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.
We absolutely love your blog and find nearly all of your post’s to be precisely
what I’m looking for. Does one offer guest writers to write content for
you personally? I wouldn’t mind composing a post or elaborating on some of the subjects you write in relation to here.
Again, awesome web log!
Do you mind if I quote a few of your articles as long as I provide credit and sources back to your blog? My website is in the exact same niche as yours and my visitors would really benefit from some of the information you provide here. Please let me know if this ok with you. Thanks!
I do not even know the way I finished up here, however I assumed this put up
used to be good. I do not realize who you might be but certainly you’re going to a famous blogger should you aren’t already.
This info is priceless. Where can I find out more?
Hiya very nice site!! Guy .. Beautiful ..
Wonderful .. I’ll bookmark your blog and take the feeds also?
I am glad to seek out numerous helpful info right here within the submit, we need develop more techniques on this regard, thanks for sharing.
. . . . .
Yesterday, while I was at work, my sister stole my apple ipad and tested to see if
it can survive a twenty five foot drop, just so she can be a youtube sensation. My apple ipad is now destroyed and
she has 83 views. I know this is totally off topic but I had to share it with someone!
Hello I am so excited I found your blog
page, I really found you by accident, while I was searching on Bing for something else,
Anyways I am here now and would just like to say thanks a lot for a fantastic post and a all round enjoyable blog (I also love the theme/design), I don’t have time to read through it all at
the minute but I have book-marked it and also added your RSS feeds,
so when I have time I will be back to read more, Please do keep up
the great b.
If you desire to increase your know-how only keep visiting this website and be updated with the latest gossip posted here.
Hi there! Someone in my Facebook group shared this site with us so I came to take
a look. I’m definitely loving the information. I’m book-marking and will be
tweeting this to my followers! Excellent blog and wonderful style and design.
Magnificent beat ! I wish to apprentice whilst you amend your web
site, how can i subscribe for a weblog site? The account helped me
a appropriate deal. I had been a little bit acquainted of this your broadcast
offered vivid clear idea
Great article! That is the type of info that should be shared around the
internet. Disgrace on the seek engines for no longer positioning this put up higher!
Come on over and seek advice from my website .
Thank you =)
Hi there to all, the contents existing at this site are genuinely remarkable for people knowledge, well, keep
up the good work fellows.
Hi, constantly i used to check webpage posts here early in the dawn,
as i enjoy to gain knowledge of more and more.
Fabulous, what a web site it is! This web site gives useful data to us, keep it up.
Great blog here! Also your website loads up very fast!
What host are you using? Can I get your affiliate link to your host?
I wish my web site loaded up as quickly as yours lol
My partner and I absolutely love your blog and find nearly all of your post’s to be
precisely what I’m looking for. Would you offer guest writers to write
content in your case? I wouldn’t mind writing a post or elaborating on most of the subjects you write with regards to here.
Again, awesome web log!