Instant loan – every loan seeker applying for loan wants it instantly. And so, they search either for an instant loan lender or instant approval loans. However, one important thing to understand here is it is not entirely dependent on the lender to provide you an instant loan but partly on you as a borrower as well. In this blog, we shall discuss how you can get instant loan and instant loan approval.
A business loan is availed to meet the urgent financial requirement of the business owner. It can be used to increase capital and further expand the business. The business owner can also buy new machinery to increase production or ease his cash flow by availing a working capital loan. However, a business loan can only be beneficial if the business owner gets the funds on time. Else, they have just borrowed money with interest cost.
So, they look for an instant loan online or offline. However, one mistake that the business owners often commit is to search for lenders who offer an instant business loan in India. But, it is not only the lenders that they should look for. Instead, they should themselves be also prepared with the loan documents and eligibility to make it easy and faster for the lender to approve business loan and that too instantly.
So, in order to get business loan instant approval, you are required to take care of the following points:
Business Loan Documents
ALSO READ: THE A-Z GUIDE TO ALL DOCUMENTS REQUIRED FOR A BUSINESS LOAN
Loan lenders who claim to offer instant loan without documents are just not real. No lender would ever lend their money to the borrower without any document. The documents provide proof for your income and ability to repay the availed loan. So, if would not be able to repay the loan, the lenders won’t risk their money.
In reality, the lender may offer a paperless loan, i.e. they don’t require the hard copies of the documents. You can just upload the soft copies of the documents on their website. So, you should look for one such lender and not get trapped by the one offering loan without documents.
In addition, you can also search for a lender who is offering a loan for business at minimal documents. With fewer documents to collect, you will not have to spend time on arranging for documents. This will surely help in getting the business loan instantly.
Business Loan Eligibility
ALSO READ: BUSINESS LOAN ELIGIBILITY CRITERIA FOR AN NBFC BUSINESS LOAN
Knowing the business loan eligibility before applying for a loan also helps in availing loan instantly. This will prevent you from applying for a loan from lenders whose eligibility criteria you do not meet. Thus, save time. Also, applying to multiple lenders and facing rejection have a negative impact on the CIBIL score.
If there is any lender of your choice that you want to avail a loan from but you can’t avail since you do not meet their criteria. Then, you can work towards meeting the eligibility and then apply for an instant loan. Notably, if you have a low CIBIL score than the required one, it is important to improve CIBIL score.
A high CIBIL score will not only help you to get the loan instantly. But also in availing the loan for business at lower interest rates. A high CIBIL score signifies creditworthiness. And thus, it is less risky for the lender to lend you their money. And with that, they are willing to offer a loan even at lower interest rates.
Types of Loan
ALSO READ: DIFFERENT TYPES OF BUSINESS LOAN IN INDIA
There are types of business loans offered in the market by financial lenders. Some are categorized on the basis of their nature and some on the basis of the purpose for which they are availed. So, in order to make it easy for you to choose the right lender and get funds instantly, you must know your business loan requirements.
The business loans classified on the basis of their nature are secured and unsecured business loans. Secured business loans are only offered when the borrower offers any asset owned by him as collateral. Whereas the unsecured business loans are offered without collateral. They are also called collateral-free loans. So, it is important for you to seek for the loan lender who offers the loan as per your requirement.
The other types of business loans include machinery loan, working capital loan, capital loan, and flexi loan. According to the different requirements of the lender, each loan product is designed. So, you can only look forward to avail the loan that is meeting your requirements in the aptest way.
Lender
ALSO READ: BANK OR NBFC: WHICH IS BETTER FOR A BUSINESS LOAN?
Choosing the right lender for a loan for a business is one of the toughest tasks. Now, that you might have known the type of loan you require, it is important for you to choose the lender who is offering the same loan instantly. And not just one lender, but you must short list at least two -three lenders.
There are banks, NBFCs, and online lenders in the market who offer instant loan on Aadhar card, PAN card, and other KYC documents. You must choose between the mentioned lenders and look for one who offers loans at minimal documentation and basic eligibility criteria. Mostly, NBFCs have easy eligibility than banks.
In addition to choosing the lender who is fulfilling all your requirements, you must consider the business loan interest rate, processing charges, and other charges. The other considerable thing is the repayment tenure. You must look for a lender who is offering flexible repayment tenure.
Application Process
also read: how to get business loan in india faster?
Now comes the most important point- the loan application process. Mostly traditional loan lenders offer offline loan application process whereas the NBFCs and online lenders offer online loan application process. With the online loan application process, you can apply for a loan in a hassle-free manner without having to visit the lender’s office.
An online loan application process will help in getting instant business loan since everything is online and there is no manual work. With the help of technology, you can apply for a business loan within a few minutes and the lender is also able to process your application within a few hours.
Apply for Working Capital Loan
In addition, the online lenders and NBFCs also offer their instant loan App which helps and assists the user to apply for loan and upload documents.
Considering the following things will help get instant loan approval. It is imperative for you to do some homework before applying for the loan to be prepared with everything and also make a sound decision. And not just this, with being prepared with everything, it will also convey to the lender that you are serious and can be trusted with money.
Want to read the latest posts on social media? Then follow us on Facebook, Twitter, and LinkedIn!