How long does the business loan application process typically take?

The duration of the business loan application process can vary depending on several factors, including the type of loan, the loan provider requirements, and the completeness of the documentation provided. Below is a general breakdown of the timeline:

• Preparing Documents: This can take anywhere from a few days to a few weeks. It involves gathering things like financial statements, tax returns, and a business plan.
• Submitting Application: Submitting the loan application usually takes a few hours or up to one day. Online loan providers tend to have faster submission processes.
• Reviewing the Application: Banks or Non-banking Financial Companies (NBFCs) usually review applications and decide within a few weeks.
• Approving the Loan: If approved, the final underwriting process typically takes a few additional weeks. However, expedited loan options may complete this process within a few days.
• Getting Funds: After full approval, it takes a few days for the money to arrive in the bank account or any other mode per the policies. Bigger loans, like SBA loans, might take longer at this last step.

The process can take days for small online loans or several weeks for traditional bank loans. The timing depends mainly on the loan type and loan provider.