The new-age lenders such as NBFCs and online lenders in Kolkata offer easy to fill business loan application form. This makes the business owners who are in need of extra money to get access to funds in a hassle-free manner. A business loan is a convenient way of getting extra funding for business as it requires fewer documents and is processed comparatively faster than any other type of loan.
Ways to apply for Business Loan
also read: how to apply for msme loan in india
A business owner can apply for a business loan online and offline. An offline loan application is usually offered by traditional lenders, such as banks. They require the borrowers to visit their office in person and fill the loan application thoroughly. Additionally, the lenders also ask the borrowers to submit the hard copies of the documents.
And the online loan application is offered by NBFCs and Online Lenders. Here, the borrowers just have to visit the lender’s website and fill the loan application online. Next, they have to upload the documents for the loan required by the lender. For the online application, there is no need to visit the lender’s office in person.
Small Business Loan Application Form
The following are the steps to fill the business loan application form:
Firstly, fill all your personal details such as first and last name, phone number, PAN, date of birth, gender, etc.
The next step is to fill the residential address and pin code.
Then you also have to fill if the business property is self-owned or rented. This is required if you are availing an unsecured business loan.
After the personal details, you next have to fill business details, including business vintage, bank statement, ITR, and turnover.
Once you fill all the information online, your business loan application form is complete. Next, you just have to upload the soft copies of the documents required by the lender.
How the MSME loan application form is processed?
also read: how to maintain credit score as an sme?
The processing and sanctioning of the business loan application form are simpler as compared to home loans and personal loans. This is because the lender just needs the business information and the borrower’s CIBIL score. The following are the stages for business processing:
Once the lender receives the application, he will verify the information provided by you against the data available with him.
The lender will cross-check and confirm your credibility and address and other details through KYC documents. The lender may also visit your office/home for verification.
If everything is verified, your loan application will be approved and sanctioned.
Notably, the two key elements for the loan approval are the credit score and document. So, you are suggested to maintain the credit score and ensure that all your documents are arranged. And once you have availed the loan, the next thing that you have to ensure is timely payment of EMIs.
A business loan will certainly prove to be very helpful for your small business in its growth and expansion. Additionally, you can also register your business for free at the Connect App by ZipLoan to build your business network. Through the e-marketplace, you can create a business profile, list your products/services, find business, discover new business opportunities, and build connections.