Business Loan Process
With the increasing competition in the market for offering Business Loans, with the availability of online application for fast procedure, getting a loan has become far easier than earlier years. However, there is still some process involved in the procurement of Business loan. It is advisable for you to first look at the different stages required for obtaining a Loan. The followings are the step by step procedure of getting Business loan:
Check your eligibility for Business loan
Banks offer the loan amount once you fit in the various eligibility criteria like age, income, cibil report etc. At Makemyloans.com our experienced team strives to give you adequate information about eligibility and consequently takes you to the right fit.
Select the Best Business Loan after evaluation
Comparing loan interest rates is the primary feature in the Business loan selection; however processing fees charges of different banks must be compared first before making the best choice. Use our comparison chart of Business loan interest rates at Makemyloans.com to pick a lender who is offering good terms.
Apply for the Business loan
Once the lender has been selected you have to fill the application form and give all the required information about your Personal, professional, financial details and liabilities details. It takes less than 3 minutes to complete the online application.
Once decide a lender and applied online, there are various documents you need to provide. Our executives will collect your self-attested documents at your doorstep as per your convenience. We approach bankers to verify your documents to facilitate a hassle free Loan.
Credit and default check
Lender first checks the credit score and credit report of the applicant through CIBIL. The CIBIL Score plays a critical role in the loan application process. If the credit score is low, the lender may not even consider the application further and reject it at that point. The higher score chances of the loan being reviewed and approved.
Bank verification department will send a representatives to your house or workplace for field verification of the address given in the documents. Also, the bank will verify all other documents and other details mentioned in the application form. The bank takes 1 or 2 days for verification. If the verification result is positive, the bank processes the loan or else the personal loan application gets declined during this stage.
Approve or deny the loan request
The approval is at the sole discretion of the loan sanctioning officer whose decision is based on the criteria specified by the bank/financial institution. Your credit worthiness is calculated by bank on the basis of your income, age, your nature of work, bank statements and CIBIL report. Incase bank issue a conditional sanction, all the stipulated conditions will have to be satisfied before loan disburse
Signing of agreements and submitting post-dated cheques
Once the Lender is satisfied with your profile and approved your loan then the loan agreement is signed by the applicant and bank. The applicant has to provide postdated cheques as agreed on the agreement paper.
Business loan disbursal
Actual amount of money that is disbursed depends on the loan applied for and approved after deductions of processing fees, service tax as agreed upon in the loan agreement. Your loan can be disbursed as early as 48 hours once the loan agreements have been submitted to the Bank. You may either receive a Demand draft equal to the loan amount or get the money deposited automatically into your bank account electronically.