Bajaj Finserv Business Loan Interest rates in Ranchi
| Up To 10,00,000 | 10,00,000 Above | |
|---|---|---|
| Manufacturer | 18.00% | 18.00% |
| Service Provider | 18.50% | 18.00% |
| Trader/Distributor | 19.00% | 18.00% |
Features of Bajaj Finserv Business Loan Ranchi
| Type | Features |
|---|---|
| Processing Fee | Up to 3% of the loan amount |
| Pre Closure Charges | 4.0% on outstanding |
| Part Payment Charges | Allowed |
| Min Tenure | 1 Years |
| Max Tenure | 4 Years |
| Min Age | 24 Years |
| Max Age | 60 Years |
| Min Loan Amount | Rs.5,00,000/- |
| Max Loan Amount | Rs.30,00,000/- |
Bajaj Finserv Business Loan Ranchi Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | Rs.3,000 for every bounce |
| Penal Interest | 2.00% p.m |
| Duplicate Statement Charges | Rs.50 |
Documentation For Business Loan
For Proprietorship Firm
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Last 2 years of Income Tax Documents
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photographs
- 6 months Bank Statements
- Latest year business performance related documents.
- Other loansanction letters and their Track (If existed)
For Partnership Firm
- Filled Application Form
- Partnership deed
- Firm PAN Card & Address Proof
- All Partners Identity Proof
- All Partners Address Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
Private Limited And Limited Companies
- Filled Application Form
- MOA/AOA and Incorporation certificate
- Commencement of operation (if it is a Public Ltd Company)
- Company PAN Card & Address Proof
- All Directors Identity Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
- Other loansanction letters and their Track (If existed)
Identity Proof Of Partners/Directors
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof Of Partners/Directors
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Personal Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Income Proof Of Partners/Directors
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Banking History For Business Loan
- Bank statements of latest 2 months
- 3 months bank passbook
Bajaj Finserv Business Loan FAQ's
What is an sme Loan?
Small Medium Enterprises (SME) loans are a form of business loans extended only to medium-sized enterprises. These loans are tailor-made to suit the needs and requirements of SMEs. Whether you're looking to grow one, Business Loan from Bajaj Finserv would prove to be the smartest option.
How to Get a Business Loan Easily?
"When you apply for a business loan in India, it is likely that you are a self-employed individual/chartered accountant, doctor, lawyer, working in a limited/private limited company or a partnership/proprietorship firm. The easiest way however, to apply for a business loan, is to go online and get your job done in minutes. The eligibility criteria and loan amount might depend on factors such as: • Type of Business • Turnover • Cash-flow • Profit • Track Record "
What is the Interest Rate for a Business Loan?
Bajaj Finserv helps your growing businesses by offering one of the lowest Business Loan interest rates in India. In order to check your interest rate on Business Loan, we have a calculator for you. Other charges such as Processing Fees, Secure Fee and EMI bounce charges would be applicable. Now you can apply for a Business Loan online and get approval within minutes.
What are the Documents Required for Business Loan?
Business Loan or SME loan requirements are different from other loans. In order to read about all the documents that would be required as well as to check eligibility criteria for Business Loan in detail,
What is Small Business Loan?
A Small Business Loan is a form of a Business Loan which has been exclusively designed and tailored to meet the requirements of a small to medium scale business.
About Bajaj Finserv
The company is currently engaged in consumer finance businesses, life insurance, and general insurance and has plans to expand its business by offering a wide array of financial products and services in India. Apart from financial services, Bajaj Finserv is also active in wind–energy generation.
Bajaj Finserv Highlights
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Why Business Loans?
Owning a business is an exciting journey. When starting off there are many odds and ends to be met, once the business is set things will begin to takeoff. However nothing is possible in the business world without the right financing. Many business owners will review the financing options available to them, Business Loans are the best suitable for kind of your requirements.
As a business owner, your most difficult task is finding the money to operate your business. Taking the necessary steps to prepare for a small business loan can minimize the difficulty.
Learn what you need to know to clinch the loan deal.
You can get a loan for your business by proper preparation. The main requirements of attaining a business loan are your credit history, business plan, experience, education, and feasibility of the business you are expanding.
The most important task to obtain a business loan is to improve the business. Your business plan must answer the questions, a lending institution would ask for following.
The factors which will affect your business loan eligibility and rate of interest:
Interest rates
Rate of Interest will be based on bank/financial Institutions internal policies and terms. Generally Bank account conduct, reputation of the entity, repayment capability, credit history, Promoters Back ground and other credit related factors which can be evolve for Business Loans.
Tenor: from min of 12 months to Max of 48 months.
Interest Rate: from min 16(percent) to 22 (percent) .
Age: Min of 24 years to max of 55 years.
Repayment: Monthly EMI to be paid till the loan closure.
Repayment mode: By way of PDC, ECS or Standing Instructions.
Pre-Closure Charges: Will be applicable as per bank norms.
