A business loan helps fund your urgent monetary requirements of expanding your business, clearing due debts, purchasing machinery etc. However, your work does not end with clicking on the business loan apply online button on the lender’s site. Your work, in fact, begins once you apply for business loan.
Regular follow ups on your application status must be conducted to be aware about the reason for the delay or any complication attached with the disbursal process, which at times you may address and solve. Delays may be in the form of incomplete document submission, any incorrect information in the application form etc. Keeping a thorough check on your business loan application status allows you to be informed about the loan disbursal time as it differs from lender to lender.
Checkout some popular ways to track your business loan.
- Via net banking or online portal
If you are not yet registered with the net banking feature, then you must do so at the earliest. Every financial institution provides the net banking feature via which you can easily access your account as well as conduct all your banking transactions. Apart from offering info linked with your savings account, net banking also offers info about your credit cards or any existing loans. Thus, you can track your business loan application by placing your loan details on this platform.
- Via mobile application
To enhance your banking experience, many financial institutions have built their mobile app. You can download the banking app easily from the play store. Once downloaded, you must type the necessary details to know your business loan status on the app. Usually you get an OTP (one time password) to your registered phone number to use the app.
- Via offline mode
If you are not registered with net banking or mobile application, you still can track your loan application status offline by either writing an email to the financial institution or directly calling the customer care to know your status. For both the offline modes, you must provide your important loan info to the financial institution. Alternatively, you can also approach the financial institution’s branch to be aware about the loan application status.
Processing time of your business loan application differs from lender to lender wherein credit score plays an essential role in the approval process. Financial institutions give maximum weightage to credit score because it depicts your company’s repayment capacity and creditworthiness. A higher credit score of 750 and above is preferred by the lenders while a lower credit score of below 750 either means outright rejection or approval at relatively higher interest rate. Thus, maintaining a good credit score is of paramount importance before you apply for business loan. A good credit score automatically enhances your chance of loan approval and ensures instant loan proceeds disbursal, which reduces the need to track the application status.
Hey, this is Johny Sehgal. I am the owner and caretaker at Finance Jungle. I completed my education in BSC and now heading towards the digital marketing industry. I usually have interests in reading, playing games and watching movies. I also love to write content based on quality information. The main motive of mine is to provide the top and best quality information to my readers. Finance Jungle is the blog for the same.