With approval in 24 hours, a business loan can be the answer to your financial needs
New Delhi : As we continue to navigate the disruption caused by the pandemic, entrepreneurs around the country are finding ways to diversify and expand their business operations. And with the easy accessibility of Bajaj Finserv startup business loans, business owners can avail of the capital they need quickly – with approval coming in just 24 hours.
The Bajaj Finserv Business Loan is a popular instrument that gives applicants access to a sanction of up to Rs.45 lakh with the benefit of rapid loan approval alongside swift disbursal.
If you are looking to get an unsecured business loan approved within just 24 hours, read on:
1. Have a high CIBIL score
To avail of the best loan features such as quick approval or expedited processing, lenders require you to have a good credit profile. Usually, such perks are reserved for deserving applicants and to prove you make the cut, it is recommended that you have a high CIBIL score. This is particularly important when it comes to this unsecured business loan because Bajaj Finserv doesn’t require you to pledge any asset as collateral to approve a sanction. A minimum credit score of at least 750 with a clear repayment track record, free of any defaults, is all you need.
A score of 750 is considered as a good CIBIL score and it is what proves your creditworthiness to the lender. Further, with this score, you aren’t as much of a risk to lend to, which means you may even enjoy favourable loan terms. Besides quick and easy loan approval, you may even get a lower interest rate, thus adding to the affordability of the loan. Considering all these benefits of a high CIBIL score, be sure to check your CIBIL score for free on the Bajaj Finserv website, and apply when you meet the minimum requirements.
2. Meet the lender-specific eligibility criteria
After maintaining the minimum CIBIL score, the next step to getting same-day loan approval is to meet the eligibility criteria. For the Bajaj Finserv Business Loan, these are the simple criteria you must meet:
● You must be between 25 and 65 years of age
● You must have filed at least 1 year’s ITR for the business
● You must have a business vintage of at least 3 years
Since this is all it takes for you to qualify for this loan, you can benefit from quick approval. With other lenders in the market, you have to meet a long list of criteria and proving your eligibility can be a tedious process.
3. Submit the required documentation promptly
In order to have your loan application processed, you need to ensure that you submit all the loan documents requested. These documents prove your eligibility, which is also why it is important to ensure all the information is up to date. Mismatching or inaccurate information can result in delays and may keep you from enjoying the quick funding provision. To ensure that this doesn’t happen with you, here is a list of the documents required by Bajaj Finserv:
● KYC documents:
o Voter’s ID
o PAN card
o Driver’s licence
o Any other government-approved KYC document
● Address proof:
o Electricity bill
o Rent agreement
o Utility bills
● Financial documents:
o Copy of income tax returns
o Bank account statement
o GST returns
o Profit and loss statement
● Business ownership proof: Registration documents for your business
Do note that this list of documents is indicative, and you may be requested to furnish additional documentation for loan processing. However, this list covers the basics and should help you get the unsecured business loan online quickly.
4. Apply for the unsecured business loan online
The final step in the process is to apply for the loan online. The main benefit of an online application is that it is fast and easy. All you have to do is fill a short form, verify your identity and finalise the application. To highlight how easy it is, here are the steps to apply for the Bajaj Finserv Business Loan online.
Step 1: Log on to the official loan webpage and click on ‘Apply Now’
Step 2: Fill the loan application form with the basic information, such as:
● Employment type
● Mobile number
● Pin code
● Email ID
● Date of birth
● Nature of the business
● Business vintage
● Annual turnover
Step 3: Verify the information and submit the form
Step 4: Upload the required documents
Once you upload the documents, simply await contact from an authorised representative, who will guide you with further loan processing details.
This is how simple it is to avail this unsecured business loan and you can do it without making a physical visit to a branch. So, if you’re looking to fund business expenses, whether planned or unplanned, be sure to check your pre-approved offer for the Bajaj Finserv Business Loan.