SMEcorner Business Loan

SMEcorner is an emerging NBFC that offers funding services to Small and Medium Enterprises (SMEs) across the nation. The NBFC tries to bridge the lending gap with the use of proprietary online platforms. Below mentioned are the features and basic details of the business loan offered by SMEcorner:

SMEcorner Business Loan Highlights
Interest Rate	As per business requirements
Min. Loan Amount	Rs. 50,000
Max. Loan Amount	Rs. 25 lakh
Repayment Tenure	From 12 – 36 months
Collateral	Not required
Business Vintage	More than 3 years
Processing Fee	Up to 3% of the loan amount
Minimum Turnover	Min. Rs. 25 lakh
Foreclosure Charges	5% of the principal outstanding

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.

Comparison of Business Loan offered by Top Banks/NBFCs

Bank/NBFCs	Interest Rate
Axis Bank	10.75% p.a. onwards
Flexiloans	1% per month onwards
HDB Financial Services Ltd.	8% - 26% p.a.
HDFC Bank	10.75% - 25% p.a.
IDFC First Bank	10.50% p.a. onwards
Indifi	1.50% per month onwards
Kotak Mahindra Bank	16% - 26% p.a.
Lendingkart	12% - 27% p.a.
Mcapital	2% per month onwards
NeoGrowth Finance	15% - 40% p.a.
Tata Capital	12% p.a. onwards
UGRO Capital	9% - 36% p.a.
Bajaj Finserv	10% to 26%

Also Check – Which Bank/NBFCs Offering Lower Interest Rate on Business Loans?

SMEcorner Business Loan can be availed by the following entities:

• Proprietorships
• Partnership firms
• Self-employed
• Small and medium enterprises

Also Read: How to get a loan when I want to start a new business without security?

Documents required for Loan Application

• Duly filled application form with passport-sized photographs
• KYC documents of partner, director, proprietor of co-applicants
• Last 9 months’ bank statement
• Proof of business continuity
• Residence / Office ownership proof
• VAT / Service tax certificate
• SSI Registration Certificate
• Shop and Establishment Act Registration Copy
• Any other document required by SMECorner

Related Post: Documents Required for Pradhan Mantri Mudra Yojana Loan

FAQs

Q. 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.

Q. Will I be sanctioned the same loan amount as estimated during the online application?

Ans. Based on the information declared by you, the lender arrives at 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.

Q. 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.

Q. 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.

Q. How do I complete an incomplete application?

Ans. You can log in to your account anytime through the Login Page and continue with your application.

Q. I have filled in the wrong detail while submitting the 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 log in with your mobile no. and resubmit the application with corrected details.

Q. 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.

Q. How quickly 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.