Things to Do Before Applying for a Business Loan - Loan Trivia

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Wednesday, 13 March 2019

Things to Do Before Applying for a Business Loan

Planning to take a business loan? Keep these things in mind before applying in order to ensure maximum chances of approval. 

Focus on improving your CIBIL score and credit history: If this is not the first time you or your business is taking a loan, focus towards improving your CIBIL score and credit history. You must have at least a year long credit history along with a CIBIL score of 750 or above in order to get easily approved. This goes without saying for people eyeing on unsecured business loan, which would be available only if the applicant’s credit eligibility is up to the mark.

Check your credit eligibility: If in case you’ve found the right scheme to apply for, move on to finding your eligibility. You must be eligible as per the eligibility conditions the lender has mentioned on their website. If you’re lacking and are not sure if you can qualify a particular condition and consult your potential lender if there’s any chances. If the lender agrees, well and good. But, if they don’t approve, work on improving your business loan eligibility.

Devise a repayment plan: Last but not the least, devise a repayment strategy which is practically doable i.e. practically easy to follow. You can take help from business consultants if you lack the required expertise to plan a repayment strategy.

Arrange all the required documents: Last but not least, check the list of required documents and collect them all in advance.

Read Also: How to Prepare Your Organization for a Business Loan

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