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Nowadays, after suffering a pandemic, the scope of self-employment has widened in the country. It offers numerous perks such as time flexibility, entire ownership and exposure therefore; self-employment is accelerating on high rate. However, the entrepreneurial skills demands initial investment otherwise unstable cash flow can impact your business adversely.

No matter, in what business you are but expenses like rent, working capital, office functions and productions can add up to huge burden on you. So, to tackle these financial obstacles, business loans have become greatest tool for self-employed individuals. You can "Apply For Business Loan" that will allow you to run your business smoothly in a shortage of funds.

ShubhBank offers a business loan made for your hectic schedule and provides needed funds for your business. We ensure our customers to avail the loan disbursal process as easy as possible but the borrower should also be aware of some factors which would help them to get a hassle-free business loan. Here, we have listed these factors:

Credit Score: It is an evaluation of the credit worthiness of potential borrower which will give the idea of client’s ability to repay the loan to the lender. This rating is directly proportional to the loan quantum to be raised for the business needs.

Therefore, if you have any existing loan then doesn’t delay in repayments otherwise it will lower down your credit rating resulting in business loan rejection. If you are in partnership business, the lenders often ask the credit details of every partner involved in the business.

Cash Flow: Each and every lending institution aims to provide the loan to successful business person as it will ensure the lender that the sanctioned amount will be repaid on time. Your business performance is assessed through various factors such as your bank records, balance sheets and ITR slips. If your firm indicates insufficient cash flow, then your ability to grab the business loan may also suffers.

Age of business: Any business that has been operational for less than one or two years finds it difficult to get a business funding for operational and manufacturing needs but the firms that have been in market for long years can submit their proof of annual revenues and financial stability through bank statements, ITRs  and audited balance sheet by CA can acquire a business loan easily.

Collateral: To lessen the risk of loan rejection, sometimes lender may ask you about pledging a personal asset as collateral. If you can offer security while you "Apply For Business Loan Online" or offline, it will increase your eligibility to get your loan sanctioned. Providing collateral to the lender will ensure them that you won’t default on loan repayments and make the EMIs timely.

Hence, a business loan is the great way to obtain the funds to run or expand your venture easily and efficiently but you have to plan your borrowing with certain care, high credit maintenance and robust business plan. So, one must think about the above mentioned factors before applying to grab a hassle-free business loan.


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