Expert Advice
Best Practices for Business Loan
Things not to do for Business Loan
Important points to be remember for Business Loans
Business Loans Vs Working Capital Facilities
| Business Loans | Working Capital Facilities |
|---|---|
| Generally Business Loan are small tenor unsecured loans offered by the bank based on the requirement, conduct and credit history of the entity. | Working Capital loans are related to business day to day operations, there is no limitation for the working capital facilities as per the entities financial performance and collateral capacity. |
| Business Loans are by nature it is a loan and need to repay the regular instalment till the loan will be cleared. | Working capital Facility is a facility you can avail the regular day to day transactions for your business purpose, generally WCF will be sanctioned for 12 months tenor. |
| Business Loans can be used for any related works, and there is no restriction for usage of funds. | WCF will be used only for business and business related purpose, there is a restriction on usage for facilities. |
| Business Loans will be only provide the fund based limits. | Working capital facilities can be sanctioned for fund based or non fund based requirement. |
| Only one type of facility can be availed from the Business Loans from the bank | Various types of facilities can be offered by the bank under WCF facilities. |
| Business Loans can be availed by small business owners. | WCF facilities can be availed by small business owner to big corporate. |
| Maximum tenor of loan is 48 months offered by the banks. | Maximum tenor will be 12 months based on the facility requirement. |
| Business Loans are costly than the WCF loans. Generally interest rates will be very from 18% to 21%. | WCF are relatively cheaper than the Business Loans. Generally interest rates will be vary 13% to 15% as per bank internal policy. |
| Minimum of 3 years vintage will be required for the business loans. | Min of 1 year vintage for calculation of eligibility will require for WCF. |
| Generally Business Loans will be used for unexpected requirement in business.. | WCF will be used for regular activities of business. |
| Loan disbursement will be max 7-15 days from the date of application. | Min of 15 days to max of 90 days will require for process the WCF request from the date of application. |
| Banks/Financial Institutions will prefer to provide the business loans to WCF customers. | Banks will prefer to take more collateral to fund the WCF. |
| Interest will be on total loan outstanding and will be calculated on monthly basis. | Interest will be calculated on daily basis outstanding and will be debited in account on monthly basis. |
About Ranchi
Ranchi, the capital city of Jharkhand state is located on southern part of the Chota Nagpur plateau which forms the eastern edge of the Deccan plateau system. Ranchi has a hilly topography and is surrounded by dense tropical forests. Earlier the name of the district was Lohardaga with headquarter at Lohardaga, the present headquarter of a separate district.
Magadha Empire exercised indirect control over the territory, which lasted until the reign of the Ashoka. Kalinga rulers are believed to have ravaged the region during their expeditions to Rajgir and Pataliputra. which ruled Ranchi district and a larger part of Chota Nagpur Plateau as a sovereign king for almost next 1000 years.
With the expansion of the Mughal Empire, the sovereign status of the Nag Dynasty was technically affected, but they continued to rule and administer independently until the advent of the East India Company. During the period of the British Raj, adivasis and the local population of other ethnic backgrounds of Ranchi and other regions currently comprising the State of Jharkhand continued to oppose the subjugation by the British, and the region witnessed a number of uprisings and revolts.
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Places To Be Visited In Ranchi
Panch Gagh Falls
Located at about 55 kms from Ranchi, Panch Gagh Falls is on Ranchi-Chakradharpur Road. The waterfalls consist of five streams, which look awesome as they fall from a great height.
Jagannath Temple
The 17th century situated on hilltop is a major attraction in the city. Jagannath Templelooks very much like the Puri Jagannath Temple and it is considered the second largest Jagannath Temple next to Puri Temple.
Ranchi Lake
Ranchi Lake is located at the foot of Ranchi Hill, which is at the center of the city and hence tourists frequent this place in great numbers. The view of the hill and the vast expanse of water mesmerize you. The lake was excavated in 1842 by Colonel Onsley. Boating facilities are available here. It is a perfect place to unwind on a quiet evening watching the sunset as the cool breeze gently plays around.
Hundru Falls
It is quite natural to name a water fall as the number one destination in a land that is called ‘The City of Waterfalls’. Located at 45kms away from Ranchi, the spectacular waterfalls is a favorite tourist destination. The river Subarnarekha falls down from 320 feet height thus forming Hundru Falls.
Birsa Zoological Park
One of the best and considered to rank amongst the most beautiful zoos in the country,Birsa Zoological Park is worth every second you spend here. Spanning an area of 104 hectares of land, which is mildly uneven, the zoo is a real home to wild animals. It is just 16km away from the city’s center. Birsa Zoological Park is divided into two by National Highway. The larger area is the home of wild animals and the smaller area is thoroughly a botanical section. Some of the animals found in the zoo include lion, tiger, hyena, fox, wild cats, barking deer and elephants.
Sun Temple
Sun Temple is one of the most frequented tourist destinations in Ranchi. It is a wonderful display of architecture. With 18 wheels and driven by seven horses, the uniquely designed Sun Temple looks majestic. Sanskrit Vihar, a charitable trust constructed the temple.