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Simple Steps to Avail a Business Loan

By Finserv MARKETS - Jul 6,2019
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5 steps to avail a Business Loan Infographic
Business loans provide SMEs that much-needed boost, whether it is to expand services, bring in new resources or introduce more products. So, if you’re looking for a business loan for any of these purposes, here are a few simple steps to go about getting one.

  1. Ensure you have a good credit score

A good credit history is as important as a good credit score. You must ensure you’ve cleared all your dues and that your loan payments are made on time. A poor credit score could be a dampener when it comes to the approval of your loan application.

  1. Choose a lender

Pick an NBFC or financial lender that offers attractive interest rates with flexible tenures. It is easier for you to pay off the loan over an extended period of time.

  1. Approach the lender with a plan

Parting with large sums is not easy, particularly for financial lenders. They need to be doubly sure that the amount will be repaid which is why you need to be confident when dealing with them. Be prepared with a solid business plan, should you be asked for one.

  1. Prepare your documents

A small mistake, a single field missed, incorrect information – either of these can lead to your loan being rejected. So, when you collate your documents, ensure that all the information you provide is genuine. Moreover, don’t miss out on any documents.

  1. Submit and wait

This is the final step. Once you’ve collated the documents, it’s time to submit them to the NBFC and wait for their decision – either approval or rejection. In the meantime, you can work on developing other aspects of your business.

Follow these steps to avail and enjoy benefits of business loan.

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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522