A lot depends on the kind of loan you are looking to apply for. Certain loans take as few as 3 days to get approved, while certain others can take up to 2 weeks long. That is why it is important to have all your documents and paperwork neatly organized so that you can make a loan application at a moment’s notice.
Apply onlineMaking an online application is one of the easiest ways to save time. When you make the online application, you are aware of exactly what documents you need to submit, and you also save the time it takes to visit the bank and speak to an executive. Once you make an online application, you will be called by an executive who will tell you what you need to do to take the loan application forward.
Maintain a good credit scorePay all your dues on time, avoid taking on too many unsecured loans and avoid making multiple loan applications. By doing this alone, you will keep your credit score healthy, allowing you to borrow when you need to, at fair interest rates. Businesses with a good credit history and rating are likely to receive their loan approvals quickly. The credit score of the business owner is also a factor in the speedy sanction of loans.
Be ready with documentsTaking business loans against property or for the purchase of machinery are both normally considered time consuming. However, if you are aware of what the bank or finance company needs in terms of documentation, you can finish your loan application quickly and get your loan approved fast.
File your tax returns on timeThere a number of different returns that businesses file regularly, like GST returns and income tax. Filing them on time, and producing the copies of the returns to the bank/finance companies is an additional proof that your business is legitimate and generating a certain amount of revenue.
Find more about the business loans from Aditya Birla SME Finance.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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