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Important checklist before applying for Business Loan | Bajaj Finserv

2,727 views · Published 7 June 2018 · 1:02 · Indexed 27 October 2026

Channel: Bajaj Finance · 2018 · Education

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Get your Business Loan approved easily with this 4-point checklist:

1. Estimate the loan amount needed
Know how much you need and why. You should make an in-detail plan that lays out the investment avenues and expenditure areas for your business. This will give you a clear-cut idea what your capital requirements are over a certain period and thus help you better estimate the loan amount you want to apply for and improve the chances of your business loan being approved.

2. Check your CIBIL score 

A CIBIL score is indicative of the creditworthiness which helps lenders to ascertain your ability to repay your debts and loans. Therefore, make sure that your score is high. Usually, if you have a credit score of 750+, your business loan application will be approved easily. If you don’t have a score of 750 you can always take measures to improve it like repaying your debts on time, keeping a check on your credit card usage, not applying for too many loans at a time, etc.

3. Fill in the application form correctly
Accurately enter the details required in the application form. Incorrect details on the form could lead to your business loan application being rejected.

4. Know the eligibility and documentation
Get your documents in order after you’ve read through the criteria to qualify for the loan.

To address all the business loan requirements, you need to adhere to some simple eligibility criteria and submit few basic documents that are listed below.

Eligibility criteria for business loan:

The business loan eligibility as set forth by Bajaj Finserv includes – 
1. Your age should be within 25 to 55 years.

2. The vintage of your business should be at least 3 years. 
3 years of experience in the market helps a business attain stability in growth and market repute for itself.

3. You need to audit your business’ last year turnover. 
An audited turnover record is another small business loan eligibility which will show the total income and profit of your business. Lenders can determine whether you have the credibility to repay their loan in time.  
 
4. You need to file the Income Tax returns of your business for at least 1 year. 

One of the important eligibility criteria for a business loan is IT return file. It shows that you have followed all ethical and legal practices. It further helps the financial institution to determine your total earnings and total tax that you have paid.

Documents required for a business loan:

The following are the business loan documents list – 
I. KYC documents.
II. Proof of business existence.
III. Last month’s bank statement.
IV. Other relevant financial business loan documents.   

With easy eligibility and only 2 documents required, Bajaj Finserv Business Loans are easy to apply for. You get access to high amounts of capital of up to Rs.30 lakh and approval on your loan application within 24 hours.

Keep in check the above business loan checklist before applying for a business loan.

A business loan from Bajaj Finserv can provide numerous benefits whether it is upgrading or expanding. Further to this, it also provides the following benefits

• Pre-approved offers for existing customers.
• Collateral-free loans.
• Flexi Loan facility – withdraw only the required amount, pay interest on the borrowed amount on a daily basis. Prepay the loan in parts at nil part prepayment charges.
You can get one, by visiting www.bajajfinserv.in

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Invest in your factory infrastructure, maintain an adequate inventory level, upgrade to the latest plant and machinery, expand your reach to new markets or increase working capital with a small Business Loan up to Rs.30 lakh with Bajaj Finserv. Quick, easy and hassle-free, these loans offer a suite of features and benefits like low interest rate, large unsecured capital, flexi loan facility, pre-approved offers, easy eligibility criteria and minimal documentation. 

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Bajaj Finserv is India’s fastest growing and most diversified non-banking financial corporation. Our robust business growth is driven by our belief system of never settling for good and chasing the great. It is this belief that shapes everything we do. Constantly reducing time and effort for the consumer, our wide portfolio of financial products and services are designed to make your life pursuits hassle-free.

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