Get A Business Loan In 3 Days - Business Loan Blog - Tata Capital

How to Get a Business Loan in 3 Days:

Mar 07, 2017

Finance is the lifeblood of every small business. Irregular cash flows and other problems can choke the company's progress. That is why many business owners opt for business loans to tackle such issues. However, it can take a great deal of time for traditional institutions like banks to process a business loan. This can prove to be a great challenge if the company has to battle a time crunch.

Here's how you can avail a business loan in just three days:

  1. Choose the loan type
    So you want to avail a loan to fund your business. Good idea, but did you know that there are different loans that cater to specific business needs? For instance, Tata Capital offers term loans, working capital loans, overdrafts and start-up loans. All you need to do is select the type of loan that best suits your funding needs.
  2. Check your eligibility
    Every Bank and Non-Banking Finance Company (NBFC) lists out the eligibility criteria for a business loan. You can usually find out all the details on the company's official website. Make sure you fulfil all the criteria before you apply. This saves you a lot of time and work. No point in going through the entire process only to find out that you are not eligible for the loan.
  3. Select the loan amount and tenure
    Alright, so you meet the eligibility criteria set out by the Bank or NBFC. The next step is to select the amount and tenure for the business loan. It is better if you already have a number in mind already. This makes the process much faster.
    However, it may be possible that you haven't yet arrived at the magic figure. It is not a big issue, though. Simply check out the business loan EMI calculator to find out what works for you. You can adjust the loan tenure or amount based on how much your business can afford to repay every month.
  4. Submit your application
    After this, just fill out the online application form available on the lender's website. Once you are done, the Bank or NBFC connects you with a sales executive who goes through the entire process with you. Tata Capital, for instance, schedules a call with an executive based on your convenience to take the process forward.
  5. Keep the documents ready
    The Bank or NBFC sends over a sales executive to your doorstep to collect the necessary documents. It is in your best interest to keep all the documents ready well in time. This only acts to your advantage because it helps you to receive the loan right on schedule.
  6. Loan disbursal
    It is time for you to start celebrating if you have reached this step. Your company is about to receive the funding. After you submit your application and documents, it takes some time for the lender to process everything.

    The processing time can vary between different lenders. For some lenders, it can take up to a week to disburse the loan. But in the case of Tata Capital, you can receive the loan amount in just three days, provided you satisfy all the requirements. And the best part, you can finish the entire process without stepping out of your office.