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SMEcorner Business Loan

Apply SMEcorner Business Loan

Max Tenure

36 months

Best Rate

18%

Processing Fee

2%

View Details

Features

  • Collateral free business loan
  • Fast and hassle-free process
  • No contact Business Loan

Pricing

  • Interest rate – 18% onwards reducing balance
  • Processing fees – Up to 2% of the sanctioned amount + GST

    Documents Required

    1. PAN Card of Promoter
    2. Aadhar Card of Promoter
    3. Residence proof
    4. Office Address proof < /li>
    5. 6 months Banking (all banking required from which EMI are getting paid) < /li>
    6. 1 year ITR (P&L and Balance Sheet) - Only if loan required is more than 3 lakhs
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    Overview SMEcorner Business Loan

    SMEcorner business loan is offered by SMEcorner which is an emerging non-banking financial institution. It offers financial services to small and medium enterprises (SMEs) in India. SMEcorner offers business loans at interest rates starting at 19% and flexible repayment options. The financial institution’s objective is to cater to the lending needs of SMEs through proprietary online platforms.

    SMEcorner business loan – top features

    Listed below are the noteworthy features of the business loans offered by SMEcorner:

    • Interest rate - 19% onwards. This is applicable for unsecured business loans
    • Loan repayment tenure – Ranges between 12 – 36 months
    • Collateral against the loan - not required
    • Minimum loan amount - Rs. 50,000
    • Maximum loan amount - Rs. 25 lakhs
    • Loan processing fees - Maximum 3% of the loan amount
    • Foreclosure charges - 5% on the principal outstanding
    • Business experience – business should have been in existence for at least 3 years
    • Minimum business turnover - Rs. 25 lakhs

    SMEcorner business loan for working capital

    Here are the top features of working capital loan offered by SMEcorner:

    • The interest rate on loan - 20% onwards
    • Loan repayment tenure - maximum 36 months
    • Collateral against loan required - No
    • Minimum loan amount - Rs. 50,000
    • Maximum loan amount - Rs. 25 lakhs
    • Minimum business turnover - Rs. 25 lakhs
    • Business experience – business should have been established for a minimum of 3 years
    • Pre-payment charges - 4% of the principal amount outstanding

    SMEcorner Business Loan – who can apply:

    Here is the list of entities that are eligible to apply for SMEcorner business loans:

    • Proprietorship firms
    • Partnership firms
    • Self-employed individuals
    • Small and medium enterprises

    SMEcorner Business Loan – what are the benefits:

    Here are the top benefits to be availed from SMEcorner business loans:

    • The financial institution disburses the loan amount within as little as 3 business days
    • Businesses can avail of a loan tenure of up to 36 months
    • There is no need to provide collateral against business loans from SMEcorner
    • With quick processing of business loans, businesses can meet their financial requirements at the earliest without causing any stress on the operations
    • The NBFC ensures fast disbursement of the loan without any hassles
    • Businesses can instantaneously check their eligibility for SMEcorner business loans
    • These loans require minimal documentation
    • The NBFC offers relationship management services to businesses for fast query resolution

    What are the documents required for SMEcorner business loan applications?

    Here is the list of documents needed for SMEcorner business loan applications:

    • Filled and signed application form
    • Recent passport-sized photographs of the applicant
    • KYC documents of the business partner, proprietor, director, etc.
    • Bank statements of the past 9 months
    • Evidence of business continuity
    • Proof of residence of proprietors
    • Proof of office ownership
    • GST certificate
    • Certificate of SSI registration
    • Copy of Shop and Establishment Act registration

    About SMEcorner

    SMEcorner is one of India’s leading new-age lending institutions offering fast access to business loans. The NBFC specially caters to the micro, small & medium enterprises(MSME) segment in India.

    With its headquarters in Mumbai, it currently operates across 21 states including 61 cities. The company’s mission is to provide customized credit solutions through modern technology and in-depth analytics to assist Micro, Small and Medium Enterprises in a fast and efficient manner with credit solutions.

    The NBFC offers products such as unsecured business loans, loans against property and special financial solutions such as MSME loans and loans for women entrepreneurs to meet the working capital needs and offer encouragement to women entrepreneurs in India.

    End Note

    Small businesses are the backbone of the Indian economy. As SMEs play a crucial role in offering large-scale employment opportunities, they also contribute to the socio-economic development of the nation. However, SMEs in India often face many challenges that halt their growth. The inception of SMEcorner has been with the objective of providing working capital access to such SMEs in India.

    FAQS

    1. What is the maximum loan amount which can be offered in a business loan?

    Depending on the information provided by the applicant, the lender will decide on the business loan amount that the business is eligible for. The final sanctioned loan amount will depend on the results of a detailed analysis of the business and proprietor’s financials and banking details assessed by the credit team.

    2. Which documents they require before processing of loans?

    SMEcorner can only estimate a business loan application eligibility if the applicant completes the application process with his/her PAN number and relevant bank statements. The applicant can also choose to complete the application form with available details. It is possible to provide all documents by re-logging into the NBFC website to complete the entire loan application.

    3. Who's eligible for small business loans?

    SMEcorner business loans provide an estimate of business loan eligibility once an applicant has completed the loan application. The final loan amount sanctioned will depend on a detailed analysis of the business financials and bank documents furnished. A personal discussion with the NBFC’s credit managers will also impact the loan eligibility.

    4. How do I check the status of my business loan?

    To check the status of your business loan application with SMEcorner, you can log in to your account on the NBFC website with your registered phone number.

    5. Will my business loan application be rejected if I filled the wrong details while applying online? How can I rectify my business loan application?

    If your business loan application with SMEcorner has been rejected due to incorrect details furnished by you during the online application, you can rectify the same and resubmit the application. For this, you can log in to the NBFC website with your mobile no. and resubmit the loan application with the correct details.

    6. Do you need proof of income for a business loan?

    Providing proof of income while making a business loan application can help while making an online application at SMEcorner. However, since there are certain limitations around uploading documents on the website, the NBFC offers a facility for physical document collection.

    7. Which business is eligible for an MSME loan?

    Private companies, Sole proprietorship firms, partnership firms, and limited liability companies that are engaged in trading, services, and manufacturing are eligible for MSME business loans.

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