When it comes to growing a business in its initial stages, a business loan is something which gives it a strong foothold. It is an essential lifeline which makes the business. Problems such as non-regular cash flow can hinder the growth of a business, this is where business loans come in. However, with business loans, it can take some time to actually get the amount. This can be a major obstacle for a company which is facing a time crunch.
Here we are going to tell you how you can avail a business loan in three days.
Step 1 – Choose the type of loan you want: If you are in need of an immediate loan for your business, you need to know that there are different loans to cater to different and specific business needs. Loan dispensing agencies such as MakeMyMoney has tie-ups with various finance companies and banks that offer term loans, working capital loans, overdrafts and start-up loans. The only thing which you need to do is to select the type of loan which you need.
Step 2 – Check eligibility: This is very important, because well if you aren’t eligible, you won’t get the loan. What you need to remember is that different lenders have different eligibility criteria for a business loan. Make sure that before you are applying for a loan, you go through the eligibility criteria on the company’s website. Keep in mind to ensure that you fulfil all the criteria before you apply for the loan; it will save you a lot of time and effort.
Step 3 – Select the loan amount and tenure: Once you have checked the eligibility the next step is to specify the loan amount and the duration of the loan. Things will be easier for you if you already have a number in mind as it will make the process much faster. You can simply do this by checking the business loan EMI calculator to find which one works for you.
Step 4 – Submit your application: Once you have selected the loan amount and the tenure, you can fill the online application form available on lender’s website. Once the form is filled you will be connected to a sales executive, who will go through the entire process with you and take the process forward.
Step 5 – Keep your documents handy and ready: The lender will send its sales executive to you to collect all the necessary document. Make sure that you have all the documents in place. This will be advantageous for you as it will help you to get the loan on the scheduled time.
These are the five main steps you need to follow if you want your business loan in 3 days.