{"id":9639,"date":"2020-05-15T13:33:07","date_gmt":"2020-05-15T13:33:07","guid":{"rendered":"\/blog\/?p=9639"},"modified":"2020-05-15T13:37:35","modified_gmt":"2020-05-15T13:37:35","slug":"tips-for-getting-your-business-loan-approved-in-first-attempt","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-business\/tips-for-getting-your-business-loan-approved-in-first-attempt\/","title":{"rendered":"Tips for Getting your Business Loan Approved in First Attempt"},"content":{"rendered":"\n

Hesitating\nto apply for a business loan because your turnover is too low, or you don\u2019t\nhave enough collateral? Don\u2019t give up just yet! First, without capital, your\ndream of running your own business and becoming financially independent may\nnever take off. <\/p>\n\n\n\n

Know More<\/a><\/div>\n\n\n\n

According\nto Business Insider, 82% of small businesses fail because of cash flow issues.\nSecondly, not every lender follows the same process when reviewing your\napplication for an SME loan. Success depends on finding the right lender who\ncan grant your request for business loan instant approval.<\/p>\n\n\n\n

Here\nare some ways in which you can boost your chances of business loan\napproval, hopefully at the very first attempt:<\/p>\n\n\n\n

Compare loan providers online<\/strong><\/p>\n\n\n\n

Thanks\nto loan aggregators, there is a wide array of providers you can choose from\nbased on your unique requirements in terms of tenure, the amount required,\ninterest rate, etc. What\u2019s more, many non-bank finance companies use\nalternative credit strategies to process loan applications faster. So go\nthrough every lender’s requirements and processes carefully before making a\nchoice.<\/p>\n\n\n\n

Check eligibility<\/strong><\/p>\n\n\n\n

To\navoid disappointment, carefully check whether you meet the prescribed\neligibility criteria of the lender before you apply for a business loan. Most\nloan providers require you to be of legal age, have a steady source of income\nand have proven business\/professional credentials that qualify you to start\nyour venture.<\/p>\n\n\n\n

Additional Read – <\/strong>5 Simple Ways to Improve Your Chances of Getting a Small Business Loan<\/a><\/p>\n\n\n\n

Check your credit score<\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

If\nyou have defaulted on unsecured loans in the past, your credit score would be\nimpacted. However, if you have taken steps to consolidate your debt or settle\nit, you may be able to find favor with lenders. To better your chances, you can\ninclude a debt settlement plan along with your application to prove that you\nare taking steps to up your credit score.<\/p>\n\n\n\n

However,\nthe lender will still consider any residual balance that was waived during the\nsettlement process to decide to grant you the loan.<\/p>\n\n\n\n

Additional Read – <\/strong>Why Credit Score is Important While Availing a Business Loan<\/a><\/p>\n\n\n\n

Provide accurate and complete information<\/strong><\/p>\n\n\n\n

You\u2019d\nbe surprised to know that the majority of business loan applications are\ndeclined because of easily avoidable mistakes in the application form. Lenders\nhave a variety of verification tools available at their disposal to\nauthenticate the information you provide to them. In the event of incorrect or\ninsufficient information, your loan is likely to be rejected right away. There\ncould be legal implications as well.<\/p>\n\n\n\n

High debt to income ratio<\/strong><\/p>\n\n\n\n

If\nyour annual EMI outgo equals 40% or more of your income, the lender can assume\nthat you may not be able to repay on time. In such a situation, you may need to\nleverage any asset – either owned by you or a business associate – as security.\nAlternatively, you can opt for a collateral-free loan for business.<\/p>\n\n\n\n

Finally,\ninclude a strong business plan accompanied by a cover letter to let lenders\nknow how you intend to utilize their money.<\/p>\n\n\n\n

If you are looking to get a quick business loan<\/a>, look no further than from Tata Capital. Tata Capital\u2019s loans are easy to get with minimal documentation and affordable interest rates.<\/p>\n\n\n\n

Apply Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Hesitating to apply for a business loan because your turnover is too low, or you don\u2019t have enough collateral? <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":9641,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-business"],"yoast_head":"\nHow to Get Business Loan Approval in First Attempt?<\/title>\n<meta name=\"description\" content=\"Is it possible to get your Business Loan approval in the first attempt? 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