Easy Ways to Get a Bank Loan

 

I read a story in school life. Readers say books are more expensive so they can't buy more books even if they want to. Publishers, on the other hand, say that they can't reduce the price of books just because readers don't buy more books.

But the banks themselves have opened their institutions to do business. So they will not give their money to any place or anyone from where they have difficulty in getting the money back. As a result, they are not interested in giving loans to small and new entrepreneurs. If I had your bank, maybe we would think the same way.

 So what's the way? There is only one way:

The bank does not want to give loans to small and new entrepreneurs just like it does but does not want to give loans to old small entrepreneurs unless the following qualities are manifested in their enterprise:

 1.      Whether the loan application form has been filled correctly?

Every bank follows a process of lending, get to know the process well. There are many instances where an entrepreneur has applied for a loan in his time of need but he has not received the loan on time. If you know the process of repaying the loan, you will be able to find out your loan application in time and you will know whether you will get the desired loan as per your requirement.

2.      Do you have a trade license?

Banks arrange different types of loans for different occupations (e.g., employees, businessmen, retirees, etc.). As a businessman, if you want to take a bank loan, you have to prove that you are a businessman. Just as a voter cannot vote without his or her voter ID card, you cannot claim to be a trader without your business trade license, a trade license is a trader's identity card. Banks decide according to their own rules how old they will lend to the business, and the main document to know the age of a business is the trade license. It is often the case that an entrepreneur does not have a trade license for his business at the beginning of the business. Can't figure out how old your organization is or how long you've been running your business. As a result, the bank will not be able to give you a loan even if it wants to. So you have to get a trade license for your organization on the day you start the business.

3.      Whether false information has been given in the loan application form?

  After receiving a loan application, the bank collects some information according to its own rules. If the bank sees in their information that your information is inconsistent with their information then you will not get your desired loan and will not give you any bank loan in future also.

4.      Is there any difference between the project proposal and the amount of money loan application?

The bank statement of your organization should match with the bank loan that you have applied for. Every bank has its own strategy to give their bank loan. For example, the strategy of a bank is to give 50% of the amount of money transacted by the loan applicant throughout the year to the loan applicant. Now your organization transacts 10 lakh rupees throughout the year, you applied for a loan from the above mentioned bank and asked for a loan of 6 lakh rupees. Now you tell me if you will get a loan from that bank. Every bank has its own strategy so get to know the strategies of the bank you want to borrow from as much as possible.

 5.      Do you know all the information related to loan application?

Every bank follows a process of lending, get to know the process well. There are many instances where an entrepreneur has applied for a loan in his time of need but he has not received the loan on time.

 6.      Do you have a bank account in the name of the organization?

If you do not have a bank account in the name of the institution, the bank will never be interested in giving you a bank loan. Not only having a bank account in the name of the organization but also whether it is used (transacted) regularly is a matter for the bank to consider. Therefore, it is very important to open a bank account as soon as any institution opens and make regular transactions through that account, if you have a plan in the future that you will take a loan from the bank.

7.      Do you have a business profile?

You went to the bank to get a loan for your organization, the bank then asked you for various information, what business, how many days business, whose business, what products are there, where the products are sold? Who are the buyers etc etc? You gave all the information just right. Now think of the questions that the banker has asked you, your loan application will go to everyone next time, but the same question will appear and they will also want to know all this information. But will you always be in front of everyone or be able to provide all the information? Your organization's profile will answer all the questions about your organization on your behalf, so the more carefully you create this profile, the more likely you are to get a loan. The profile of your organization will always be able to speak on behalf of all bankers on your behalf.

8.      Are there any other documents?

In order to run a business, you must prepare a variety of documents (such as company registration, TIN, VAT certificate, store rental documents, other licenses, BSTI approval - whichever is applicable depending on the type of your business).

9.      Is the daily business account kept in the ledger?

Your bank account statement shows that 1 lakh rupees has been transacted in your bank accounts every month but whether it is money from your business organization or some other source the bank may want to check your daily loan account. That is why it is very important to save in writing whatever amount of money you give daily.

10.  Business Goods - Is the stock / stock account kept regular and updated regularly?

By looking at the stock / inventory register of the goods of your business organization, you can get an idea of ​​how much product stock / stock is in your business and how many products have been sold and bought. There will always be a match between your daily account statement and stock / stocks. If for some reason you do not update these two regularly, then there may be discrepancies between these two documents. Various interpretations of this discrepancy can be made. You may have overstated your daily account statement to get a bank loan, you may not update your stock / stock register or daily account statement regularly, and so on. That's why you have to do all the work of your business honestly and update all the documents regularly.

11.  Do you have an identity card (National Identity Card / Passport)?

According to the bank's rules, the bank follows different policies and rules for lending to Bangladeshi nationals and foreign nationals. So to prove that you are a citizen of Bangladesh, you need to submit either National Identity Card of Bangladesh (Voter ID Card), Passport of Bangladesh or any other document which proves that you are a citizen of Bangladesh.

12.  Fixed assets account and estimated value?

A list of your organization's assets needs to be updated regularly and presented appropriately. This document is very important to the bank. Therefore, parents should take co-operation in making this document.

13.  Does your organization and product have a reputation in the market?

Reputation of your business organization and products. Considered as one of the assets of your organization. So from the beginning of the product business you have to work to increase the reputation of the business organization and the product. Quality control, honest business conduct, business dealings, timely transactions, etc. will help to enhance the reputation of your organization and product.

14.  Is there an opportunity to give a loan according to the rules of the bank?

Find out in detail about the trade from the bank you want to borrow from, which trades are interested in lending to which business entities and their rules and regulations. Every bank has its own decisions and some trades that the bank is interested in giving. Bangladesh Bank has fixed 132 trades for SME lending. Again, out of these 132 trades, each bank provides loan of the trade of their choice. So it is very important to know if your trade is in the list of the bank from which you want to take a loan. Besides, it is necessary to know the interest of the loan, the method of repaying the loan, etc. well.

 The bank will also provide loans according to its own rules. However, if the above issues are implemented properly, it will be much easier for your organization to get a bank loan.