1) How much time it takes to get a loan for business from banks and NBFCs?
Ans: The time taken for loan amount disbursal varies from one financial institution to other. If you submit the documents in a timely manner, the loan can be processed faster. Usually it takes 3 to 4 days to process the loan.
2) How to apply for a business loan?
Ans: Apply for business loan online at Loanbaba:
- business loan apply page.
Fill the loan application form on the
Compare, select, and apply from top providers of business loans in your city and drop your loan application online.
No need to visit our office or bank/NBFC branch. All the procedure will be completed online.
You do not have to pay us any service fee. Our services are completely free-of-cost.
3) Will the business loan carry fixed interest rate or floating interest rate?
Ans: Most of the business loans carry fixed interest rates. However, in certain cases, a floating rate may be applicable. Check details of the loan scheme to understand the type of interest rate applicable.
4) How to speed up the business loan application process?
Follow below mentioned steps to get your business loan application processed faster:
You should maintain a good credit history and score. It will assist you in gaining trust of the financial institutions about your credit worthiness, and help in getting the loan application approved in a timely manner.
Apply for a loan amount that is suitable as per your repayment capacity. Banks and NBFCs study your financial profile and business’s annual turnover before approving a loan amount. If the amount required exceeds your repayment capacity, the loan application can be rejected.
Provide all necessary documents such as your residence proof, ID proof, age proof with the company documents. The documents need to be uploaded online with the application form.
5) How to get a start-up loan?
Usually, a traditional business loan is only offered if the business vintage is at least 3 years. However, you can think of alternative funding options such as a loan against property or gold loan to fund your start-up business.