With small business loan pre-approval, you can get instant access to capital.
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When it comes to a business loan pre-approval, it is crucial to meet the required eligibility terms set by the lending institution. These offers work just like other pre-approved financial products, which are available only to those eligible based on their credit portfolio.
This means that the lender tracks and assesses their clients’ financial behaviour to see if they have a profile that makes the cut. So, if you get a pre-approved business loan, you can benefit from it in many ways.
Features and Benefits of Pre-Approved Business Loans
Flexible Payment Facility
Certain pre-approved business loan offers may have the Flexi Loan facility. You can pay the interest only for the initial portion of the tenure, and repay the principal at the end.
High Loan Value
You can get a pre-approved business loan offer for up to ₹50 Lakhs, and use funds freely.
Low Interest Rates
With leading lenders like Bajaj Finserv, pre-approved business loan rates are nominal.
Minimal Documentation
Lenders already have your information, and you need to submit only basic documents.
Dashboard Access
Enjoy access to a dedicated loan portal to track every detail concerning the loan.
Quick Application Process
With business loan pre-approval, you don’t need to apply. Simply avail an existing offer.
To pre-qualify for a business loan, you must meet the following eligibility criteria:
You should be between 21 to 70 years old
You should own a business that is at least 3 years old
You must have filed the tax returns in the name of the business at least once
Remember, these criteria are general, and the decision to give you a pre-approved offer is entirely at the lender’s discretion.
Here are some general documents you must submit to get a pre-approved business loan:
Identity proof
Address proof
Financial documents of the business (bank statements, ITRs, and more)
Proof(s) of business ownership
The lender may ask for additional documents, depending on your application. The lender will inform you about this through the contact information you provide. So, be sure to keep an eye on your inbox during the processing of your application.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
FAQs on Pre-Approved Business Loan
What is a pre-approved business loan?
Pre-approved loan offers are the ones where the lender has already assessed your profile and made an offer available based on it. Since the assessment is already done, the processing of these offers is relatively quicker than regular loan applications.
Can we get pre-approved loans instantly?
The processing of pre-approved business loan offers is relatively quicker than regular ones. As such, you may be able to instant approval and disbursal. This is also why it is often advised to check if you have a pre-approved offer.
Can the lender reject a pre-approved loan?
Yes, the lender can reject a small business loan pre-approval or any pre-approved offers. However, it is very unlikely and generally happens when there is a dip in your credit score and overall creditworthiness.
What is the eligibility for a pre-approved loan?
The eligibility differs based on the lenders. However, the majority of lenders have simple requirements, such as a good credit score, stable cash flow, and more. To pre-qualify for a business loan, you can meet these criteria and check your offer before applying. However, keep in mind that the lender can reject a pre-approved loan application.
