Getting a business loan can sometimes be a tedious task. However, with the digitization of financial institutions, applying for a loan for business and checking your application status is now very easy. Getting updates about your application status is your utmost priority as you are waiting for your capital to get deposited in your account so that it can be put to use in your business.
In this article, we will discuss at length about the various methods through which you can check your application status for a business loan online. Financial institutions like Fullerton India have now made it super easy to check your application status online
Methods to Check Application Status for Business Loan
- a) Tracking application status via Mobile App
Almost all the financial institutions have their own mobile app to serve their customers in a better way. You will have to first download the dedicated mobile app of the financial institution at which you have applied for the loan. If you are new to the app, then you will have to first sign up using your phone number followed by a entering a high-security OTP (one time password) received on the same number. After verifying the OTP, the bank’s mobile app will take you to your loan section where you can finally check the status of your application for the loan.
- b) Tracking application status offline
Those who still like to do things the old-school way can check their application status through offline mode too. You have to first call the customer care department of the financial institution. They will probably ask for some personal details like your contact number or your application’s identification number. After verifying your personal details, you can then ask for the status of your application for the loan.
Now that we have talked about checking the application status of a business loan, let us also have a look at the business loan eligibility.
Business Loan Eligibility Criteria
Age: Indian citizens who are a minimum of 21 years of age and maximum should be 65 years of age
Who can apply?
- educated youth
- self-employed professionals
- self-employed non-professionals
- small business owners
- women entrepreneurs
- people from SC/ST category of society
Also, public and private limited companies, sole proprietorships, limited liability partnerships, partnerships firms, closely-held limited companies and many more business entities are eligible to apply for business loans.
- Application form: Duly filled
- Business Plan with financials
- Passport-sized photographs
- Identity Proof: Valid passport, PAN card, driving license, voter’s ID card and Aadhar card
- Age Proof: Voter’s ID card, driving license, PAN card or passport
- Address Proof: passport, voter’s ID card, utility bills
- Income Proof: Salary slips, bank statement, information of income from other sources
- Business Address Proof: Rent agreement, property papers, lease document, etc.
- Financials like ITR/P&L statement or balance sheet and bank statements, as per bank’s requirements
- Credit/CIBIL report
Applying for a business loan is a big step for anyone. From an individual entrepreneur to a small business debt is huge risk. However, this risk can pay handsome rewards if managed properly. This article has given you all you needed to know about the application status of a business loan also business loan eligibility. Digitization of application process by financial institutions like Fullerton India has really made the life of borrowers very easy. With most of the paperwork now replaced by online forms, both applying for a loan and checking its application status is very simple now. If you have all the papers in order, then entire process can be completed in a very short duration of time without letting you sit idle in the wait for money to put into your business.