Business loans for startups in India
Business Loans for Startups in India
With so many prospects for new firms, India's start-up ecosystem is exploding. Bajaj Finserv offers a Start up Loan, a business loan for new enterprises that offers up to Rs. 45 lakh, to help you build your firm. You can use this customized Start-up finance to cover a variety of business expenses such as overhead, inventory, and infrastructure costs, among others.
This Start up business loan in India is available to businesses that have been in operation for at least three years. Simply complete the online application form, provide a few papers, and the funds will be deposited into your account.
Business Loans for Startups in India Eligibility Criteria:
Bajaj Finserv offers simple start-up loans that may be obtained in a quick and hassle-free manner to help new businesses flourish. By completing the easy qualifying criteria, a start-up loan can be obtained. If you're an entrepreneur searching for a start-up loan to establish a firm in India, you'll need to do the following:
- Own a business that has been operational for at least three years
- Be a residing citizen of India aged between 25 to 65 years.
- Have filed ITR for business for at least one year.
- Have a CIBIL score of 750 or higher.
Documents Required for Business Loans for Startups in India:
To get a Bajaj Finserv Start-up Business Loan, you only need to submit a few simple papers. The following are the documents you should maintain on hand.
- KYC documents such as Aadhar card, PAN card, passport, driving license.
- Ownership proof such as Registration Document/Partnership Agreement/Certificate of Commencement/Article and Memorandum of Association.
- Address proof documents such as passport, electricity bill, telephone bill, lease agreement or any other commonly accepted address proof.
- Bank account statement for the last six months.
- ITR filed for at least one year.
- Balance sheet and Profit/Loss statement for the last two years as audited by a CA.
What are Business Loans for Startups in India?
Start-up business loans are specialized loans designed to fulfill the various demands of entrepreneurs in our country's startup ecosystem. These beginning business loans can be used to cover a variety of expenses, including operational costs, infrastructural charges, equipment purchases, and so on.
Bajaj Finserv, one of the country's most diversified non-banking finance organisations, offers start-up loans of up to Rs 45 lakh that can be obtained in as little as 24 hours*. Bajaj Finserv's start-up loans are unsecured business loans that do not require collateral or a guarantor.
What are the eligibility criteria for Business Loans for Startups in India?
Obtaining a start-up loan is simple. If you match the basic qualifying criteria outlined below, your loan application can be approved in minutes.
- Have a minimum CIBIL score of 750.
- Be a residing citizen of India, aged between 25 and 55 years.
- You must have filed your business ITR for a minimum of one year.
- Be running your own business for at least three years.
What are the different types of Business Loans for Startups in India?
There are two types of business start-up loans: unsecured and secured:
- 1. Short-Term Working Capital Loan - The loan can be used to cover daily business expenses such as staff salaries, funds required to run your firm on a daily basis, general operating costs, and so on.
- 2. Long-Term Loans - The loan can be utilised to fund your startup's expansion or growth. This term loan can be used to fund the purchase of new machinery, inventory, and other long-term business needs.
What are the requirements of getting a Business Loans for Startups in India?
By submitting the following documents, you can acquire a loan to establish a new business:
- KYC – PAN card, Aadhar card, driving license, or any other standard KYC document.
- Bank account statement for the last six months.
- Address proof – Electricity bill, passport, telephone bill, rent agreement among others.
- Ownership proof document such as registration of the business.
- Copy of ITR for minimum one year.
How hard is it to get a Business Loans for Startups in India?
The difficulty or ease of obtaining a new business loan is determined by the lender and their eligibility criteria. Because of their inexperience or poor vintage, certain banks and NBFCs may be hesitant to lend to fledgling enterprises. Lending to a start-up company can be seen as a risk.
If you want to finance your new firm, however, you should check into Bajaj Finserv's unsecured business loan for startups. Obtaining one is simple, with start-up financing of up to Rs. 45 lakh available at moderate interest rates. In fact, if you complete the qualifying requirements and submit your paperwork on time, you may be eligible for immediate approval and disbursement.
How to apply for a Business Loans for Startups in India?
You can apply for a Bajaj Finserv start-up company loan by following these simple steps:
- Fill in your basic information such as your personal and business-related details.
- Click on the Apply Now button to open the application form.
- Upload your KYC, address and financial documents.
- Once your documents are verified and the loan is approved, you will get funds within 24 hours*.
- Receive the call from our representative, who will take you through the offer.
Is there any government scheme for Business Loans for Startups in India?
Yes, there are a lot of government programmes available in India that can help you obtain initial company loans. They are as follows:
- Mudra Loan Scheme
- The Credit Guarantee Scheme
- Stand Up India Scheme
- MSME Loans in 59 minutes
- Coir Udyami Yojana
- AIM (Atal Innovation Mission)
- ASPIRE (Scheme for promotion of Innovation, Entrepreneurship and Agro- Industry)
- National Bank for Agriculture and Rural Development (NABARD)
- Credit Link Capital Subsidy Scheme
- National Small Industries Corporation Subsidy
Eligible entities may also be offered start-up business loans by private and publicly traded lenders. Bajaj Finserv, for example, offers a rapid and hassle-free start-up loan of up to Rs. 45 lakh.
How do I finance a Business Loans for Startups in India?
While you can look for investors to participate in your start-up, you can also get a loan to help you get started. A variety of financial organizations provide start-up loans with low interest rates and flexible terms.
Bajaj Finserv provides immediate business start-up loans of up to Rs 45 lakh to cover a wide range of expenses associated with the expansion and growth of your firm. With a business loan from Bajaj Finserv, you may benefit from flexible repayment terms of up to 84 months and easy payback.
How to get startup loan for Business Loans for Startups in India with low CIBIL Score?
The basic eligibility condition for obtaining funding to start a business is a CIBIL score of 750 or above. If you have a low CIBIL score and need a loan for a starting business in India, follow the procedures below to reassure the lender that you will be able to repay the loan. To assure the lender that you have enough finances to repay the loan, disclose all of your sources of income, including deposits, investments, and rent. Apply with a creditworthy co-applicant for quick approval. Pay your credit card bills on time and settle existing loans without defaulting to improve your CIBIL score for more details visit https://www.bajajfinserv.in/start-up-business-loans.
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