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  • 22 Aug 2018
    If you require funds to finance your business, then you can avail a business loan. You can utilize funds for expansion of your business or for maintaining its smooth operations. A business loan comes in as a handy tool which provides you with the required financial support. Business loan is an unsecured loan and it requires no collateral and is, therefore approved quickly. With the rapid growth and industrialization, demand for business loans in India is on the rise. A plethora of banks and non-banking financial institutions in India offer multiple business loans at attractive rates. You can apply for a business loan offline as well as online. Procedure to apply for a business loan through India's most trusted online loan marketplace 'MyLoanCare' is easy and has various benefits that are listed below: Saves timeIf you decide to apply for loan offline, then you'll have to visit the bank along with all the required documents. It will require time as well as money. Through MyLoanCare, you can apply for a loan easily by sitting at home, without having the need to visit the bank.Interest rate comparisonDifferent lenders have different rate of interest. You can compare the interest rate of different lenders by visiting the MyLoanCare website. Along with interest rates, you can compare processing fee, prepayment charges and tenure of various lenders at one place. Also, when you apply for a loan through MyLoanCare, a loan advisor will contact and guide you about the best loan deals in terms of lower rate of interest, lower processing fee etc.Assists you during the loan processWhen you apply for a business loan through MyLoanCare, a dedicated customer support is provided to you during the entire loan process. To ensure the quick and easy approval of your loan, loan officer coordinates with you and partner banks throughout the loan process. No need to visit bank for documents submissionAfter the submission of loan application, the next step is to collect documents. MyLoanCare's advisor arranges a document pick-up from your place, as per the time convenient to you. You can also upload your documents online at MyLoanCare for the quick approval of your loan.CashbackMyLoanCare offers attractive cashback to its customers. So, if you apply for a loan through MyLoanCare then you are entitled to get assured cashback. You can apply for cashback at MyLoanCare online after the disbursement of the sanctioned loan amount. Once you apply for cashback, you get cashback amount within 5-7 working days.The process to apply for a Business Loan through MyLoanCareStep 1:  Go to MyLoanCare website and click on the 'Apply Now' option to get a business loan. Fill in the application form containing your personal and income details.Step 2: After applying for the loan, you will receive a call from the loan officer. The advisor will check your eligibility based on the details provided by you and will guide you about the offers. Once your eligibility is identified, the advisor will arrange a call with the banker. Step 3: You can upload all the required documents online or banker will fix an appointment with you to collect your documents. Post this, the bank’s representative will call you to verify your details. Step 4: Post verification, a banker will visit you with the sanction letter and agreement. After signing the agreement, the sanctioned loan amount will be credited to your account.Conclusion: Apply for a business loan through MyLoanCare, keeping in mind the benefits listed above for the easy and quick approval of your loan.
    199 Posted by Bhavna Singhal
Wealth & Money 323 views Sep 16, 2018
Six Ways To Get a Personal Loan Easily

A budgetary crisis can hit anytime such as a medical emergency, higher education, marriage etc. In such a situation, you can avail a personal loan to finance your personal needs. A personal loan is an unsecured loan and no collateral is required to avail it. There are many banks and NBFCs providing a personal loan in India. It is a short-term loan, which is available for a period of up to 5 years. Let's discuss ways to get a personal loan easily

Ways to Get a Personal Loan Easily

1) Check Your Credit Score: Check your credit score using online calculators available free of cost. If your credit score is good, your loan will be approved easily and quickly. This is because a good credit score reflects you have a good credit history, you have paid all your dues on time and have not defaulted on loan repayment. On the other hand, a poor credit score may lead to rejection of your loan application. So, ensure to maintain a good credit score by repaying your debts on time. For a personal loan, a credit score of 650 and above is considered good.

2) Apply for a Loan Amount as per Your Affordability: Using online eligibility calculators, check your loan amount eligibility and apply accordingly. Always apply for a loan amount based upon your loan repayment capacity. Applying for a loan amount as per your affordability increase the chance of approval of your loan application. Whereas, applying for loan amount beyond your repayment capacity might lead to rejection of your loan application.

3) Avoid Multiple Loan Application: At times due to your anxiety to get loan approval quickly, you apply with multiple lenders. Ideally, you should avoid multiple loan applications as this might lead to rejection of your loan application. Applying with multiple lenders gets recorded in your credit history and affects your credit score. So, apply with one or two lenders, wait for their response and then proceed further.

4) Apply for a Loan through Online Aggregator: For the quick and easy approval of your loan application apply through an online aggregator. When you apply through an aggregator, their loan representative contacts you and assists you during the entire loan process. Additionally, through them, you can compare and check interest rate of different lenders and choose one matching your affordability.

5) Maintain Stability in Job: For availing a personal loan, the total experience of 3 years and current work experience minimum 1 year is required. So, avoid switching your job frequently.

6) Keep Required Documents Ready:  Make a list of documents required for applying for a personal loan and keep them ready for the quick approval of your loan application.  Not providing the required documents may delay the loan approval or in some cases, it may lead to rejection of loan application. Documents required for applying a personal loan include Identity Proof (PAN card, Passport, Aadhaar card etc.), Address Proof (Aadhaar card, Utility bills, Voter ID etc.), Income documents (Last 2 years Form 16, latest 6 months salary slip, last 6 months' bank account statement showing salary credit).
Keeping above points in mind will surely help in the easy and quick approval of your loan application.