Lenders prefer to only give loans to creditworthy individuals. To this extent, they keep track of their clients’ financial behaviour to see if they could offer loans to such people. If they identify a creditworthy individual, the lenders will offer them what is known as a pre-approved loan. A pre-approved business loan, just like in the case of any other pre-approved financial products, is given to creditworthy businesspeople. One can benefit from availing a pre-approved business loan in many ways.
Some defining characteristics of pre-approved business loans are:
To be eligible for a pre-approved business loan, the individual must meet the following eligibility criteria:
The applicant should be between 26 to 66 years old
The applicant should own a business that is at least 3 years old
The loan applicant must have filed the tax returns in the name of the business at least once
One can apply for a pre-approved business loan through Finserv MARKETS by following the below-mentioned process:
Once the individual clicks on the ‘Apply for a Business Loan’ tab on the Finserv MARKETS portal, he or she will be taken to a page where they will be required to fill out a business loan application form. Here, they must provide the relevant personal and business-related information and then click on ‘submit’.
The applicant can upload the required documents as they were stated on the previous page post that online.
Based on the provided details, the applicant will then be notified of their business loan offer within the next 24 hours.
Upon meeting the eligibility criteria and completing the process, the applicant will receive the pre-approved business loan amount in their account within 24 hours.
The applicant must submit the following documents to get a pre-approved business loan:
An identity proof
An address proof
Financial documents of the business like bank statements and income tax returns, and
Proof(s) of business ownership.
An individual can look up the business loan amount that they can avail instantly through Finserv MARKETS. As a user of the portal, the individual will be able to make use of benefits such as flexible loan repayment tenures, competitive interest rates and balance top-up facilities.