Check the status of your business loan application
When you apply for a business loan, it usually takes a few days to a couple of weeks for the business loan application to clear and get accepted. It is advised that you should regularly check the status of your business application so that you do not face any delay in acquiring the funds.
Delay in acquiring funds can result in business losses, missed opportunities, or debts as well. A delay in acceptance of your business loan application can occur due to various reasons including missing documents, delay in a certain stage of the acceptance process, etc.
Regularly checking the status of your business loan can help you remain well-informed regarding the complete process so that you can address any issue immediately if it occurs.
Documents required to check the status of your business loan
Your business loan application can be tracked with the help of the information that you provided while submitting the application form. This information includes your PAN Card number, Aadhaar Card number, bank account number, phone number, etc. You will need to keep the information ready while accessing the status of your application form.
How to check your business loan status online?
One of the easiest and immediately available ways to check the status of your business loan application is through the online website or app of the bank or financial institution where you have applied for the loan.
The leading loan providers and lenders provide customers various services through their online portal, including checking the business loan interest rate, the status of the application, etc. With the help of the following details, you can check your business loan status.
- Application number. It must be mentioned in the documents provided to you at the beginning of the application process.
- Mobile number. It should be the one that is linked with your bank account or Aadhaar Card.
- Date of birth. As mentioned in the documents submitted to sanction the business loan.
- Name. Your full name is mentioned on the bank account.
Once you enter these details, you will be able to check the status of your business loan application.
You can use the mobile app hosted by the bank or financial institution. You can enter the required details and generate the One Time Password (OTP) to proceed with the request. Once you enter the OTP, the status of your business loan will appear on the screen.
How to check your business loan status offline
Another option through which loan appliers can check whether their application has been processed or not is by reaching out to the branch office of the bank or loan provider. You can request the branch office to check the status with the help of information such as your application number, mobile number, and reference number that is provided at the time of submitting the application.
The representative at the branch office can guide you through the process of checking the status of your business loan application.
How to check your business loan status customer service
Most loan providers and banks host an active customer service that can be contacted either through email or phone. You can contact the customer service representative and provide them with the required information to track the status of your application for a business loan.
Some loan providers require that you call customer service only through the phone number that you registered during the application process.
When contacting through email, you will need to provide your application number and bank account number so that your application can be tracked in the database. Usually, the query raised through email is addressed within 24 hours.
Business loan application processes vary from bank to bank. Along with that, the amount of loan requested can also cause variation in the length of time required to accept an application. If you have high credit and CIBIL score, have maintained a positive record, provided all the necessary documents that were required for the business loan, then you can ensure that your application will be processed as soon as possible.
At ZipLoan, we ensure that your application is processed within 3 days of applying. This also makes sure that you do not have to constantly keep track of your application amidst your other responsibilities.
With ZipLoan, you can request a maximum loan amount of INR 7.5 lakh and get the business loan application processed with minimal required documents. The mobile app renders the borrowers with ready access to their application status and plenty of other features.