Offers
Rates
V-KYC
Debit Card Related
Credit Card Related
SA Welcome Kit 
Manage Mandate(s)
Get Mini Statement
categories
Bloggers
Blog collection
Press Release
How do you get a loan to start your business?
Posted on Monday, June 13th, 2022 | By IndusInd Bank
As an entrepreneur or a small business owner, probably the biggest challenge that one faces is how to raise capital. Finance is a critical requirement to build a business and small businesses do not necessarily have the track record to get their funding requirements met by most major banks.
Therefore, for small businesses it becomes exceedingly important to prepare and do some ground work before approaching a major bank for their funding requirements. In this blog, we discuss some of the things that small business owners must do in order to have a better shot at securing a business loan for their business, the different types of business loans that they can go for, and how they can actually apply and secure a small business loan.
First things first
The first thing that any small business would need in order to secure financing is some substance. It is not like a bank would give you the money that you need solely based on your amazing idea. You will need to do some ground work, some hustle to get things started. Before you even think of approaching a bank for a business loan, you would need to get the following things in order:
Business plan
Have a detailed business plan for your business. Write your ideas down and think of every small detail. What is the market size of your industry? Who are your competitors? How much money can you start generating? What is your USP? You should be ready with detailed answers for all these questions.
Some cash flow
Another thing that you would need is some kind of cash flow. So, before getting any financing, you will need to do some hustle and get the ball rolling at least a little bit. Try to think of ways in which you can start selling your product or service without much upfront capital. If you need capital, maybe raise small amounts from friends and family but get the ball rolling and build a revenue stream.
Good credit score
Lastly, you would need a good credit score. Any bank will most definitely check your credit score before lending you any money. If you have a credit score of around 700, you should be fine.
How to apply for business loan with IndusInd Bank?
Business loans by IndusInd Bank are a quick and easy way to secure financing for your business for a number of requirements such as Inventory financing, capital expenditure financing, short term cash needs, salary commitments, and much more.
With IndusInd Bank, you get best-in-class interest rates, a hassle-free quick online application process, minimal documentation requirements, and much more.
You can apply for a business loan online with IndusInd Bank in the following steps:
- Go to the bank’s website and navigate to business loans section.
- Click on ‘Apply for a business loan’.
- To complete the application, you will need to provide some personal information, information about your business and supporting documents, which includes company financial statements, bank statements, ID cards, etc. For a full list of required documents, please click here.
- If everything checks out, you will have the money disbursed to your account in no time.
Last words
So securing financing as a startup or a small business will require some work but the effort will be totally worth it in the end. With IndusInd Bank as your banking partner, you will have access to quality banking with best in-class features and benefits on all of its products. To know more about IndusInd Bank business loans, visit our website here.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
