Do you run a successful business and now want to fast-track scalability? Well, then availing business finance is one of the quickest options for you. And, the best way to speed up your business loan credit disbursal process is to apply for it online.
When you apply for business finance online, the lender will adhere to the following steps:
- Document verification
- Loan approval and sanction
- Loan disbursal
Once lenders verify the required documents, they move forward with the loan approval. Finally, the loan amount is sanctioned and disbursed; meaning lenders deliver the funds approved in the borrower’s bank account.
Now, while there are no textbook ways to accelerate business loan disbursal, you can speed up the process by:
- Filling the loan application form correctly
- Accurately preparing the necessary documents
At the same time, remember to facilitate open communication between you and the lender. In this way, both parties can communicate clearly on what they expect from one another. Doing this will naturally speed up the process. Besides, lenders today are typically fast with the business loan approval process. But to move things more quickly, we take a closer look at two critical drivers of the process.
1. Application form
Incorrect application forms are usually the cause of credit delays, so ensure due diligence while filling one out. Fill the required data fields accurately and with complete transparency. Being upfront with your business condition is the best way to speed up the loan process.
As most lenders value honest communication, a lack of the same may prove unfavourable. Therefore, declare any previous debts or defaults. It is also best to quote your desired loan amount precisely, for which you can use a business loan EMI calculator online. Doing all of this allows lenders to know what you want, which automatically speeds-up the disbursal process.
Additionally, make sure to prepare the necessary documents in advance. You can receive a complete document checklist from the lender itself. As some papers may require CA audits, preparing in advance will speed up the process seamlessly.
- Carefully fill the application form to avoid errors
- Choose a suitable loan amount based on your repayment capacity
- For a swift business loan, apply after proper research
- Be transparent when communicating with the lender
2. Online loan application facility
Online lenders can provide business finance with a record turnaround time. Based on the borrower’s eligibility, they quickly process and approve/reject a loan to finalise disbursal. Paperless loans typically have a disbursal time clocked in days.
However, before applying for business finance online, use a business loan calculator on a lender’s website to assess the amount you can repay quickly. If your financial health does not match your desired amount, chances of online approval can turn slim. Moreover, market research allows you to make more informed decisions when choosing the loan terms, thereby speeding up the loan process.
Additional Read: How to Apply for a Business loan in 4 easy steps
Ready to take flight?
At Tata Capital, you can avail of unsecured finance at a highly competitive business loan interest rate. Benefit from our preapproved loans with highly flexible repayment structure. Best of all, we seek minimum documentation for swift approval.
To better understand our business loan eligibility criteria, log on to our website today!