Business loan in Vellore – Simple Tips for Getting Approval Fast

Vellore is one of the best places to start one’s business because it a calm and peaceful location and there are many perks to be enjoyed here. However, to start a business, one needs a good amount of capital and even if one already has a business running here, it would need additional financing from time to time to take it to the next level. Here are some things that one can ensure to get approved fast for a business loan in Vellore and with the money acquired; one can fulfill their dream of setting up their own business.

• Good credit score: One of the most important things to remember to get approved for a small business loan in Vellore is to have a good credit score- preferably above 700. Business loans are unsecured loans and there is no need for the businessman to provide a guarantor or a collateral. However, the lender too needs to see that you are a good option to lend to and your credit score will reveal how you have managed your finances until now. If they are satisfied with the score, not only will they give you the loan but you can also negotiate with the lender for a better business loan interest rate.
• Meeting the eligibility: Almost banks or NBFCs like Bajaj Finserv have their own eligibility criteria for loans for business and one should meet them before applying for the loan or find that their loan application has been rejected. Almost all lenders have their eligibility calculator, which is an online tool that helps determine whether you are eligible to apply for the loan amount that you are expecting. The calculator will ask you for information like income, loan amount, loan tenure, loan interest rate and based on those factors, will tell you immediately whether you are eligible or not. If not, wait for a few months or a year, meet the requirements and then apply again.
• Come up with a good repayment plan: Paying the monthly EMI is a long term commitment and since the loan tenures are really long, often going up to 10 years or more, the lender needs to see whether you are in a position to make such a long term financial commitment. For this, you need to come up with a good repayment plan, based on the returns that you expect from your business. Show your lender where you wish to see your business in the next ten years and how much monthly profit you expect to make and that it would be sufficient to cover the EMIs comfortably. If the lenders see that you have a good repayment option, they will be eager to lend you the money.
• Having all the proper documents: Another factor to get approved fast for a quick business loans is to have all your documents in place. The documents are a proof that your business is running smoothly and they would include KYC documents, all the documents related to business like address proof of the warehouse or factory, TAN of the business, IT returns of the last three consecutive years, bank details and other documents that the lender might want. Today most banks and NBFCs like Bajaj Finserv have minimal documentation, what with online loan applications and all, but the documents are still required in the final stages of verification and the sooner you have them in order, the faster the loan will get approved.

Hence, by keeping all these factors in mind, it is quite easy to get approved for a business loan in Vellore really quickly and set your plans in motion for having a business of your own.