SMEcorner is an emerging NBFC that offers funding services to Small and Medium enterprises (SMEs) across the nation. SMEcorner offers loans at attractive interest rates with flexible repayment tenure. The NBFC tries to bridge the lending gap with the use of proprietary online platform. Below mentioned are the features and basic details of the business loan offered by SMEcorner:
SMEcorner Business Loan – Features – 2021 | |
| Interest Rate | Depends on applicant’s profile and business requirements |
| Min. Loan Amount | Rs. 50,000 |
| Max. Loan Amount | Rs. 25 lakh |
| Repayment Tenure | 12 – 36 months |
| Collateral | Not required |
| Disbursal Duration | Within 1 working day |
| Processing Fee | Up to 3% of the loan amount |
| Minimum Turnover | For latest year – Rs. 25 lakh |
| Foreclosure Charges | Up to 5% |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Check – Which bank gives lowest interest rate for business loan
SMECorner Working Capital Loan
| SMEcorner SME/MSME – Features – 2021 | |
| Interest Rate | Depends on applicant’s profile and business requirements |
| Min. Loan Amount | Rs. 50,000 |
| Max. Loan Amount | Rs. 25 lakh |
| Repayment Tenure | Up to 36 months |
| Collateral | Not required |
| Pre-payment Charges | 4% of the loan amount |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
SMEcorner Business Loan can be availed by following entities:
- Proprietorships
- Partnership firms
- Self-employed
- Small and medium enterprises
SMECorner Business Loan Features:
- Loan amount disbursal – within 3 business days
- Loan Tenure up to 36 months
- Collateral – Not required
Also Read: How to get a loan when I want to start a new business without security?
SMECorner Business Loan Advantages:
- Quick processing
- Fast disbursement
- Instant check of eligibility
- Minimal documentation
- Relationship management service
Documents required for Loan Application
- KYC documents of firm
- KYC documents of partner, director, proprietor of co-applicants
- Latest 2 years’ ITR
- Last 12 months’ bank statement
- Property papers
- Proof of business continuity
- Residence / Office ownership proof
- VAT / Service tax certificate
- SSI Registration Certificate
- Shop and Establishment Act Registration Copy
Documents required for Identity / Address Proof:
- Voter’s ID card
- Driving License
- Valid passport
- PAN Card
- Adhaar Card
- Government ID card
Related Post: Documents Required for Pradhan Mantri Mudra Yojana Loan
Frequently Asked Questions
Q1. Will I get to see my eligibility once I complete the online application process?
Ans. You will be provided with an estimate of your loan eligibility, as soon as you complete your application. However, the final amount sanctioned to you, will be subject to a detailed analysis of all your financial and banking documents submitted and a personal discussion with their credit managers.
Q2. Will I be sanctioned the same loan amount as estimated during online application?
Ans. Based on the information declared by you, the lender arrives to an estimated loan amount you are eligible for. However, your actual sanctioned amount is subject to a thorough analysis of your financials and banking details by the credit assessment team.
Q3. What if the required documents are not ready while making an online application?
Ans. SMECorner will not be able to estimate your eligibility unless you complete the application with your PAN number and your bank statements. However, you can complete the application form with whatever details you have on hand. You can come back any time as soon as you have all your documents in place by re-logging in using your mobile no. / social media login and complete the application.
Q4. How do I check the status of my loan application?
Ans. You can log into your account here with your registered phone or social media profile.
Q5. How do I complete an incomplete application?
Ans. You can login your account anytime through the Login Page and continue with your application.
Q6. I have filled in a wrong detail while submitting online application and the same got rejected. How do I resubmit a rectified application?
Ans. There might be a possibility that your application was rejected due to erroneous detail filled in. To rectify that and resubmit the application, you can login with your mobile no. and resubmit the application with corrected details.
Q7. Is it mandatory to upload financial documents while making an online application?
Ans. It would certainly help, if you provide all the required documents with your online application. However, there are limitations for uploading a soft copy of the same and hence the facility for collection of the required documents, in person is also provided.
Q8. How quick can I receive the funding?
Ans. Once you have completed your online loan application with all supporting documents, The funds can be disbursed into your nominated account within 3 business days.
Q9. How can I contact SMEcorner?
Ans. Reach SMEcorner at the below address
Head Office – Mum 01
Unit No. 1B, 4th Floor, A‐Wing, Times Square Building,
Andheri Kurla Road, Andheri (E),
Mumbai‐400059
