Where there is a will, there is a way. The proverb fits in case with Mudra Loan. You may read all about Mudra Loan before you jump on the our current article on Mudra Loan-Top 10 Tips to get Mudra Loan easily. Here we direclty come to the point.
Top 10 Tips to get Mudra Loan easily
We at loan guru have prepared an exhaustive list of Top 10 Tips to get Mudra Loan easily. All the points mentioned have its own relevance depending on your condition and suitability. So, Please consider them as per your applicable conditions and requirements.
Tip # 1. Prepare a robust business plan
The lender will see your business plan first of all. You may have an excellent idea of business in mind but it is important to document it. A professional will help you pen down all your ideas in the format of business development plan for the purpose of loan.This loan is specially meant for development and refinance. The loan must advocate to be invested to create incremental wealth. This will increase your chances of getting loan approval easily.
The business plan should be clear and promising. The set up of business unit, purchase of equipment, Purchase of vehicle or refinance a running small business are among the top of list.
Tip # 2. Assurance towards growth of business with innovation
All the lenders want to make profit. They will give you the loan only when they get assurance towards loan repayment. The growth and expansion of business is a must to be visualized. Further innovation will keep you ahead in the cut throat competition.
Tip # 3. Women applicant will get it faster
Women applicant is given the first preference. The idea behind this to promote women empowerment. Government has focused on making more and more women entrepreneurs. This is important for overall social and economical development. Thus when you apply as an women applicant, priority is given on your file.
Tip # 4. Compare the better loan offer
There are public sector banks, private sector banks, NBFC and other financial institutions who deal with it. Now you need to approach them and collect the details. Then compare the better loan offer and shortlist them. The loan must full fill you requirements. It is always better to do a short analysis before giving the confirmation on loan acceptance.
Tip # 5. Clearly indicate the purpose of loan
As the lender seek you business plan and purpose of loan, you must state the exact purpose of loan. Through this the banker will provide you better loan option. For e.g. you estimated the loan of 5 lakh but during discussions, you figured that actual need is 6 lakh. Now banker will provide you complete solution to your problem. Hiding information will not help you in the longer term. It is always better to indicate the purpose of loan in this way.
Tip # 6. Keep ready two sets of KYC documents
The KYC documents like PAN, Adhaar, Bank Account, Address proof, Income Proof, along with Business detail must be kept ready in advance. This shall be submitted as per the requirement. Keeping two sets ready will save your timer and effort applied.
Tip # 7. Fill the application form properly
There are three category of this loan. So, as per the loan amount, select the loan application form. Fill the application form in complete. Before submitting the form, please cross check all the details are correctly filled.
Tip # 8. Guarantee of Credit should be ready
In many cases, the bank demands a credit guarantee person or property papers. This is however the last applicable condition for the approval. Government has relaxed this to great extent. However, the bankers may ask it at last point to time just for collateral safekeeping purpose in case of default of loan applicant.
Tip # 9. Follow up with bank/NBFC on regular basis
Once you submitted the complete application with all required documents, it is time to monitor the progres on your loan application. For this you need to do regular follow up with the bank or lending organisation. The follow up will keep you updated about the progress.
Tip # 10.Use the loan disbursed for its actual purpose
This loan is sanctioned to you for development or refinance of your business. You must use this loan amount for the actual purpose. This will insure the path of better loan repayment and healthy relationship of your business. Resulting in overall satisfaction of lender and all stakeholders.
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