How to Check your Business Loan Application Status? Everything You Should Know
Applying for a business loan is no more a hassle than it used to be earlier. With the advent of technology, it is easily done. Every financial institution has the required arrangement where a consumer will not only be able to apply for a business loan in the shortest possible time but also track it.
Tracking a business loan is a necessary step not just on the part of the institution but the consumer too. It will let him or her understand the steps being taken to expedite the application request.
Here is how to check your business loan application status.
Why do companies have a tracking management system?
Before we delve into how to check the business loan application status, let us quickly understand why we have a tracking management system in the first place.
A tracking management system helps both the consumer and the company track and manage each step of the application process right from the time the business loan documents were submitted. This has a two-way advantage.
It not only tells the customer how efficiently things are being done at the organization but also gives them any information regarding any deficiency that might have cropped in the application evaluation process.
For the consumer, it is always a necessity to know where the application stands and what the status is. If something goes wrong or is further required will be mentioned through the tracking management system.
How to track the business Loan?
Every company has a system whereby applicants can track their business loan applications. In fact, by rule, there are multiple channels through which an applicant can track the status. Tracking your business loan application will keep you informed about your loan process. Therefore, if there is any issue you can solve it early.
The first and foremost and preferably the easiest method is through the online portal. Every organization has an online portal that provides all the consumer-related information, once the Customer Identification number has been provided. A customer Identification Number is a unique number that is provided to every customer. Once the business loan documents have been submitted and the business loan application has been initiated. It is a system-generated number and can be alpha-numeric by nature. This number has to keep securely by the customer and not shared. The financial organization will provide the relevant online portal link with the applicant, whereby the ID number will be used to track the business loan application.
Every financial institution in the business of providing unsecured business loans or new business loans based upon the business loan eligibility of the applicant has a call center back up a support system. A toll-free number is given to the applicant, who may want to gather information regarding their business loan. A call to the toll-free number will connect the applicant to the call center. Where the responder, on being provided with the Customer Identification Number, will answer the necessary questions. The business loan application can be tracked in the same manner. This is one of the easier offline methods to track a business loan application.
Visit the Branch
The last method to track the business loan application is to directly visit the branch. The Customer Identification Number will then be handed over to the relevant authority, who will provide the stated information. With the increasing usage of technology, visiting the branch may not be necessary anymore, unless required.
Many financial institutions have WhatsApp and Messaging facilities. These two can come in handy when it comes to tracking one’s business loan application.
Lastly, to conclude, Technology plays a big part when it comes to making life easier for the consumer and the organization too. Gone are the days when it used to take hours standing in the queue, to get simple information. Today it has simply come down to a mere click on the smartphone.
- How to get a business loan?
You can avail of a business loan from any lending institution in many ways, as below.
- Visit the financial institution’s office
- Apply online via NBFC/financial institution’s website
- Call lender’s relationship managers
- Email your lender’s customer support through email
- Use lender’s 24×7 virtual assistant feature
- Call the toll-free number of the business loan provider
What is a Business Loan?
A business loan can be a secured or unsecured form of credit to provide funding to the borrower in various needs of a business. It can be used to increase resources, buy new equipment, etc.
What is the maximum tenure for a business loan?
Business loans are mostly short-term loans. Well, business loan tenure varies from lender to lender. While most financial institutions extend business loans from 12 months to 36 months.
Can I get a business loan without any collateral?
Yes, you can avail of an unsecured business loan without any collateral or security.