Bank Loans Easy or Hard To Obtain

kgord

New member
How easy is it to get a bank loan when you want to start a business? I am sure you have to show your business plan, but in your experience how difficult is it to obtain a loan from your friendly local bank?
 

behappie

New member
Bank loans are not as easy as one could think. The first difficulty in getting a bank loan is its cumbersome documentation. You would be required to complete many forms as though you are registering as a university college student. This puts one off, especially if you are one who do not like repetitive task. You would be asked to supply the same information in many copies. If forms were to be completed online, this would not have being much of a problem, banks hardly ever ask you to complete forms online, they would prefer you to have you information on paper.

Bank loans are usually come with interest payment incorporated in the repayment plan. This makes the borrower pay more than the sum borrowed. Inflation is one of the most dreaded economic occurrence by borrower. Inflation erodes the value of money, and makes the borrower pay more that he actually borrowed. Default in the repayment of loan is better imagined than experienced. The embarrassment alone could make the defaulter think of suicide. The banks would not only go after loan guarantors, they also, foreclose on the property of the borrower if the loan has been used to acquire a property.
 

m_cel

New member
How easy is it to get a bank loan when you want to start a business? I am sure you have to show your business plan, but in your experience how difficult is it to obtain a loan from your friendly local bank?

Bank loans are not hard to obtain if you have huge bank account with them and have collateral to show. If you won't have any of them, chances are they will ignore your proposal. Some bank loans are approved if you have the capabilities to pay them. Showing collateral would help you to get approve from bank loans but if you won't show any proof that you could pay them if your business won't succeed they won't approve you bank loan. Giving good business plan won't guarantee to have a bank loans but they might give some amount depending on your collateral. If you're business plan is feasible you can convince the bank manager that it will work.
 

Felboy29

New member
Bank loans is not hard to obtain, when you got good background and have no intention of evasion. Basically the bank will just have to approve your petition for loan and you must provide all the necessary requirements, nevertheless, you should meet their standards and pray for the approval of your loan.
 

peterradcliffe

New member
It is not hard to get loans to form a bank. depends on what type of loans you looking for. it's also on your credit score. if you have a bad credit score then its hard to you for getting loans from a bank. otherwise not hard as much.
 

alvina clair

New member
As you said, it is not easy to get a business loan. You must make a proper documentation on your business and there are some other eligibility factors also that are important. So, if the lenders get convinced with your documentation then they approve the loan. But remember the process takes some time so be patient.
 

ketanc

New member
Bank Loans are difficult as you need a collateral in exchange of loan which is called secured loan. One of the best way to get loan without keeping anything as security is an NBFC. Financial Institutions like Lendingkart offer Business/SME loans without any collateral and you can receive loan as quick as 3 days with proper documentation.
 

Bencode

New member
Bank loans is easy to apply when you have good intentions and ideas and what you are going to use the money for.
 

samwaters

New member
Getting a business loan is not easy. If you have a good credit rating, you can apply to banking institutions. In this case, you need to submit all the necessary documentation about your business.
 
Top