{"id":5912,"date":"2019-03-21T09:28:00","date_gmt":"2019-03-21T09:28:00","guid":{"rendered":"\/blog\/?p=5912"},"modified":"2025-02-03T15:39:15","modified_gmt":"2025-02-03T10:09:15","slug":"practices-that-will-get-you-a-business-loan-faster","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/practices-that-will-get-you-a-business-loan-faster\/","title":{"rendered":"Practices That Will Get You A Business Loan Faster"},"content":{"rendered":"\n<p>Getting\na business loan may be that timely boost that your venture requires as it\nexpands to meet higher demand. Speed is of the essence when you want a business\nloan. The ever-shortening deadlines, meeting with clients and prepping the\nbusiness for the next phase of growth can take your time. This is why as a\nbusiness owner, you should always practice a few things in advance. This\napproach will help you be totally ready when you actually need a business loan\nin a jiffy. Read on.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background has-vivid-cyan-blue-background-color\" href=\"https:\/\/tata-blog.osian.dev\/business-loan.html\">Know More<\/a><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li>Maintain all Documents<\/li><\/ul>\n\n\n\n<p>Let&#8217;s get the basics out of the way first. PAN, Aadhar\ncard, Passport, Voter\u2019s ID and Driving licence are the basics. Take it a step further with ITR and bank statements for past 6\nto 12 months. Beyond this will be things like PAN for the company, along with computation of income, balance sheet and\nP&amp;L account for the last 1-2 years. Do regularly get all financials\ncertified or audited by a chartered account. This will add legitimacy to the\ndocuments, and only brighten up your chances of getting business loans fast.\nDocuments like Trade Licence, GST credentials, as well as Sole Proprietorship\ndeclaration or certified copy of Partnership Deed if relevant may be\nrequired.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Build a Good History of Business<\/li><\/ul>\n\n\n\n<p>Lenders\nhave some criteria or guidelines when it comes to finalizing a business loan\nborrower. Profits are clearly a good way to attract lenders. As a thumb-rule,\nthe business taking even a small loan should be making a profit for last 1-2\nyears. Also, be sure that the age of the applicant should not cross 65 years\nwhen the loan matures in the future. On the other end of the spectrum, even if\na brilliant youngster with a great idea may find that a business loan is taking\nmore time. Lenders, like the rest of us, prefer to go for borrowers who have\nsome track record.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Get Collateral Ready if You opt for that Route<\/li><\/ul>\n\n\n\n<p>While collateral-free business loans are popular for smaller amounts, for larger requirements of sums more than Rs 50 lakh a security is necessary. For those borrowers who are self-employed and want cheaper interest rates, collateral-based loans are much faster and easier to secure especially if they need bigger loans. Financial institutions accept stocks, real estate, jewellery, and vehicles as collateral. Certificates of deposit, treasury certificates, bonds, receivables, machinery, equipment, and insurance policies are also assets that can be pledged to take loans.\u00a0<\/p>\n\n\n\n<p>The amount of the loan offered depends on the value of the collateral. Its very important to have clear titles ownership of such assets ready, even before the lender asks for them. In this way, you can get proper service and faster <a href=\"https:\/\/tata-blog.osian.dev\/business-loan.html\" title=\"Business Loans\">business loans<\/a> as and when you need them.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background has-vivid-cyan-blue-background-color\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/business-loans\/home\">Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Getting a business loan may be that timely boost that your venture requires as it expands to meet higher demand.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/business-loan\/practices-that-will-get-you-a-business-loan-faster\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":5915,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-5912","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Practices That Will Get You A Business Loan Faster - TATA Capital Blog<\/title>\n<meta name=\"description\" content=\"Want to know how to get a business loan faster? Maintain all documents, build a strong business history, and have collateral ready to speed up the process.\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Practices That Will Get You A Business Loan Faster - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Want to know how to get a business loan faster? 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