How to Apply for an Urgent Business Loan Without Any Hassles?


Last Updated on March 10, 2024 by admin

Small and medium-sized businesses significantly contribute to India’s GDP and employment rate. The MSME sector is rapidly growing, and so are their funding requirements – both for long-term growth and short-term sustenance. A small Business Loan is an unsecured credit facility SME owners take to support their liquidity requirements and various business needs. Like any other loan, it involves principal repayment with an interest rate within a specific loan tenure. Urgent business loans offers the best facilities to the sole proprietors, small scale enterprises and medium enterprises. They are a combination of a personal loan and business loan. They provide assistance without any time restrictions in case of emergency situation, or urgent need of your business which might arise soon.

Let us understand how to apply for an urgent SME loan without hassles.

Plan Efficiently

Making a planned strategy is crucial before approaching a lending institution. The applicant’s company profile and pre-existing financial condition are vital for obtaining an urgent business loan. Aspiring borrowers must check their credit reports and update their financial documents before submitting their loan applications.

Have a Clear Purpose for Borrowing a Loan

SME owners might require quick business loans for various purposes, including purchasing equipment, launching a marketing campaign, grabbing a lucrative opportunity, or achieving expansion goals. Other causes include offsetting monthly losses, obtaining business assets, or managing working capital during slowdowns. Consequently, understanding the specific purpose of taking a loan steers the finances in the right direction.

Decide on an Adequate Loan Amount

SME owners should only apply for a loan once they know the exact loan amount required for their firm. Calculating the precise financial requirement will increase the possibility of loan approval so the company can avoid a shortage or surplus of cash later on. Borrowing less than required will lead to a cash bottleneck, whereas over-borrowing will result in an unnecessary debt load. So, review all numbers and information to determine the loan amount adequately. 

Check the Credit Score

One crucial factor that most NBFCs review before authorising quick business loans is the business owner’s credit score. The 3-digit number reflects the company’s dependability and repayment capacity. A high credit score of 750 or above will help earn the lending institution’s trust in terms of timely payback. The company’s age is also critical, as most lending institutions quickly approve loans for applicants with sufficient experience in the industry with a decent turnover. 

Determine the Lending Institution

Several NBFCs provide business loans in India. However, before finalising a loan offer, undertake extensive research on the available options based on their eligibility requirements, loan perks, terms and conditions, additional charges, etc. Reading reviews and asking for referrals also helps make an informed decision.

Apply Online to Get Instant Approval 

After selecting a suitable lending institution, visit their website, fill out an online application form with the correct business and personal details, and submit it. A customer representative will call to guide the applicant through the next steps, including a brief in-person verification. After completing all the verification and formalities, the NBFC will approve the business loan instantly, followed by quick disbursal to the applicant’s account.


Business loans are effective means to obtain the required funds urgently and scale the business. Follow the steps and tips mentioned in this article to effectively apply for a Business Loan and get approval without hassle.

About the Author

Amaira sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.