A business loan is a financial product specifically designed for business owners in need of funds to run their business. Many business owners often find themselves at a place where they need to look for additional sources of funds. For the same purpose, they search for business loans.
There are several players offering business loans in the market. All these lenders have different eligibility criteria, documentation requirement, and the lending process. That said, when a business owner decides to avail a business loan, he first thinks of the lengthy lending procedure which they have to go through.
However, the same is not the case with ZipLoan. You don’t need to follow a stringent process to get access to funds. Getting a business loan from ZipLoan is a straightforward process, and you can get access to funds within three days (terms and conditions applied).
You can follow the following process to avail a small business loan from us.
Check Eligibility Online
The first and foremost step to avail a loan from us is to check your eligibility criteria online. We have an online loan eligibility calculator where you can quickly check your eligibility whether you are eligible to avail a loan for business or not. To check eligibility, all you need to do is fill some critical personal and business details. The following are the details that you will have to fill in the eligibility calculator:
- Your first and last name, phone number, and city of business.
- Choose the number of years since you are running your business.
- Choose the properties that you own.
- Select your last year’s business sales.
- Tick the reason why you want to avail a business loan.
Post providing all the information, the eligibility calculator will inform you whether you are eligible for a loan or not. If you would not be able to meet our eligibility criteria, the calculator will show you are not eligible. However, if you meet our eligibility criteria, it will show you are eligible to avail a business loan.
Notably, you can also choose to check your eligibility on WhatsApp by providing us with your WhatsApp number.
Fill Loan Application
If you are eligible for a loan, you can start the loan application. When filling the loan application, you need to provide your personal and business details as well as submit loan documents.
In the personal details, you need to provide your first and last name, personal and family phone number, PAN number, date of birth, gender, father’s name, residential address, and if you have a self-owned or rented property. You also need to verify your mobile number by entering the OTP sent on your number.
In the business details, provide your business entity type, business margin, name of the business, business PAN number, business address, office is a rented or self-owned property, business is B2B or B2C business, business is manufacturing or service business, and why you want to avail a small business loan.
If you have a co-applicant, you need to provide his first and last name, contact details, Aadhar number, date of birth, gender, address, and if he has any self-owned or rented property.
Once you have filled all the details, you next have to submit the following documents:
- Residential address proof
- Residence entity proof
- Business address proof
- Bank statement
You can submit the soft copies (preferably PDFs) of these documents online.
Signing the Loan Kit
Once you submit all the details and documents, we will review your details and loan application. We will verify the details and check your eligibility. If your application is as per our requirement, we will process your application further for physical verification. At this step, our executive will physically verify your office and house premises. After physical verification, our executive will hand you over the loan signing kit. Once you sign the loan kit, we will disburse the loan amount and credit the amount directly in your bank account.
Notably, the entire procedure will take only three days post you submit all the documents.
Now that you know that availing a business loan from ZipLoan is very easy, what are you waiting for? Apply for a business loan with us and take your business to new heights.