5 Ways to Detect a Fraud Loan Scheme… Like A Pro

We have all received that one call or email where we’re offered a big business loan at a time when we least expect them. For those oblivious to massive loan frauds going on the global scene, such calls or emails are simply too good to resist. And unsurprisingly, most of them- if not all- end up getting broke.

Skepticism has now set in for many new entrepreneurs for who even the genuine schemes of business loan Kolkata and in Delhi looks like a con job. Sorting what’s right and what’s not is important if you’re in the quest to launch your startup.

Here are 5 winning ways to spot a fraud loan scheme like a pro-

It sounds too good to be true- 

They’re offering you a loan of Rs 10 Lakhs with zero interest rate, no annual fee, and with no late payment penalty—this sounds too good to be true; well, that of course unless you’re dealing directly with an angel here.

A simple Google search doesn’t yield flowering result-

Who sent you that mail or called you? What is that company’s name? How reputable are they in the market? These are few curious questions about your to-be-lender. However, even the mighty Google have no answer to these.

Brick and mortar existence is absent- 

This company is giving you a big business loan Kolkata or in Delhi, it ought to have a physical presence. A decent working registered office, located right in India (in fact, right in your state). Do you they gave you the address? 

You’re asked to pay huge amount right upfront- 

The company asks you to pay a lump sum amount right upfront; as a security deposit, maybe? Now why the genuine ones would do that! Don’t they know you’re short on money and that’s why you’re applying for loan in the first place?!

It’s too damn easy (!!!)- 

Getting loans is still a tad complex. However the company tells you that you’re going to get the amount in next 2-days by just providing your name, email and bank details. No KYC information is needed and your credit history is not checked. FRAUD!

These are the 5 simple and evident signs that you’re dealing with a fraudster and not a real financial company. At time like this, don’t reply back. If they continue bothering, file a formal complaint against them. There are strict laws to put such people behind the bars.

Need business loan, looking for a stock broker in Kolkata, or doing anything that involves money- do a thorough search (both offline and online), ask for recommendations, weigh the market reputation these companies enjoy and see their past record. Be careful of every aspect before you take any step further. 

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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. 

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