GST Course

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


(Guest)

Why is it so hard to get a business loan?

There can be a number of underlying reasons behind why it is difficult to avail a business loan. Since yours is a start-up of sorts, lending institutions are wary of granting loans in such cases as new ventures are considered risky. This is the reason why a lot of individuals opt for bootstrapping. Once the business acquires some momentum and you have a few years of existence and good turnover to show to the lender, getting a loan is cakewalk. Having said that, it does not mean that all doors are closed for people looking to start something of their own.

You should take a look at the business loan eligibility criteria of the lending institutions. Following this, you can eliminate unfeasible options and shortlist those loan schemes which fit your profile. Here, you should look beyond banks and consider other credible lenders as well. There are Non-Banking Financial Companies like Bajaj Finserv that provide business loans at minimal interest rates in almost every city in India.

If you have any asset of value that can be used as securitize or mortgage, you should consider availing a secured business loan.

 



 2 Replies

Amit Kumar

Amit Kumar (MBA finance)     21 May 2018

There can be no. of issues in your documents or you are not meeting their eligibility criteria to get your business loan. Every bank or NBFC has their own criteria, whetherto give you funds or not. As from personal experience I was certainly looking for business loan of 7 lacks for my bakery machines, but got rejected due to turnover of my business. But my application got accepted by Lendingkart. NBFC is definitely life saviour!!

samuvel

samuvel (finance)     08 September 2019

Getting business loan  is very difficult in bank and nbfc. You can try for  private business loan

.One of the website which i known for private business loan in chennai is www.vpsfincorp.com


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading
Start a New Discussion

Popular Discussion


view more »





Subscribe to the latest topics :
Search Forum:

Trending Tags