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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"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522