Step-by-Step Guide to Applying for a Business Loan in India
Applying for a fast business loan at traditional lenders can be quite stressful. Buried beneath piles of paperwork and repeated financial scrutiny, it can be ages before your loan gets approved.
Here’s the good news: with an online P2P portal like Antworks Money, you can find the right lender who meets your specific requirements, in a jiffy. What more, the entire application process, approval, and sanction is transparent and hassle-free, putting an end to your woes and anxieties.
Popular Types of Business Loans in India
Before, you begin your application process; understand the different types of business loans available, so that you can pick the right one that matches your requirements.
Term Loans:
These are short-term, long-term or intermediate-term loans. The tenure of business loans vary from 1 to 3 years for short-term loans and can extend up to 10-15 years for long-term loans. The funds you receive via term loans can be used for any business objective like expansion, setting up a new branch, purchasing new machinery and so on.
Working Capital Loans:
As the name implies, these loans are provided to meet the day-to-day financial requirements of your business. Timely access to working capital is essential for the smooth functioning of any business.
Overdrafts:
These are temporary loans, usually provided by banks to current account holders. Using this facility, the account holder can overdraw a particular amount from his account, based on the agreed terms and conditions. Overdrafts are charged higher interest rates when the amount withdrawn, exceeds the agreed-upon limit.
Start-up business loans:
These are exclusive loans available to entrepreneurs who want to establish a start-up. Borrowers have to provide lenders with an extensive report of their business plan to get this loan sanctioned. These are mostly secured business loans, as the borrower has to submit collateral to avail the loan amount.
Here, you can find a detailed step-by-step guide to apply for business loans in India with Antworks Money:
Step 1: Enter Details
Start by providing a few essential KYC details about yourself and your business. Apart from these, you are required to provide further information about your loan requirements like amount requested, the preferred tenure, loan type, and others.
Step 2: Get a list of Customised Offers
When you provide your details, here at Antworks Money, we coordinate with an extensive array of lenders to provide you with a customized array of business loan offers, that matches your specific requirements.
Step 3: Compare and Choose
Here, you can compare the terms, interest rates, processing times, fees and charges of different lenders to choose the right lender who meets your specific needs.
Step 4: Contact Lender
Once you have decided on your lender, the next step is to contact the lender by clicking “Apply.” Once you click the apply button, your details are sent to the lender, who then gets back to you. Additionally, Antworks Money keeps you apprised of your loan application process by sending you timely alerts in the form of emails or text messages on your phone.
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