FAQs
Frequently Asked Questions
What documents shall be considered as a valid Identity Proof?
- Passport
- PAN Card
- Election / Voter's ID card
- Driving License
- Adhaar Card
- Government ID card
- Others (Notified by Central Government)
What documents shall be considered as a valid Address Proof?
- Passport
- Driving License
- Adhaar Card
- Election / Voter's ID card
- Others (Notified by Central Government)
What documents shall be considered as a Business Continuity Proof?
- Shop and Establishment Act Registration copy
- VAT / Service Tax certificate
- SSI Registration Certificate
What documents should I submit to avail Working Capital Loan from SMEcorner?
- KYC documents of the Proprietor / Partner / Director as applicable and KYC documents of co-applicants
- KYC documents of the Entity (Firm / Pvt Ltd. Co. as applicable)
- Latest year ITR and Computaion of income
- Business continuity proof
- 1 year bank statement downloaded via net banking
- Residence / office ownership proof
Which type of Legal entities are eligible for loan?
- Proprietorship firm
- Partnership firm
- Pvt. Ltd. Co. / Closely held Ltd. Co.
I want to make an application for my Partnership firm? Should all partners be co-applicants to the loan?
The Partnership firm and the majority stakeholders need to be applicant to the loan.
I want to make an application for Pvt. Ltd. Co. of which I am a director. Should all other directors be co-applicant to the loan?
The Pvt Ltd Co. firm and the directors holding majority stake need to be on loan structure.
I have registered my business this year, but have been running it since long. Will my application be considered as eligible, with less than one year in business?
The age of your business shall be considered as per the business registration proof.
What is the interest rate ?
Our interest rates are highly competitive. However, the exact interest rate will be subject to the loan amount and a thorough analysis of your business financials.
What is the schedule of charges for Loan Against Property
Particulars |
Charge |
| Cheque/ECS/ACH Dishonor Charges (Per Presentation) | Rs. 700 Per presentation |
| Penal Interest/ Default Interest | 3% P.M. on Installment over due |
| Foreclosure Charges** |
5% of Principal Outstanding (foreclosure of the loan is allowed only after 12 months from the loan disbursement date) |
| Swapping Charges- Any change in Repayment Mode | Rs. 1000 |
|
Installment Repayment cycle Date change (with no change in any other terms) |
Rs. 1000 |
| Statement of Account | Rs. 500 |
| Document Retrieval | Rs. 1000 |
|
Modification of the loan terms after first disbursement including but not limited to rescheduling of the loan repayment terms, addition/deletion of co-borrower(s), etc |
Upto 2% of Principal Outstanding |
| Loan Cancellation Charges |
Rs. 20000+rate of interest from the date of Disbursement till date of request for cancellation |
| Issuance of Duplicate Income Tax Certificate | Rs. 500 (Per copy) |
| Issuance of No Objection Certificate | Rs. 500 (per document) |
| Pre-Emi Interest Chargeable |
On a pro-rata basis for the number of days exceeding 30 days from the date between the loan booking date and presentation of first Instalment date |
| List of Documents | Rs. 1000/- |
Which all documents shall be considered as a valid Identity Proof?
- Passport
- PAN Card
- Election / Voter's ID card
- Driving License
- Adhaar Card
- Government ID card
- Others (Notified by Central Government)
Which all documents shall be considered as a valid Address Proof?
- Passport
- Driving License
- Adhaar Card
- Election / Voter's ID card
- Others (Notified by Central Government)
Which all documents shall be considered as a Business Continuity Proof?
- Shop and Establishment Act Registration copy
- VAT / Service Tax certificate
- SSI Registration Certificate
Which all documents should I submit to avail Working Capital Loan from SMEcorner?
- KYC documents of the Proprietor / Partner / Director as applicable and KYC documents of co-applicants
- KYC documents of the Entity (Firm / Pvt Ltd. Co. as applicable)
- Latest year ITR and Computaion of income
- Business continuity proof
- 1 year bank statement downloaded via net banking
- Residence / office ownership proof
I forgot my login credentials. How do I retrieve the same?
You can login anytime with your registered mobile number (OTP verified) or social media profile, anytime anywhere.
Which cities do you serve?
Currently we are serving businesses based out of Mumbai and Pune
I do not use internet banking. Can I submit hard copies or scanned copies of the bank statement?
Our instant eligibility decisions are subject to, the borrower providing us with a soft copy of their past 1 year bank statements. You can always reach out to your bank to request a soft copy of your bank statements.
What is the maximum loan I can avail?
The loan sanction shall depend on your eligibility. However, the company can fund loans up to maximum 30 lacs
How much can I borrow and for how long?
- Working Capital Loan ranges between 2 lacs and 5 lacs and the repayment period would vary from 12-24 months.
- Unsecured Business Loan ranges between 5 lacs and 30 lacs and the repayment period would vary from 24-36 months.
Do I need to mortage any property for availing a loan from SMEcorner?
Since, our product is an unsecured business loan, you do not need to mortgage any property. Your application is evaluated based on your business cashflows and credit worthiness.
