How Did I Get Business Financing After Rejection from Top 10 Lenders?
The worst thing that could happen to any businessperson is not having funds when really needed. That was my story a few days ago!
Six months ago, I was in need of money to expand my already established business. This was a new business venture that I wanted to invest in. I had already put all my personal and family savings into the establishment of my business a few years back. Lacking enough sources of personal savings, I had just one option available – applying for a bank loan. I did not want to avail a Business Loan considering its short repayment term and high rate of interest. I had a property owned by me, so opting for a Loan Against Property seemed to be a viable and financially prudent choice. But little did I know that getting a loan could be so difficult.
I moved my loan application in the bank where I have my business current account. Much to my shock and awe, that application got declined after a few weeks of application. Here was my own bank, not willing to extend credit to my business, even though all my business receivables get credited into this particular bank account! Due to urgency of the fund requirement, post this rude rejection I ran from pillar to post to get funds and in the process, applied to three other banks for loan.
Unfortunately, my application got rejected subsequently in all the three places. I was given various reasons by various individuals. Some of these reasons were that I had not filed my Income Tax returns in a manner favorable to them; the property that I was offering as collateral for the loan was not technically sound for mortgage, etc. This was quoted to me despite the fact that I have been filing my business returns properly and timely for past many years.
After this I approached approximately top 10 lenders, including banks, NBFCs and online lending platforms but nobody could help.
I was stuck in this situation with no end in sight and almost six months went by. Meanwhile, my business was suffering drastically and was going into a downward trend, which again would mean creating more issues for getting a good loan.
When all these lenders told me that I don’t meet their requirements, I searched online about the key requisites of Loan Against Property, and that is when I came across mymoneymantra.
I thought I should give one last shot at my loan through mymoneymantra platform because they said they were into financial services for more than 25 years. I thought being so old in the lending business they might understand my problem. I clicked on the link that appeared Google and landed on their website. As I was already tired and frustrated of filling applications for over 25 times, I just called on the number provided on their website, i.e. 18001034004.
After analyzing my problem, the representative connected me to their Mortgage Specialist. He listened to me in detail and understood my problem very well. He then fixed an appointment to visit me in-person and look at my documents to get to the crux of my problem. After a thorough analysis of my documents, bank statements, property papers etc. he was ready to handle my case and within a few days I received a call from the same person from mymoneymantra. He told me that a lender is ready to provide financial support to me and he got me connected to that lender.
As soon as I filled in the loan application and submitted all my documents, my application was approved within a few days time and the desired loan amount of 1 Crore was disbursed into my account.
My business is back on track now. The happiness and satisfaction cannot be described in words and the credit goes to mymoneymantra for showing me the way, when no one else could.
– Ramesh Prajapat
Share your experience with mymoneymantra at firstname.lastname@example.org.