When you run your own business, regular cash flow is crucial not just for smooth operations but also for your peace of mind. As an entrepreneur, whether seasoned or beginner, getting a business loan can be a practical option. Purchasing raw materials, paying salaries, going for an extension/ expansion etc. becomes more streamlined when you have some financial cushion. Over the past few years getting a business loan in India has become easy, but there are still a few things that you need to be careful about.
Here are some easy yet efficient tips that can come in handy if you plan to apply for a business loan.
Do your homework
When you explore the market for instant business loans, you will come across multiple options. Different types of business loans are available, you will have to choose the one that is most in line with your business needs. Chalk out your needs, consider the loan amount, pre-payment tenure, your repaying capacity, interest rates etc., and then decide.
Make sure you have a decent CIBIL score
One of the first things you need to check when you apply for a business loan is a good CIBIL score. In case your score is less than 600, your loan application may not go through. In this scenario, it is suggested that you wait and work on rebuilding your CIBIL and only then apply for a loan.
Have your business plan ready
When you ask for a loan, your lender will be interested to know how you plan to use the money. Therefore, a solid business plan is crucial for your loan application to get through. Make sure your plan is accurate, thorough and clear. A well defined plan will work as an assurance to the lender and enhance your credibility.
Make sure that the paperwork is in order
An important step to follow is to keep your paperwork in order. Make sure you are clear about the pparework required by your lender. Most companies will ask for- PAN Card, Aadhaar Card, bank statements, ITR reports, company PAn and registration. However, some more documents may be asked.
Check your eligibility
Different kinds of business loans may come with different sets of eligibility criteria. The lender maay want to check your paying capacity depending on the kind of loan and loan amount you are asking for. Your age, annual turnover, annual revenue will be checked by the lender.
Explore online business loans
Thanks to the digital landscape today, getting an online business loans can be a matter of a few clicks. Lendingkart takes the ease of getting a business loian to a difefernt level altogether. With the business loan app, you can easily and instantly get a loan of up to ₹2 crores.
Let’s Conclude
There’s no denying that cash flow is the life-blood for a business. Following these tips can be helpful in getting you a business loan easily. However, do keep in mind that taking a business loan should be a well-thought-of decision. While such loans can help you sail through a financial crunch, you cannot rely on them to run your business. Be aware of your options and the repayment procedures.
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