How to prepare for the interview to optimize your chances of obtaining a business loan?

A professional loan, or professional bank loan, is money that the Bank lends to you to launch your business creation project or your development project.

The bank invests if it is convinced of the quality and viability of your project - the most desirable trait being that you can repay the loan in question.

The application for a professional loan can be made with your bank, but not only: you can quite turn to other banks or a broker in credit.

This request will require you to prepare beforehand: the constitution of the loan file and the preparation of the interview that you will have with your banker.

What documents to provide to obtain a business loan?

To obtain a Business loan in Lucknow, you will need to provide several documents to your banker, such as:

• The KPIs of your business, your identity card, financial forecasting justifying your loan, your proof of address, bank statements, etc.
• Other documents may be requested like guarantees: each case has its particularities!

Remember to check the list of documents to provide for a Business loan in varanasi and, above all, to be rigorous. An incomplete file would only give your banker a bad impression and make you leave with points behind for the interview.

How to prepare for the interview to optimize your chances of obtaining a business loan?

Here, we will discuss how to prepare to obtain a Business loan in lucknow for setting up a business.

Present the project

To convince your banker to invest in your business, you will first need to present your project to him in its entirety. Focus on giving it a general presentation, highlighting the strengths.

This is where the usefulness of a solid business plan and especially on the financial part, appears: this will allow you to prove the viability of your project.

Explain the financing plan

The financing plan is where your banker will be waiting for you at the turn. Here again, having carefully prepared a business plan will be of great help to you: don't forget that the business plan is, above all, a tool for discussion with funders!

In addition to your motivation, you will, of course, need to justify your request and especially the amount you wish to borrow. It is important to show that other sources of funding are sought, especially that the associates provide a personal contribution to the project.

In short, a complete financing plan should allow the banker to understand: Whether it is a short, medium, or long term financing plan.

·       The distribution of funding: the diversity of sources is important. Depending on the banks, it will be required that the total amount of personal contributions of the partners represents 25 to 30% of the total amount of financing. Be careful to leave a margin according to your personal assets to deal with hazards (which are not possible but certain).

·       That the project is profitable: it's up to you to establish a realistic 3-year provisional balance sheet.

Prove your qualities as a project leader

When meeting with your banker, keep in mind that this is an interview and, therefore, that people count. Of course, the strength and viability of your project will be essential to obtaining your Business loan invaranasi, but not only that: you will have to prove that you have the charisma of a leader and the shoulders of a project's holder.

No matter how well your project is tied up, starting a business takes courage and perseverance. There will be obstacles to be sure and, before investing, your banker will have to make sure that you are going to hold up.