India has been witnessing a significant increase in the number of aspiring businessmen and entrepreneurs over the last few years and the Government has also been striving to create a good foundation for startups and MSMEs. Bajaj Finserv Limited through Bajaj Finance Limited, its lending arm, successfully disbursed loans of Rs.1,275 crore to SMEs for the quarter ending on March 2017. The business loan division thus witnessed 18% of growth with disbursals for the earlier corresponding quarter being Rs.1,086 crore.
Bajaj Finserv offers business loans at really attractive rates of interest and also with repayment options that are inherently flexible. Bajaj Finserv has an online application procedure and new and existing borrowers can also ascertain their business loan account statements online. There is minimal documentation and the applicants are only required to fill up the form with required details and vital documents. Once these documents are verified, the loan application will be approved within 4 hours. Post approval, the amount sanctioned is disbursed to the customer’s loan account within a period of just 72 hours!
There is no collateral/security required and this also means fast and minimal documentation and subsequently, quicker processing of the loan. This also lowers the responsibility of the customer to report asset valuations on a regular basis. There is the LOC or line of credit, which is given for a particular amount. You can withdraw money from this line of credit and pay EMIs only the amount that you utilize. You can pre-pay your loan at your convenience and there are no other charges for withdrawals/drawdown. One can also convert a term loan into a line of credit as per his/her convenience.
The loan amount can be used as working capital or for purchasing equipment or even for business growth and expansion. There are several features of the business loans offered by Bajaj Finserv which has helped it post a heartening 18% increase for the quarter ending in March 2017. Bajaj Finance Limited is the lending arm of the Bajaj Finserv Group and is a diversified NBFC with more than 7 million customers across India.
Headquartered in Pune, the company offers business loans, home loans, consumer durable loans, lifestyle finance, loan against property, personal loans, credit cards, three wheeler and two wheeler loans, rural finance and loan against securities in tandem with construction equipment loans. There are gold loans and vehicle re-financing loans offered as well. Bajaj Finance Limited currently has the FAAA/Stable credit rating which makes it a reliable bet for customers.