Business is all about finding the right niche and working towards realizing it while the time is right. While sometimes, it’s all about actions, capital can make a big difference at other times. That is why procuring a business loan at the right time can give you a competitive advantage.
However, the business loan application process is a little more complex than applying for a personal loan. Your application goes through various stages of assessment for risk and creditworthiness before your business loan eligibility is determined. This could take days or even weeks.
In all this time, not knowing how your business loan application is progressing and by when you can expect a successful disbursal can prove to be costly for your business. Thus, it’s best to stay on top of the application process and track its status regularly. Here’s how you can do it:
Different Ways to Track Application Status
Most banking and financial institutions have established different customer-facing channels to manage loan application processing and subsequent customer service. As a result, you can track the status of your business loan application in three main ways:
Online (by visiting the website): As soon as your business loan application is successfully submitted, the lender generates a reference number or ID. Log on to the lender’s website and create a user account using the loan reference number and provide your personal details, such as full name, contact number, email id, PAN number, date of birth, etc.
Once your account is created, you can check at which stage your loan application is and estimate the time of disbursal.
Via Mobile App: You can also track the status of your business loan application via the lender’s mobile app (if they have any). Simply download the app from their website or the Playstore and create your user account, just like on the website. If you already have the account, you can log in via the mobile app and check the application status using the loan reference number.
You may be required to verify yourself with an OTP (One Time Password), every time you will require a status update on the app, for security reasons.
Offline: If you are not tech-savvy and need more personalized support with your loan application, then you can track its status offline too. You can call up the customer service number and provide your loan reference number to track its status. Alternatively, you can visit the lender’s branch office and make personal inquiries with a customer service executive.
By using any of these methods, you can track the status of one or multiple business loan applications any number of times.
Additional Actions to Avoid Delays in Loan Disbursal
Although you can’t make any changes after your application submission, you can follow some best practices to ensure the smoother disbursal of your business loan the next time. To begin with, you can use a business loan EMI calculator to estimate the cost of capital and effectively determine the suitable loan tenure.
You can also compare business loan interest rate to find the most favorable lender and loan type for your business. Your business loan eligibility increases if your credit score is high, and lenders can offer a lesser business loan interest rate. Therefore, before you apply for a business loan, make sure to check your credit score and ensure that it’s in the higher range.
In conclusion, it’s easy to track the status of your business loan application via online and offline methods. Knowing what to check and how to expedite the loan disbursal process can improve your chances of timely loan approval and meet your business needs on time.
