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Things You Need to Know About Business Loan for Traders

Traders are a significant link between the manufacturers of goods and services and consumers. A business loan for traders is specially designed to offer financial assistance to traders in a hassle-free manner.

Be it to increase working capital, furnishing, renovation, or buying new equipment, business loan for traders can prove to be of huge help. Bajaj Finserv offers Business Loans for traders with the aim to help meet their daily need.

The following are some of the key points about this loan:

  1. Loan up to Rs. 30 lakh in 48 hours

Traders in need of urgent cash flow for the purchase of new equipment, up-gradation of existing shop, etc. as well as to increase working capital, can make the most of this loan facility. The best part is that there are fast processing and disbursal.

  • Doorstep facility

NBFCs provides the facility of a relationship officer visiting the borrower as per his/her convenience, which can be a great time-saving option.

  • Flexi loan facility- Pay 45% less EMI

You can either opt for a term loan or a flex loan facility, where you pay interest only on the amount you are putting to use instead of the entire loan amount. Thanks to this facility, you can foreclose without any charges.

  • No collateral required

The business loans are devoid of collateral requirements which implies that the borrower need not put his business or personal assets on the line to qualify for financing. And since you do not need to pledge collateral, there is no requirement for appraisal of the value of your assets. Thanks to this, funding is much faster and involves minimal documentation.

  • Pre Approved offers

If you are an existing customer of Bajaj Finserv, you can enjoy exclusive pre-approved offers which may include a top-up loan or even reduction of rates from time to time.

  • Online account access

Business loans allow you the convenience of accessing your loan statement and managing your funds anytime and anywhere through the online customer portal.

As far as the eligibility criteria are concerned, it is quite simple. You need to fulfil the following criteria to avail the benefits of the business loan for traders:

  1. Your age should be between 25-55 years.
  2. Your business should have a vintage of at least 3 years.
  3. Your business should have its Income Tax returns filed for at least the past 1 year.

When you apply for a business loan, you may need to submit other relevant financial documents at the time of document verification. The business loan can be used for the following purposes:

  • Increasing business cash flow
  • Leasing bigger office premises
  • Office renovation
  • Purchase, lease or repair of machinery and equipment
  • Upgrading to the latest technology
  • Stocking up on inventory
  • Hiring seasonal employees
  • Purchasing raw material for bulk orders
  • Expansion to another city or area
  • Scaling up operations and taking on bigger projects

Few NFBCs offering MSME and SME loans of a maximum value of Rs. 30 lakhs. The best part is that these loans come with quick processing and you can obtain them by submitting only 2 documents. The business loan interest rate is also quite low.


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