If you are looking for a suitable business loan at a very competitive interest rate and with flexible terms and conditions, you must try to know about Flexi business loan which is offered by Bajaj Finserv. This uniquely tailored financial products function just like a line of credit system and helps you manage your cash flows more efficiently. This is often ideal for businesses who desire flexibility in terms of using the funds and paying their monthly EMIs. These loans enable applicants to get higher amounts than what their eligibility usually warrants. The best part is that there is the option to pay only the interest component on the amount used every month as the EMI.
This makes the monthly installments lower and you can save money every month with aplomb. The Flexi Loan from Bajaj Finserv enables you to get easy access to a loan limit which is pre-approved and this is based on the credit rating. You can borrow money whenever you require the same within this limit and pre-pay whenever you have any surplus funds. You can always withdraw money from the loan account without any additional documentation and part pre-payments can easily be made without any added charges to be borne.
What’s more your EMI amount can go down by up to 50% since you pay only the interest as EMI every month while the principal can be repaid when the loan tenor ends. You can make withdrawals multiple times like a line of credit system without any extra charges or documentation needs. You can easily pre-pay or withdraw using the online customer portal as well. This is a major advantage of opting a business loan from Bajaj Finserv.
The interest is charged on the daily basis and depends on the amount that you have utilized. To be eligible, the applicant should be between 25-58 years of age and the business should have vintage of a minimum of three years. The income tax returns should have been duly filed for the last two years while the past year’s turnover should have been audited by a Chartered Accountant. Applicants can be self-employed professionals, self-employed non professionals, limited liability partnerships, private limited or closely held limited companies and partnerships.
The major documents that are required for availing this loan include passport size photographs, KYC documents, the proof of business or certificate of existence of business, audited financial documents for the last two years and bank account statements for the last month. There are several benefits of these loans vis-à-vis regular term loans. The sanctioned amount in this case will be assigned to your specific loan account and you can borrow just as much as you need. You only pay interest on the amount that is utilized. You can repay the principal when the loan tenor ends and can choose to pay only interest as the monthly EMI.