With financial institutions slashing their borrowing rates, the number of individuals seeking both secured and unsecured credits has increased exponentially in the past years. Additionally, the emergence of online means of applying for loans like business loan apps has made it even easier for individuals to apply and avail such financial assistance for business purposes.
Thus, if you are seeking a business loan, only a few taps on your smartphone can help you apply and avail a loan from a financial institution of your choice.
Things To Know Before Applying For A Business Loan Online
A business loan is an unsecured advance which you can use to invest in various aspects of your business like infrastructure, upgraded machinery, inventory maintenance, etc.
Before applying for a loan, the first thing you should know is whether you are eligible to avail it and the documents you will need to submit for the loan. For instance, to avail a business loan, you will need to comply with following eligibility criteria –
- You should be between 23 to 55 years of age.
- Your current business should be at least three years old.
- You should file the returns from your business for at least the past year.
These are the general eligibility criteria to avail a business loan. However, you should check with your preferred financial institution to ensure that you comply with their eligibility criteria. Additionally, you can use a business loan app to calculate your eligibility to avail the loan by using an eligibility calculator.
After knowing your eligibility, you should check the documents you need to submit to avail the business loan. For instance, some of the documents required include –
- KYC documents
- Business proof certificate
- Your bank account statement from last month
- Other relevant financial documents
Some financial institutions require certain additional documents as well. So, check with the lender to ensure that you have all the documents you need to apply for the loan. Previously, the documentation process was cumbersome and led to many hassles in the loan application process. However, when you apply online or via a mobile app, the chance of encountering glitches in documentation are negligible.
Thus, with these few things in mind, you can move to the loan application process.
How To Apply For A Business Loan Online?
The process of applying for a business loan online is simple. After checking all relevant information like eligibility, documents required, and your repayment amount, you can proceed to the application process.
To apply online, you need to visit the website of your preferred financial institution. There you will have to follow the proper link to apply for a business loan, fill out the required information, attach your documents and use.
To make things even simpler, most financial institutions have introduced a quick loan app that makes the process of availing loans faster. For instance, Experia, introduced by Bajaj Finserv, is an app that has streamlined the loan application process. For instance, you can use the app to find every detail about the loan, apply for it and even pay your EMIs.
Additionally, Bajaj Finserv also brings pre-approved offers that make availing loans faster and easier. These pre-approved offers are available on several financial products including business loans, home loans, and personal loans.Â
How Can You Avail Loan Via App?
If you want to apply for an easy loan using a mobile app like Bajaj Finserv App, you need to follow the steps below –
- Download the app on your smartphone from Google Play Store or Apple Apps Store.
- Install it on your phone and register yourself.
- Choose the type of borrower you are- either salaried or self-employed.
- Find the type of credit you want to avail and follow details to apply.
Thus, applying for credit using a business loan app is the easiest process to avail it. Additionally, features like choosing your preferred language, eligibility calculators, and EMI calculators. available on the app helps you along in the process of availing a business loan.