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5 Tips for MSME Business Loan Status Check

5 Tips for MSME Business Loan Status Check

Securing business finance typically takes longer than regular loans. This is because lenders perform rigorous checks to ensure you can repay your loan before approving your application. Now it’s an important process for lenders to do as it tells them if the borrower has the credibility and the ability to repay the loan timely.

That said, if your application processing is taking an abnormally long time, it is best to run an MSME business loan status check.

Tracking your loan application can tell you the stage of loan processing and if your application had any errors along the way. It also helps ensure that you don’t miss any payments or identify any issues with your loan application that need to be addressed.

So, if you haven’t already, track your application today. Need tips to make tracking smoother?

Here are five tips that should follow for an easy MSME business loan status check.

Five tips for an easy loan status check

Make tracking your loan status more convenient by reducing the need to perform a check in the first place and by knowing how to track your loan application. Here’s what you can do.

 #1 Maintain a high credit score

Your credit score plays a major role in determining your business loan eligibility and impacts your loan approval chances, given it reflects your repayment capacity. Naturally, having a better credit score (above 750 points) ensures your loan approval is smoother. This means you lower the chances of having to track your application too. So, have a good score before filing your application. Also, you get an access to wide range of loan options and lenders.

Another benefit of having a high credit score? You can negotiate for better MSME loan interest ratestoo! This is because, as mentioned earlier, lenders view borrowers with higher credit scores as less risky and more financially responsible,which makes way for you to negotiate better MSME loan interest rates.

Additional Read: How to Get a Small Business Loan from the Government

#2 Ensure your documents are in place

Lenders check your documents and verify your eligibility before approving a loan. So, check your lender’s documentation requirements and submit them carefully with your loan application form. Documents that you require to apply for an MSME loan for a new business are as follows:

#1 Photo Identity proof

#2 Business proof

#3 Income proof

#4 Bank statement

#5 KYC documents

These are the standard documents that any lender would require while applying for an MSME loan for new business.

#3 Duly fill out your application form

Did you know one of the top reasons for extended loan processing times is a poorly filled loan application form? This makes it all the more important to check your application before sending it. In fact, you can minimize errors by filling out an online loan application. Here, you can avoid common errors like missing information since you are prompted to fill in the necessary details at every step.

Plus, online applications are often processed faster than paper applications, and you may receive a decision on your loan application within a few days.

#4 Know the application tracking portals

Most reputed lenders provide multiple modes of tracking your business loan status, including a web portal, email, a customer care helpline and even an offline service to make tracking convenient for you. However, these services can vary between lenders. Needless to say, knowing your lender’s loan tracking portals beforehand can make checking your loan status much easier.

For example, some lenders provide a web portal or mobile app where you can view your loan balance, payment history, and other details, while others may send regular email updates or provide a customer care helpline.

#5 Keep your loan details ready

The last thing you want when checking your MSME business loan status is not being able to access the tracking portal. Hence, you must have all the necessary details ready on hand. Usually, this includes your loan reference number, PAN card information, etc., depending on your lender requirements.

Additional Read: 5 Tips to Create a Balance Sheet for your Business

Final word

With the above tips in hand, you never have to wait endlessly to track your loan application. However, if you’re looking for a lender offering quick loan processing times in the first place, turn to Tata Capital. Along with affordable loan rates, we offer flexible EMI plans too.

Need help choosing a loan plan that matches your budget? Use our business loan EMI calculator to help you out.

Apply Now

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