Bajaj Finserv Business Loan shows growth of 18 pct in Quarter Ended March 2017
New Delhi, June 5: India has witnessed a substantial growth in aspiring entrepreneurs in the past few years and the government has been successfully able to create a conducive environment for start-ups. The increase in the number of small and medium-sized enterprises (SMEs) has led to a rise in demand for business loans for meeting operational as well as capital expenditure demands.
Bajaj Finserv Ltd., India’s most diversified financial services company, through its lending arm Bajaj Finance Ltd. disbursed loan to SMEs of Rs. 1275 crore in the quarter ended March’17. The business loan witnessed the growth of 18 percent against Rs. 1086 crore in the previous corresponding quarter.
Bajaj Finserv provides business loans at attractive interest rates and flexible repayment options that empower businesses and SMEs to fulfil their financial needs.
Convenient Processes and Documentation:
Online Application and Information
Bajaj Finserv allows you to apply for Business Loan online without moving out of your office. The site also provides easy accessibility for new and existing borrowers to check their business loan account statement online at the click of mouse.
Rapid Approvals and Disbursal
Applicant needs to fill a form online with necessary details and essential documents. Once the documents are verified, the loan application gets approved within four hours. On approval, the sanctioned amount is transferred to your account in 72 hours.
Bajaj Finance offers a non-securitized loan which means customer do not have to pledge or risk any of their personal or business assets. No collateral also means minimal paperwork and translates in quick processing of the loan. This further reduces the customer’s responsibility to report the asset valuation regularly.
Line of Credit
The line of credit also known as LOC is a max credit facility allotted for a specific amount. From this line of credit, you can withdraw as per your use, within the maximum allowed credit limit. With Line of Credit facility, your monthly instalment is only the interest amount charged for the month, unlike any other term loan. You can opt to part- prepay your loan amount, any time of the year, with no additional charges. Also, there are no additional costs levied on withdrawals/ drawdown, with a flexibility to convert your term loan into the line of credit, any time of the year.
There are two broad types of documents required, namely the KYC documents and one business vintage proof. This is essential to prove the number of years the business is operational.
Where Can You Use the Loan Amount?
As Working Capital: You can avail a business loan to manage your business’ daily operational expenses.
Business growth: Expanding an enterprise needs capital. You can get an SME loan for a viable business plan, to buy/rent more office space, to upgrade/enhance technology, for increasing bench strength or for expanding to new geographical locations for enhancing the reach.
Buy Equipment: Instead of leasing machinery, buying it is better. At the end of equipment’s life, it can even be discarded for some value.
The Bottom Line
There are numerous options for you when it comes to business loans. However, Bajaj Finserv Business loans are tailor-made for your requirements. The array of features offered by Bajaj Finserv Business Loans has made it popular amongst the SMEs. ANI