Quick Business Loan Approvals – Digital Banking Made Easy

Digital banking is fast becoming the new normal in India. While there is still a lengthy road ahead for total digital integration of the financial sector, at least the ground work is moving apace with latest technologies such as credit cards, net banking, e-wallets and now UPI as well.

How to take loan from bank for business:

Businesses often require capital in forms of loans for various purposes like starting, or continuing operations, or even expansion. Taking a business loan has become really easy and convenient over the years, you only need to follow a few simple steps:

• Identify needs : First step is to identify how much loan you’d require for your business.
• Put together relevant documents : Next step is to put together relevant documents for the loan. Ensure that the details and documents provided are truthful and verifiable
• Make an application : Fill out the application, by filling out requested fields and submit the same along with relevant documents
• Co-operate in assessment and verification : Co-operate by providing further information and assisting in verification in the assessment process, based on which the application will be approved or rejected
• Assessment results : Based on the assessment results, the loan will either be approved or rejected, in case of approval the loan amount will be disbursed in your bank account, in case of rejection, you’ll be intimated of the same.

Why Should You Choose Digital Banking for Your Business Loan?

Choosing digital banking for your business loan is a smart move that comes with several benefits that can greatly benefit your company. Some of the advantages of digital banking are as follows:

• Convenience: With digital banking, you can manage and apply for digital business loans from almost anywhere with Internet access. This makes the process quicker and more accessible by eliminating the need for tiresome trips to actual bank branches. With digital banking service, it’s not only the application for private business loans that has become more convenient, but post approval services and account management have become a game changer for lenders. These facilities which enhance convenience increase client satisfaction and stickiness.
  
• Speedy Processing: Business loan instant approval times on digital platforms are well known for being very swift. You can grab any time-sensitive opportunities or solve urgent financial demands with facilities like business loan online instant approval. Many digital banks can also deliver loan decisions in just a few hours or even minutes. All thanks to big data that the digital platforms leverage, the method of processing has simplified for the lenders which has resulted in quicker loan processing. With tools that assist in the decision making process with respect to risks associated with lending to a particular applicant, the assessment process which earlier was time consuming, has become time efficient.
  
• Cost-effectiveness: When compared to traditional banks, digital banks often provide lower interest rates and other charges. Over the course of the loan, your company could reap significant cost savings as a result. Digital banks often operate on thin margins, this coupled with the fact that modern digital banks leverage data and online tools helps them cut costs. Thus, enabling them to disburse loans at a lower interest rate compared to the traditional banks. This makes getting a business loan from the online platforms much cheaper as compared to the traditional ways of banking considering the lesser costs involved for the lenders.
  
• Accessibility: You can view your loan details and complete transactions around the clock using digital banking. Because of this flexibility, you can handle your finances whenever it’s convenient for you, independent of the regular banking hours. Digital banking platforms excel at accessibility due to lesser dependence on physical processes which gives them an edge over traditional banks that are still hesitant to leverage technology and are highly dependent on physical employees to help with accessibility of information. Digital platforms enable the user to leverage the digital bank’s platforms to access their loan application, for information and actionable purposes.
  
• Security: To protect your critical business data and financial information, reputable digital banks use rigorous security protocols. You can feel secure knowing that certain precautions, such as encryption and multi-factor authentication, are in place. This along with the fact that the digital banks deploy digital security enhancements, introduce new features and processes to increase security and bug fixes on a perpetual basis keeps the customers at ease as these steps are essential to ensure that the customer data is safe and secure and the digital banks are taking necessary actions to safeguard customers from a fraud.
• Paperless Transactions: By eliminating the need for document storage and paper-based transactions, digital banking supports environmental sustainability. This is consistent with modern corporations’ emphasis on environmentally friendly methods. Everything, right from documentation to payment transfer is done digitally, this reduces dependency on manual processes and human intervention and thus enhances the turn around time.
  

Digital banking is also helping businesses manage their finances in a more transparent and accountable manner. Business managers can now assign daily, weekly and monthly working capital to their executives and keep track of the expenditure in real-time through mobile app based ecosystems. Online banking is facilitating fast business loans and on-the-go money transfer for businesses, giving a veritable boost to their operational agility and saving many man-hours worth of productivity.

Going digital also means that all your financials can be verified through online processes, making it easier to get business loan approvals. For example; e-statements of accounts are now accepted by most financial institutions. Non-banking finance companies such as Lendingkart Finance offer online business loans by evaluating your digital bank statements, keeping the whole process of application to approval of a business loan online.

You can also renew your loan upon repayment by simply clicking on the renewal link in your Lendingkart account. You will receive the pre-approved amount without any paperwork or processing fees when you avail this facility. Here are the steps which will help your business in going digital and enable faster loan approvals for you.

• Link your Aadhar Card Number to all bank accounts, PAN, and company records. Aadhar and PAN linking has become mandatory for all, linking these well in advance will ensure that your loan application is processed smoothly without any hiccups. For the unaware – Loan only on aadhar card is not possible, PAN is necessary to avail loans, and it is imperative to link the two.
• Get digital copies of your business incorporation certificate, TAX compliance reports, GST filing and KYC documents. Save these files in a secure cloud service such as DigiLocker. Having digital copies of the documents relevant to your loan application may help speed up the application process. One of the major reasons for delay in application processing is unavailability of relevant documents. And the fact that most of the loan application lifecycles are moving online, digital copies of documents prove to be useful.
• Keep a track of your CIBIL score, and take steps to improve it further. A CIBIL score above 750 evokes a lender’s confidence in your business. Maintaining a good CIBIL is essential for anyone who’d like to take loans now or in the future. It is the first thing that the lenders check while making assessment of the application. CIBIL report gives a clear idea to the lender about the risks associated with lending to the applicant as all the data regarding past loans, like number of applications, repayment history, default (if any), outstanding loans, etc is readily available for the lenders’ reference.
• Use online business loan platforms such as Lendingkart Finance to obtain faster working capital loans in India. LendingKart offers a host of positives which makes the loan offers too good to be true. With faster loan processing, easy application, fully digital application, flexible repayment options, and attractive interest rates, applying for a loan with LendingKart is a no brainer. Also, LendingKart is customer centric, all the queries directed to us over emails, or helpline numbers are taken up on priority to ensure customer satisfaction.

If you’re looking for a digital bank loan in India, look no further. Lendingkart also has its own Android business loan app. You can simply download it on your smartphone and apply for a loan within minutes. The app also lets you keep track of your loan’s repayment and EMI due dates.

So, digitise your business today and avail all the benefits that come with it. To know more about Lendingkart interest rates and business loans, click here.