When it comes to a business loan pre-approval, it is crucial to meet the required eligibility terms set by the lending institution. These offers work just like other pre-approved financial products, which are available only to those eligible based on their credit portfolio.
This means that the lender tracks and assesses their clients’ financial behaviour to see if they have a profile that makes the cut. So, if you get a pre-approved business loan, you can benefit from it in many ways.
Read on to know more about pre-approved business loan offers.
To pre-qualify for a business loan, you must meet the following eligibility criteria:
You should be between 26 to 66 years old
You should own a business that is at least 3 years old
You must have filed the tax returns in the name of the business at least once
Remember, these criteria are general, and the decision to give you a pre-approved offer is entirely at the lender’s discretion.
Here are some general documents you must submit to get a pre-approved business loan:
Financial documents of the business (bank statements, ITRs, and more)
Proof(s) of business ownership
The lender may ask for additional documents, depending on your application. The lender will inform you about this through the contact information you provide. So, be sure to keep an eye on your inbox during the processing of your application.
You can apply for a pre-approved business loan offer through Bajaj Markets by following the below-mentioned process:
Click on the ‘APPLY NOW’ option on this page
Fill in the required details
Click on ‘CHECK YOUR OFFER’
Review the offer and choose one that meets your requirements
Complete and submit the application
Once the verification process is complete, the lender will process your application. Upon approval, they will disburse the sanctioned amount to your account. Alternatively, you can check your eligibility and apply for a business loan that is not pre-approved.
On the Bajaj Markets portal, you can get a host of benefits, such as flexible loan repayment tenures, competitive interest rates, and balance top-up facilities. With an end-to-end digital process and instant disbursal upon approval, you can get hassle-free funding easily.
Pre-approved loan offers are the ones where the lender has already assessed your profile and made an offer available based on it. Since the assessment is already done, the processing of these offers is relatively quicker than regular loan applications.
The processing of pre-approved business loan offers is relatively quicker than regular ones. As such, you may be able to instant approval and disbursal. This is also why it is often advised to check if you have a pre-approved offer.
Yes, the lender can reject a small business loan pre-approval or any pre-approved offers. However, it is very unlikely and generally happens when there is a dip in your credit score and overall creditworthiness.
The eligibility differs based on the lenders. However, the majority of lenders have simple requirements, such as a good credit score, stable cash flow, and more. To pre-qualify for a business loan, you can meet these criteria and check your offer before applying. However, keep in mind that the lender can reject a pre-approved loan application.