Business Loan KL Selangor

Like a personal loan, a business loan is a type of financial assistance required by business owners to help them start up a business or expanding their existing companies. In return, the borrowers (the business owners) need to repay the amount of money they have taken from a loan with a certain interest rate, depending on the bank’s respective policy. The SME business loan is also suitable for those who have cash flow problems or other financial matters related to a business operation.

Bank’s requirement for a business loan or SME loan

A) Maintaining good credit scores

By good credit scores, they are usually mean both of your personal and business credit scores. The bank needs to know these things so they can determine whether you qualify for a business loan. This also means the bank will check your past and current credit histories such as your monthly credit card debt or a mortgage payment. If your credit scores are inconsistent because you often delay your payment dues, your chances to obtain a business loan will be slim to none.

B) Ensure filing tax returns

The bank will also need to look at your income tax returns as part of the documentation process. The documents usually include both of your personal and business income taxes.

C) Prepare other financial documents as well

Relevant documents including bank statements, cash flow statements, balance sheet and profit & loss (P&L) statements are also needed by the bank in order to qualify for a business loan.

Understand the differences between a commercial bank and a private lender

A) Commercial banks

  • Depending on the bank, certain lenders offer some kind of flexibility to repay your debt
  • A different set of relevant documents are usually needed for qualification/application purpose, which can be troublesome for some applicants
  • Competitive interest rates due to the competition with other banks
  • Application process usually takes longer period due to the bank’s strict policy such as analysing your personal/business credit history, monthly expenses and other sources of income

B) Private lenders

  • Private lenders only need your bank account and latest salary slips
  • Fast application process
  • Unlike commercial banks, interest rates are usually higher since private lenders willing to lend their money to risky clients

Conclusion

Therefore, this is why people always say that loan application with us is always:

  • Easier loan application process – do not require as many documents
  • Fastest processing turnaround time – reduced documents would also mean faster loan approval process
  • Quick disbursement of cash – when in need of urgent cash, quick disbursement of cash, once loan is approved, is very critical to resolving the urgent needs
  • Flexible tenure – our motto is always to help people in need, depending on their ability to repay. Hence if customer require longer tenure, we would try to accommodate

You may also be interested in our other loan packages such as Easy Refinancing, and Best Housing Loan packages