Everything You Need to Know About Business Credit line


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As per the Udyog Aadhaar Memorandum (UAM) filings, as on 31st December 2016, there are 20,03,673 micro enterprises, 8,781 medium firms, and 2,28,008 small enterprises.
While the number of UAM filings from the manufacturing sector was 9,93,735, that of the services sector was 12,56,239. In 2014-2015, Micro, Small, and Medium Enterprises (MSMEs) contributed to 30.74% of the GDP. Non-banking financial institutes (NBFCs), and housing finance companies extended Rs. 2.59 lakh crore in credit to businesses, in FY17. Their contribution constituted almost 18% of the total credit needs of the businesses. MSMEs have easy access to the business loans from the NBFCs. A Business Loan Bajaj Finance provides flexible business loans to enterprises.
Here’s all you need to know about business credit line:
With business Credit line (LOC) you get a pre-determined credit limit, for a pre-set tenor. For the given tenor, you can withdraw funds as many times as you need, till you reach the credit limit. For example, if you have a credit limit of Rs. 10 lakhs, you might choose to withdraw Rs. 2 lakh separately five times, whenever you want.
The business loan interest rate is charged only on the actual amount that you have withdrawn from the credit line, and not the whole credit limit. This reduces your EMI payouts.
For example, you have a credit limit of Rs. 10 lakhs and you choose to withdraw Rs. 2 lakh, you will be charged interest on Rs. 2 lakh, and not Rs. 10 lakh.
In a flexible businesscredit line, the equated monthly instalment (EMIs) constitute only the interest component. The principal is repaid at the end of the tenor of the business loan, which further reduces your EMI burden.
For example, if you take a Rs. 20 lakh loan for 36 months at the interest of 20%, the EMIs would come to Rs. 33,333. In a non-flexible business term loan, you might have to pay anything between Rs. 75000 to Rs. 89000 monthly.
You can avail business line of credit without pledging the collateral. You do not require a guarantor or a guarantee to get a credit line. This does away with the need for asset valuation, and reduces the need of extensive paperwork.
However certain documents are required to get a credit line. These include:
Online Access And Application

You can apply for a credit line online. You can also manage your account, and see the details through a portal. Bajaj Finserv has an online portal Experia, where you can plan, and buy insurance online, view loan details, and download statement, interest certificates, NOC, welcome letter etc.
You can also make payment for missed EMIs, part and foreclosure payments, view and update contact details online, and avail offers specially customized for you.

Prepay Without Penalty

You can make part-prepayment of your loan as many times, and up to whatever amount you wish. No charges are levied on the part-prepayment.
Bajaj Finserv provides unsecured, flexi credit line for amounts up to Rs. 30 lakh for a tenor of 12-96 months.
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