

Bajaj Finserv offers customised loan products to meet all types of SME business funding requirements. For example, you can apply for Bajaj Finserv Working Capital Loan for bridging the working capital gap; Business expansion loan to expand manufacturing facilities, geographical expansion, increase in the product line, technology upgradation, etc. Margin Money Loan to provide for the margin that has to be brought in for the purchase of machinery, for LC/ BG, and for purchase of business premises.

Question 8

What are the documents required for Bajaj Finserv Business Loan?

Accepted Answer

The documents required for Bajaj Finserv Business Loan are-   Duly filled application form.  2 passport size photographs  Proof of residence address  Proof of business address  Photo ID proof  Proof of Business like VAT/ IT Returns/ Balance Sheet/ Profit and Loss Statement etc  KYC documents of promoters

Question 9

Why take a loan from Bajaj Finserv?

Accepted Answer

The rate of interest charged for the Bajaj Finserv Business Loan is 18% onwards, which is highly competitive. If you are paying a higher rate of interest for your existing business loan, you can also opt for the Bajaj Finserv Balance Transfer option.

Question 10

What is the minimum and maximum loan tenure for Bajaj Finserv Business Loan?

Accepted Answer

The minimum loan tenure is 12 months, and the maximum loan tenure is 60 months.

Question 11

What is the age limit prescribed for Bajaj Finserv Business Loan?

Accepted Answer

The age limit for Bajaj Finserv Business Loan is between 21 years to 55 years.

Question 12

What is the processing fee charged by Bajaj Finserv?

Accepted Answer

The processing fee charged is up to 2% of the loan amount. The applicable taxes will also be levied.

Question 13

What are the prepayment charges prescribed by Bajaj Finserv?

Accepted Answer

For individuals with a business registered, there is no pre-closure charge. For others, 4% of the balance outstanding on the day of pre-closure will be collected. For part prepayment, 2% of the principal balance outstanding on the day of part-pre-payment will be collected.

Question 14

Who can apply for Bajaj Finserv Business Loans?

Accepted Answer

The following categories can apply for Bajaj Finserv Business Loans-   Self-employed professionals like allopathic doctors, chartered accounts, architects,   engineers etc. can apply for the loan   Self-employed non-professionals, proprietorship/ partnership firms, limited liability   partnership, private limited companies can apply for the loan.   The applicant should have been in the profession/ business for at least 3 years.  The applicant should have filed IT returns for at-least 1 year.  The age of the promoters should be between 21 years to 55 years.

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