Pitching For Business Loan in Mumbai- 5 Ways to Prepare

Thousands of entrepreneurs pitch their supposedly million-dollar ideas to financial institutions every day. But only a handful of them actually get their loans granted. Why? The major reason is not because their business idea sucks, but rather their pitching attempt was unconvincing.

If you’re about to approach a financial company for business loan in Mumbai, you must be prepared to make a winning impression on the interviewer and get your needs granted like a pro. Here’s how to do that…

Have a well-prepared business plan

You won’t be granted loan unless you have a viable business plan that scopes out the step of scaling and sustaining the business. So map a business plan, like the steps you’re going to take to grow your business, the time it would take and so forth.

“Till when you think you can repay the amount?” Have a clear answer to this question

The financial company would want to know till when you’re going to return their money back. So have a definite answer to this. Don’t be vague. Structure out your company’s sources of income and the part that’s going to be portioned-out to repay the loan.

 Sort out your personal finance

Your own personal financial standing is going to play a major role in getting loan for your business. So sort out your finances- the cash you have, the money in your bank account, the assets you own and so forth.  

Have all the required documents by your side

Head on to the website of financial company you’re approaching for loan, or contact them directly, to know about all the paperwork that is involved in the whole process. On the interview day, come prepared with all the required documents.

Display that you know well about your target customers

Although your business plan (point #1) would include about your target customers, you might be asked individually about them. So be prepared with decent information about your prospects and customers, and at what pace your consumer market is growing.

Be fully prepared when pitching for business loan in Mumbai to the financial company to improve the chances of getting your loan granted.

Also, to reduce the hassle and high interest rate, avoid going to traditional banks. There are many independent financial companies who you should approach. These companies, aside providing loans, also offer the range of services of investment banker, stock broker in Mumbai and more. These wide range of services along with years of experience vouches their credibility, which subsequently assures for smooth dealing and better assistance.