Goa is mostly known for its beaches and party hotspots but few know that it is also a humming commercial center and has great potential for business. A businessman can very well start his venture here and there are many banks and NBFCs like Bajaj Finserv operating here that can offer quick business loans to help you set up your business or take care of the myriad of things that running a business entails. Here are five simple tips that will help you secure a quick business loan in Goa very quickly.
- Good credit score: Loans for business are unsecured loans- that is loans without collateral or guarantor- and hence it is important that you have a good credit score that will convince the creditor to give you the loan. A credit score above 700 is considered and if it is below 600, then it is best to take some time to improve the score and then apply for the loan. Try not to miss out on bill payments or be overdue on your credit card repayments that can adversely affect your score.
- Opting for the Right Loan: There are many quick business loans options available and doing some quick research and having a better understanding of one’s purpose will make the loan process less confusing and complicated. Do you need a loan to buy new equipment, or do you need a working capital loan to take care of the cash flow for a period of time? Or do you need the loan for a long tenure to completely overhaul your business step by step. By getting the right loan, you will be able to get the maximum benefits out of it.
- Check Eligibility: To be eligible for a small business loan, one needs to be eligible for it and the criteria can easily be checked through the online eligibility calculator tools that most banks and NBFCs have on their websites. These tools will ask for some basic information like current income of the businessman, loan tenure, the business loan interest rate offered by the company, any other sources of income and calculate whether one is eligible for that loan amount. Even if one is not, it is still simpler to prepare oneself to meet that eligibility criteria and apply again in some time.
- Good Payback Plan: There is a need to offer a good payback plan to your creditor, especially if the loan is being taken to tide over a particularly difficult time in your business. Every business has ups and downs but if you have a good blueprint of the company that you can provide your creditors and they are convinced about the repayment option you have in place, then they will still lend you the money. Quick business loans do not have a very high maximum limit but it is still more than enough to take care of the lack of cash that many businesses go through. Over time, this lack can be made up when the business starts making profit again- thanks to the good use the money is out to- and the lender is paid back again.
- Right Documentation: To get a business loan in Goa quickly enough, one has to ensure that the documents are all in place. Quick business loans require less paperwork anyway, but there are certain documents to be produced during the final stages of verification like KYC documents, bank details of the last six months, IT returns of the last three consecutive years, proof of business through TAN or sales tax documents and any other documents that the lender might require. If all goes well, then the loan can be approved in 24 hours.
If you take care of these five major aspects, then your business is Goa is soon going to take off and bring you great profits in future.
