One of my friends asked me a question what is the best option to take a quick business loan?
I told him personally. But I think you also need to know the right answer. So this article is only for you. These days there are different methods to take an instant business loan. But, you will need to know the right one.
We will give you the best 5 methods to get quick business loans.
The 5 Best Methods to Get Quick Business Loan
1. Pre-approved Loan
A pre-approved loan is the best & easy method to get a quick business loan. Loyal customers will get the pre-approved loan. Different banks such as SBI, HDFC, and Axis offer instant pre-approved loans. You may be eligible for up to Rs. 10 lakhs pre-approved loan. It will fulfill your needs. The pre-approved loan interest rate can be 9.65% to 18% p.a.
Remember Points to Get Pre-approved Loan
- Maintain good bank statement
- Maintain a healthy credit score
2. Term Loan
Banks / NBFC companies provide up to Rs. 1 crore term loans. This is short-term loan tenure of 1 to 5 years. The term loan is a collateral-free loan. So, you take this loan without security. Business owners take the term loan within 3 days.
Remember Points to Get Term Loan
- Maintain ABB(Average Bank Balance)on the statement
- Minimum 700+ CIBIL required
- Minimum 3 years of vintage proof required
3. Working Capital Loan
You may take a working capital loan for your business capital needs. It is one of the popular loans for business owners. Get Rs. 1 lakh to Rs. 50 lakhs loan through this segment. Some banks/ NBFCs offer up to Rs. 1 crore loans.
Remember Points to Get Working Capital Loan
- CIBIL Score 700+ need
- Maintain Average Bank Balance
- Required Vintage proof
4. Unsecured Loan
Most business owners love unsecured loans. Because you can take the loan without security. You will get the loan through business documents. This is also a collateral-free loan. Take the benefits of unsecured loans up to Rs. 1 crore. The loan will depend on how your business size.
Remember Points to Get Unsecured Loan
- The minimum Credit Score of 700+ Need
- Maintain bank statements Rs. 10,000 or more
- Income Tax file / Trade License required
Also Read: Get an Emergency Loan to manage expenses
5. Secured Loan
If you don’t have a good bank statement, you may take a secured loan. This loan is also called a loan against property. Bank will take your commercial or residential property as a security & give you a loan for the long term. The maximum secured loan tenure can be 20 years.
The secured loan interest rate can be 9.65% to 14% p.a. Take the highest loan up to Rs. 5 crore through this segment.
Remember Points to Get a Secured Loan
- The minimum Credit Score: 700+
- Required Property Paper (Deed, Tax, and Mother Deed, etc.)
- Business vintage proof
- 12 months bank statement
- Good Credit Score of Co-applicant
Required Documents for Business Loan
|Identity Proof||Aadhaar Card |
Voter ID Card
|Address Proof||Aadhaar Card |
Voter ID Card
|Residential Proof||Utility Bill |
|Income Proof||Bank Statement |
Vintage Proof (IT File/ MSME/ Trade License)
|Other Documents||Co-applicant Aadhaar Card |
Co-applicant Pan Card
Passport Photo / Selfie Photo
Also Read: Business Loan Eligibility Documents
Eligibility Criteria for Business Loan
- Applicant should be Indian Citizenship
- Credit Score: 720+ Need
- Age: 21 to 60 years
- Maintain Average Bank Statement of Rs. 15,000
- Vintage proof should be 3 years old
How to Apply for Business Loan
Step 1: Directly click on the “Apply Now” button.
Step 2: Required to fill in all the details.
Step 3: The third step is the documentation process.
Step 4: Give all your documents to our customer representative
Step 5: Now, Banks or NBFCs Company will verify your documents & you will get the loan eligibility call.
FAQs on Business Loan
Can I get Mudra Loan for my business?
You may get the Mudra loan. But you need to fulfill the basic eligibility. Contact your nearest branch to know more.
What is the easy way to get a business loan?
The pre-approved business loan is the easiest method. But you may also try Working Capital Loan, Term loan for your business loan needs.
What is the interest rate of a business loan?
The interest rate can be 9.65% to 36% p.a. Your interest rate will decide by lenders & your credit score.
What is the highest business loan can I get?
As a business owner, you may get Rs. 50,000 to Rs. 5 crore business loans.