Most small companies and start-ups in India wrestle to maintain themselves attributable to restricted entry to financing sources. However, with credit score choices like microfinance loans, small business entrepreneurs can account for such lags with extra success. They can now meet their funding requirement with a microenterprise loan of as much as Rs. 45 lakh from Bajaj Finserv that comes with fast approval and minimal paperwork.

What is a Micro Business Loan?

Typically, micro loans are a short-term financing choice that extends a small quantum of mortgage to entities like small companies, self-employed people, start-ups, and micro-enterprises. The major goal of micro enterprise funding is to offer working capital to low-income or micro-entrepreneurs with little or no entry to formal credit score services and assist them to develop into self-reliant.
Further, this monetary resolution goals to facilitate socio-economic growth, promote self-help teams and start-ups. Additionally, selling ladies entrepreneurship is among the many topmost precedences of micro financing firms.

Micro Loans: Features and Benefits

With fast approval and fewer paperwork, funding in your small enterprise is now handy and straightforward. Microfinance loans from Bajaj Finserv might help in fulfilling the short-term wants of your small business.

High mortgage quantum at inexpensive rates

  • On assembly the micro mortgage eligibility, you may avail of as much as Rs. 45 lakh at aggressive charges of curiosity. Such a excessive mortgage quantum is useful for assembly working capital requirements, value of buying and putting in high-end equipment.

Flexible reimbursement tenor

  • Microfinance loans include a versatile tenor of as much as 84 months. You can choose a tenor that matches your reimbursement functionality.

No collateral

  • Microfinance loans from Bajaj Finserv are unsecured and you wouldn’t be required to offer any asset as a safety to get the mortgage quantity sanctioned.

Prompt disbursal

  • With minimal documentation and straightforward on-line utility, you will get the mortgage quantity in simply 24 hours of approval.

Flexi mortgage facility

  • With the Flexi facility, you may withdraw cash as per your wants from the sanctioned restrict and pay curiosity solely on the quantity utilised. You also can go for interest-only EMIs for the preliminary a part of the tenor and cut back your month-to-month instalment by as much as 45%*.

Micro Loan Eligibility Criteria

Availing micro loans for small companies from Bajaj Finserv is easy and hassle-free. You simply want to fulfill the beneath talked about eligibility standards to safe a micro credit score for your small business:

  • You should be between 25 years and 65 years of age.
  • Your enterprise ought to have a classic of a minimum of 3 years.
  • You ought to have filed earnings tax returns for your small business for a minimum of one 12 months.
  • You ought to have a Credit Score of 750 or greater.

Documents Required for a Micro Loan

To avail of a micro loan online, it’s important to submit solely a handful of paperwork. Here is the record of the required paperwork:
A. Identity proof – KYC paperwork like a Aadhaar card, passport, PAN card, voter ID, driving license, or other paperwork issued by the government.
B. Address proof – Apart from KYC, paperwork like electrical energy invoice, phone invoice, ration card, commercial license, lease settlement, or passport can be utilized as deal with proof.
C. Income proof – Copy of earnings tax returns for a minimum of one 12 months, checking account assertion for the final 6 months, audited steadiness sheet, and revenue and loss assertion for the final 2 years.
D. Business possession proof – Partnership and personal restricted firms, self-employed and self-employed non-professionals want to offer enterprise registration certificates, tax information, and different proof of deal with and identification specified by the NBFC on the time of utility.

MicroLoan Interest Rates and Fees

Bajaj Finserv affords micro enterprise mortgage at engaging charges of curiosity. The newest charges of curiosity and related prices are introduced within the desk given beneath –

Type of costApplicable Charges
Interest charge18% onwards
Processing costUp to 2% of sanctioned loan worth + taxes
Bounce chargeUp to Rs. 3000
Document processing costRs. 2000 + taxes
Interest penalty2% per 30 days
Collection cost (outstation)NA
Document/assertion pricesYou can get a bodily copy of a micro-enterprise mortgage doc from any department at Rs. 50 (together with taxes)
You also can obtain e-statement of certificates and paperwork associated to micro finance loans at no cost from our buyer portal – Experia.

MicroLoan FAQs

What is micro-lending?

Micro-lending is the process of extending small or micro loans to entities that do not have access to traditional business loans. The applicants usually need capital to turn their business idea into a fully functioning start-up or to expand an existing business. Unlike business loans, micro credit loans’ objective is to provide the required assistance to small and new businesses.

What is a micro credit?

Micro credit is the process of providing small loans to entities that do not have access to a proper source of capital or possess any asset to pledge as collateral. A microcredit programme is launched to support entrepreneurship and tackle the problems related to the lack of funding for start-ups and small businesses.

Which are the best micro financing companies in India for micro loans?

Bajaj Finserv is among the best micro loan companies in India. The microlender provides collateral-free credit to small businesses at simple eligibility and interest rates. This allows entrepreneurs to access funds readily without pledging any assets or going through rigorous documentation. Above all, the NFBC provides micro loan business solutions like a Flexi loan facility that will allow you to withdraw funds multiple times within the pre-sanctioned limit. Under the said facility, you have to pay interest on the amount you use.

How to get a micro loan?

One can apply for a micro loan online by simply clicking on Apply Now. You would be required to fill the micro loan application form on the website with the required information. Subsequently, you have to submit an essential set of documents.
Post submission of your documents, the representative will get in touch with you to take you through the loan offer. Once verification of documents is completed, you will get funds in just 24 hours of approval.

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