What is the business loan eligibility for an SME loan with Bajaj Finserv?

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If you’re thinking of applying for an SME loan, CreditEnable’s lender partner, Bajaj Finserv, may offer the perfect SME loan product for your business needs.

Let’s find out whether you meet their business loan eligible criteria.

What SME loan products does Bajaj Finserv offer?

Bajaj Finserv offers CreditEnable SME customers the following SME loan products:

1. Unsecured Business Loans:

An unsecured business loan is one where you do not provide the lender with any collateral in exchange for the business loan. It is one of the most common types of business loans CreditEnable’s SME customers get and can be used to fund many different needs, including working capital, business expansion, inventory investments, etc.

As there is more uncertainty when lenders offer borrowers unsecured loans, the loan amount of an unsecured loan is usually much lower than the value you would get for a secured business loan. Similarly, the interest rate is also higher, and the loan repayment period is shorter than a secured business loan. These loan terms are in place to offer lenders greater security and allow SME borrowers who are still building their assets to get a formal loan. 

Learn more about unsecured business loans.

Bajaj Finserv offers CreditEnable customers unsecured business loans ranging from Rs. 1 Lakh – 40 Lakhs, for a loan repayment period of 12 months – 48 months.

Apply for an unsecured business loan now.

2. Unsecured Overdraft Faculties:

Like an unsecured business loan, to get an unsecured overdraft facility, you do not need to provide Bajaj Finserv with any collateral in exchange for the overdraft.

An overdraft facility acts as a revolving line of credit for an SME and is a smart cash reserve for an SME to have access to. When you apply for an overdraft facility, the lender approves you for the overdraft for a fixed duration of time and at a set interest rate. The overdraft has a maximum limit but no minimum limit.

While you have access to the overdraft facility with the lender, you can use as much of the overdraft amount as needed (within the maximum limit), and you’re charged interest only on the amount you use. The overdraft amount you use and the interest the lender charged is what you’ll have to repay the lender as per your EMI schedule.

Bajaj Finserv offers CreditEnable SME customers unsecured overdraft facilities ranging from Rs. 1 Lakh – 40 Lakhs for a loan repayment period of 12 months – 48 months.

Apply for a Bajaj Finserv unsecured overdraft facility today.

3. Hybrid Overdraft Facilities:

The Bajaj Finserv Hybrid overdraft facility acts like a mix between an unsecured business loan and an overdraft facility.

Bajaj offers CreditEnable customers this hybrid overdraft facility for a maximum duration of 84 months (7 years). For the first 24 months (2 years), this acts as an unsecured overdraft facility, and for the remaining 5 years, it converts into a drop-line overdraft where your limits would reduce on a monthly basis. This overdraft amount also ranges from Rs. 1 Lakh – 40 Lakhs.

The hybrid product is a good choice for SMEs looking for flexible funding to build their business and credit history.

You can use the overdraft amount you need, when you need, within the sanctioned upper limit and pay interest only on the amount used and for the days used (not the entire month).

What is the business loan eligibility criteria for a Bajaj Finserv SME loan?

To be eligible for an SME loan with CreditEnable’s lender partner, Bajaj Finserv, you need to meet the following criteria:

1. Minimum age:

You must be at least 25 years of age.

2. Minimum business vintage:

Your SME business needs to be operational and registered for at least 3 years.

You will also need to provide legal proof of business registration in the form of your GST registration, Udyam registration, Shop Act license, Labour license, FSSAI registration, or Import-Export license. The lender requires some form of legal documentation (issued by the central, state, or municipal authorities) to verify your business vintage.

3. Average bank balance:

You must maintain an average bank balance of at least Rs. 25,000 in all bank accounts used by your business.

4. Minimum annual turnover:

  • If your business is operational in the following locations, you must have an audited annual turnover of more than Rs. 80 Lakhs:
MumbaiChennai
BengaluruDelhi
AhmedabadPune
KolkataHyderabad
SuratJaipur
JodhpurGurugram
NoidaFaridabad
Ghaziabad
  • If your business is operational in a location other than the ones mentioned above, you must have an audited annual turnover of at least Rs. 60 Lakhs.

5. Property ownership status:

Though Bajaj Finserv offers CreditEnable SME customers unsecured loans and overdraft facilities, owning property is a mandatory requirement to get an SME loan from Bajaj.

While you do not have to use this property as collateral for the SME loan, knowing you own some property assures the lender that you are a responsible business owner who will repay the money they have borrowed from the lender.

6. Co-applicant requirement:

If you are a woman applicant owning a Proprietorship firm, Bajaj Finserv requires the KYC documentation of a male co-applicant to process your SME loan application. The co-applicant can be your husband, father, or brother.

These are the basic SME loan eligibility criteria that Baja Finserv looks for in an SME. In addition to these, Bajaj Finserv also conducts a thorough risk assessment of every applicant to make their final lending decision. Other factors that influence the lenders’ lending decision include your credit bureau history, credit score, sector, financial history, etc.

I meet the Bajaj Finserv SME loan eligibility criteria. Why should I apply with CreditEnable and not the lender directly?

  1. We are credit experts. We understand what lenders are looking for in creditworthy SMEs, what the exact process is and how to improve your chances of getting the most suitable business loan you need to grow.
  2. Applying for an SME loan using CreditEnable’s technology platform does not cost you anything. Our service is free to use for SMEs.
  3. You can get a 100% digital loan using our technology platform which means everything from application to document collection and risk assessment is done online.
  4. We partner with over 25 of the leading lenders in India. So, when you apply for an SME loan using our technology platform, we check your eligibility for 100+ products that all our lenders offer, not just the products Bajaj Finserv offers, to find you an SME loan product that is the best match for your needs.
  5. Applying through us has zero impact on your credit score. When you apply for an SME loan with a lender and your application gets rejected, it may hurt your bureau report. Alternatively, when you apply for an SME loan through our platform, we first check your SME loan eligibility. We only match eligible SMEs with our lender partners, so the chances of you getting rejected from them are low.
  6. If you’re not eligible for an SME loan from one of our lender partners right now, we’ll tell you upfront, along with what you can do to improve your creditworthiness so that you can get the SME loan you need in the future.

Apply for an SME loan with CreditEnable today!

Business Loans. Enabled Simply.