Business Loan Application in Detail
With the entrenched competition in the finance business, many banks and non-banking financial institutions have been flexible with their products and policies. Banks and NBFCs have started providing financial help to businesses as per the customer’s requirements. With the development and ease of processes, a customer can apply for an Instant loan through both online and offline methods. This has resulted in the easy and transparent application process for availing a loan in Delhi and easy sanctioning of a loan too. There is more to just application and sanction of a loan, which is the basic eligibility criteria. A customer must have the basic Loan eligibility and fulfill all the basic requirements that have been laid down by the banks. A good credit score is a must.
The steps for applying for a Business Loan Offline are stated below:
- Step 1: Before making a decision, you should know about all the available sources of fund, compare them and finally choose the one which best suits your business needs.
- Step 2: Schedule a meeting in the financial institution’s office after getting in touch with the business relationship manager. It is the role of the business relationship manager to inform you about the type of loan you can apply for, prevailing rate of interest, applicable processing fees and about other interest charges and other charges.
- Step 3: Submit all the required documents with the bank to get your file logged in. Post which your loan application will be processed, approved and the loan will be sanctioned.
The steps for applying for a Business loan Online are stated below:
- Step 1: Check out the application form and fill the form online asking you about your personal, business and financial details.
- Step 2: Post online submission, a bank representative will get in touch with you and will schedule an appointment to know about your financial need. The representative will send an executive to pick-up the required documents.
- Step 3: The bank will go through the documents submitted and will approve the instant loan if you are eligible. Once it is approved, the bank will sanction the business loan.
Eligibility criteria for availing a Business loan is stated below:
The basic eligibility criteria that you should meet to get a loan approved are as follows:
- Credit Score: The credit report of your company must be in compliance with the bank’s minimum requirement. A bank would usually check the credit report at the time of loan application.
- The vintage of the Business: The age of the business criteria varies from bank to bank. All the financial institutions require the age of the business to be at least 3 years.
- Annual Revenue: You must also meet the minimum annual revenue criteria laid down by the bank.
- Personal Income: You would also have to show the proof of your personal income to ensure that you are capable of repaying the loan.
- Requirement: You should state how you will use the funds that you are availing.
However, it is impossible to categorize which is the most important criteria. Every criterion on its own is important.
It is very important to deal with reputed DSAs like Young Solutions which have a good reputation and transparent processes to get you the best and instant deal in Delhi.