Daily Tip: Ensure you have blank cheques before applying for business funding

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When you apply for small business funding or try to open a new bank account, lenders will ask you to submit a cancelled cheque. 

While no one can withdraw money from your account using a blank cheque, it does include valuable information like your full name, bank account number, the name of your bank and branch, and the IFSC and MICR code of your bank branch. Lenders use this information to verify your financial history.  

As paperless modes of payment are becoming popular in India, lesser people now own a chequebook or use cheques to make payments. And even fewer know how to write or cancel a cheque! 

So, before applying for small business funding, make sure you own a chequebook that has blank cheques, as the lender will ask you for one to complete their loan assessment. 

In case you own a chequebook but don’t know how to cancel a cheque, don’t worry! Click here to learn how to cancel a cheque!

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