Business & Education
Dealer Financing Scheme in India: 3 Tips to Avail One
As a dealer, having finances at hand will help you capture the market by stocking the latest inventory, training your staff and by publicising your products through a good marketing plan. For instance, if you are an automobiles dealer, instant finances are the need of the hour when you want to market a vehicle model that will soon go out of date or when you want to offer customers the latest release. Similarly, if you deal with kitchen and electronic appliances, having surplus inventory during the festive season is sure to help you add to your revenue.
Additionally, you have to cover costs of support staff and relationship managers to ensure continued customer satisfaction and productivity. So when you’re financing dealerships, having the right financial tools handy is key. Now, this is more convenient than before with Bajaj Finserv’s Dealer Finance. Here you get a high loan amount of up to Rs.30 lakh with fast processing and quick disbursement. You don’t have to worry about repayment as you not only get a flexible tenor of 12 to 60 months, but also profit from affordable dealer finance rates.
In addition, with the Flexi Loan facility you only pay interest on the amount you borrow and not on the total sanction. This means you can borrow on the go and don’t need to stress about paying crippling interest So, no matter how big or small your needs are, financing dealership requirements is made effortless. If you’re interested in applying, keep these 3 tips in mind.
Match the required eligibility criteria
Generally, 3 categories of persons can avail of a loan: self-employed professionals, self-employed non-professionals and entities. To be eligible for a dealer finance loan, your dealership must fall into one of these 3 categories.
Self-employed professionals include practicing allopathic doctors, architects, chartered accountants and company secretaries. Here, a proof of qualification is required.
Self-employed non-professionals include retailers, traders, proprietors, service providers and manufacturers.
Entities include partnerships, private limited companies, limited liability partnerships and closely held companies.
Additionally, you usually need to meet the following criteria when you take the loan from Bajaj Finserv.
You must have a minimum of 3 years of business vintage
IT returns must be filed for at least the previous year
You must be between 25 and 55 years of age
Keep the necessary documentation ready
Documentation required is simple and includes basic KYC information and financial paperwork. The list typically includes:
Proof of ID: Passport, Aadhaar card, voter’s ID or license
Proof of address: Passport, ration card, Aadhaar card, voter’s ID or driver’s license
Bank statements: of the previous 1–6 months
ITR returns: audited or certified returns for last 2 years
PAN card: of individual, firm or company
Business proof: like dealership registration certificate
Visit the nearest branch or apply online
Once you meet the eligibility criteria and have the documents handy, visit your lender’s branch or apply from your mobile/laptop as most institutions, including Bajaj Finserv, allow you to apply online in minutes. All you have to do is fill a short form and a Bajaj Finserv representative will get in touch with you.
Now that you know of these 3 tips, get your hands on business finance with ease. To make accessing the amount even quicker, start with checking your pre-approved loan offer.