Bajaj Finance Limited, the lending division of Bajaj Finserv, has come out with customized SME and MSME loan solutions. There will be easy eligibility criteria and hassle free, minimal documentation processes. MSMEs and SMEs can easily take loans up to Rs. 30 lakh by providing their registration certificate for the organization and the income tax returns of the last year. The loan can be obtained within 24 hours once all the eligibility requirements are met.
Bajaj Finserv has also come out with secured enterprises in case of SME borrowers. This is a more convenient avatar of the mortgage product for micro markets where structured details may be unavailable. The loan eligibility is based on the property valuation and not on the basis of financial information of the borrower.
The Bajaj Finserv business loan comes with competitive rates of interest and options for flexible repayment. Approvals are granted in just 24 hours and no collateral/guarantees are required. There is a Flexi Loan option for SMEs as well where, based on eligibility, customers can get loan limits which can be tapped based on one’s own needs. The customer will only have to pay interest on the amount which has been utilized. Any sum can be withdrawn from this limit or pre-paid again within the tenor minus any extra charges.
Business loan applicants have to be citizens of India between 25-55 years of age and should have 3 years of business vintage and a year’s income tax returns. Loans require KYC documents and other financial information during verification. The application can be made online via the website of the company. Once the eligibility requirements are met, the Bajaj Finserv representative will be contacting the organization within a period of 24 hours for talking about the documentation and loan offer. Additionally, applicants have to provide necessary documents thereafter. Post verification, the loan amount is disbursed. In most cases, this entire process takes just 48 hours.