A good credit history is crucial. If you have a high credit score, the bank is more likely to trust you with a loan. For example, if you always pay your bills on time. Another key element is a solid business plan. It should clearly show how you will use the loan and how you will pay it back. For instance, a detailed market analysis and revenue projections in the plan.
One important element is collateral. If you can offer something valuable as security for the loan, like property or equipment, it gives the bank more confidence. Also, a stable income source matters. Whether it's from an existing business or a regular job. If the bank sees that you have a reliable way to generate income to repay the loan, they are more likely to approve it. And of course, a clear purpose for the loan. You need to be able to explain exactly why you need the money.