Business Loan and its categories:
The modern age entrepreneurs always prefer to get the requirement of fund flow shortage to meet the various requirements of their business like by opting for a business loan which can be from scheduled banks, NBFCs and registered fintech companies under RBI in a quick time. But one must know the answer of this big question that how to get business loan quickly and which processes one must follow to make the application successful.
A business loan in general is of two types and classified as under:
- Unsecured Business Loan
- Secured Business Loan
Both the above-mentioned loans provided by the lender can be short term, that is for a period of 12 months as working capital loan or for longer term as term loan in which the period of loan varies from 1.5 years to 15 years depending upon the category as chosen.
Who are provided Business Loan quickly and fast?
Every entrepreneur including self-employed professional like doctor, chartered accountant, architect, cost accountant, lawyer etc. and self-employed non-professional like business man doing business of manufacturing, trading, retailing and providing services are considered by the banks, NBFCs and fintech companies as the applicants to get business loan quickly whom it can be provided.
What are the eligibility criteria required to get Business Loan quickly?
A business person who may be a self-employed professional or self-employed non-professional must fulfil the below mentioned parameters to become eligible and get business loan quickly:
- The loan applicant must be at least 23 years of age at the time of application and should not be more than 70 years at the time of completion of the loan tenure.
- The business should be in operation for 3 complete years.
- The income tax return filings for the business should have been done for 2 years.
- The bank accounts from where the business transactions are done must be 1 year old.
- Any one situation among the residential address or business place address should be an ownership or parental property.
- The credit score and credit track record should be as per the parameter of the selected lending company.
In case of secured loan apart from the above-mentioned points the applicant must submit all the required documents of the property or properties that are required to be mortgaged as collateral security to get business loan quickly.
But there are fintech companies like Lending Kart who provide unsecured loan for business even to those applicants who have completed only one year of business vintage with current year income tax return. So, to get business loan quickly an applicant can submit application with the fintech companies like Lending Kart or Fair Cent.
What are the reasons for which loan for business or profession are applied?
If a person is a self-employed manufacturer, trader, retailer, service provider or a professional then there are quite a number of challenges to maintain the day-to-day operations while progressing for the growth and seeking for the maximization of profit.
To achieve these vital marks, one must put effort to increase the top line by infusing funds for larger premises, to invest in modern machinery, to pay the salaries of a larger number and more skilled staff, for increased marketing efforts and so on.
The maximisation of top line will build up the bottom line which will help the business to access the sustainability and progress towards its growth.
These are the reasons why a self-employed professional or self-employed non-professional always try to get business loan quickly and without any hassle of procedural hazards.
Apart from these it has always been an obvious choice for a business loan applicant to get unsecured business loan instead of going for a secured one because of its quick approval and disbursement process.
What are the steps a business person must follow to get Business Loan Quickly?
The process every business person must follow to get business loan quickly commences with choosing the products of unsecured business loan and selecting the lender bank or NBFC or fintech company as per the suitability with profile of the applicant, requirement of loan amount and urgency.
1. The whole process of application begins with the assessment of the creditworthiness from the report of credit bureaus and arrangements of the required documents that are to be made as per the schedule for the application scores. The higher the score higher becomes the chance to get business loan quickly.
2. Once it is done then the applicant must provide the arranged documents as per the requirement of the lender bank or NBFC or fintech company while applying for business loan for soft approval of the loan amount to get business loan fast.
3. To get business loan quickly an initial scrutiny of the creditworthiness and availability of the essential documents so required will expedite the whole process much more faster and disbursement of business loan will be done very quickly by the lender.
In most of the banks, NBFCs and fintech companies unsecured business loan are sanctioned and disbursed by adapting the analytical process based on artificial intelligence and its algorithms. So, the persons who are applying business loan for the first time should have impressive credit track record for a positive start of the total process to get business loan fast.
4. The initial online verification process with the KYC documents will come up with the credit report of the applicant which will allow the application process to proceed further to get business loan fast and easily.
5. The next part of the application proceedings for unsecured business loan from the digital platforms of banks, NBFCs and fintech companies are uploading of financial documents and bank statements. So, to get business loan quickly all the documents should be submitted as per the requirement.
In general, most of the banks, NBFCs and fintech lending companies provide a soft approval in form of financial sanction amount after the calculation of financial eligibility as discussed to make the process to get business loan fast.
To get business loan quickly this process of financial eligibility calculation determines the final sanction amount and expedites the process for the disbursement, which gets initiated if there are no technical or documents related discrepancies.
6.The disbursement process of business loan is also done online and all the paperwork and documentation are digitally completed without any kind of hassle.
There are many registered application-based companies under the digital platforms who helps to get business loan quickly and they are capable of providing unsecured business loan even within an hour. But opting for those companies can be harsh from the business perspective as the rate of interest component is higher compare to the scheduled banks, NBFCs and registered fintech companies available on the digital platform.
This can be considered as the final step and once it is done successfully the business loan amount gets disbursed to the applicant.
Conclusion:
The most convenient way for every business person or a self-employed professional to get business loan quickly and in a fast manner by seeking the expertise and knowledge of the renowned and eminent loan consultant like NASKAR FINANCIAL SERVICES who are equipped with set of professional persons to provide the right guidance within the stipulated time by choosing the most suitable lender as per the profile of the applicant.
NASKAR FINANCIAL SERVICES officially empaneled with more than 30 banks, NBFCs and fintech companies, will provide the right guidance by choosing the most suitable lender as per the profile of the loan applicant.
Adopting this process will not only save valuable time for the applicant searching for lenders but will also make it him or her clear about the type of loan required, financial eligibility for the required loan amount, tenure of the loan, processing charges related to it etc.
Once the business loan gets selected as per the profile of the business, financial eligibility and end use of the loan for the applicant then choosing the lender then it becomes much easier to get business loan quickly and chances of getting the sanctioned amount increases to its optimum limit and that to within the fastest of time.
Read more:
- What are the documents required for Business Loan in 2024?
- How to get Business Loan with low CIBIL score?
