What to do before apply for loan?


#1

is there anything I need before I want to apply for loan


#2

Before applying for a loan, it is good to have a clear idea of why you need the loan at all. A clear reason such as to pay off suppliers or to buy machinery or meet your day to day expenses etc. Once you have that clarity you can compare the different lenders in the market on the basis of the rate of interest, maximum amount they can lend you, repayment terms etc and pick out the one that suits your business need.

Next step is to check whether you are eligible for taking a loan. There are certain criterias such as minimum turnover, appropriate age, credit score etc, which you should check and have all the documents ready, before you apply for the loan. The last step is to apply for the loan through a bank or an NBFC, depending on your requirement. NBFCs disburse loan quickly and also offer loans without attaching any security.