Most of the successful businessmen in the world have been from India. Our country has produced some of the best minds ever and these people have gone and succeeded in every field whether it is retail, pharmaceuticals, IT industries and many more. They took every opportunity to ensure that their business keeps growing, the cash keeps flowing and the profits keep going upwards. Surviving in a competitive market in India is not easy and hence it takes a great mind to be a good businessman.
Looking at such aspirations, Banks and NBFCs provide business loans for any businessman so they can succeed. These loans are given for reasons like;
Expanding their business
Launching a new store
Improving their working capital
Getting the latest machinery
Can any business man get a business loan from a bank?
Yes. All you need is a business which has been running since the past 2-3 years. The Bank and NBFC have criteria which you will need to fulfill. The criteria are a list of requirements which helps the bank in understanding if you will be able to repay the loan amount or no.
Is a good credit score important?
Yes. A good credit score is very important. Banks can analyze a person’s credit reliability just by checking your credit score. Credit scores range from 300-900 with 300 being bad and 900 being the best. Any score upwards of 750 gives you a good chance of getting your loan approved. It also gives you a chance of being offered a better rate of interest than other people whose credit score is bad or average.
Is credit score the only requirement for getting a business loan?
Like we mentioned earlier, there is a list of criteria which you need to fulfill. Some of these will include having all IT returns filed since 3 years, minimum or zero bounced cheques scenarios etc.
How Can I get a business loan from a Bank?
You can get a business loan from a bank when you fulfill your eligibility. In order to simplify it for you, please follow the below steps and you can get the best business loan via Ruloans.
Step 1 – Fill the business loan application form.
Step 2 – Our representative will discuss your case and accordingly apply to different Banks.
Step 3 – As per your eligibility and documentation provided, you will be notified of the best deal being offered to you.
Step 4 – Once the bank approves your application, get the loan amount in your account.
Hence, getting a business loan is very easy when you apply via Ruloans.