Urban Money

Digikredit-SME Corner Business Loan

Digikredit-SME Corner
4.5

Small firms and entrepreneurs can use business loans to aid them with their cash needs. There are numerous financial institutions across the nation that offer specialised business loans with low interest rates to meet your demands. Where Digikredit-SME Corner Business loans with flexible terms and rates starting at 19 % p.a. for amounts up to Rs. 25 lakhs.

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Interest Rate

Processing Fee

Loan Amount/Tenure

Digikredit-SME Corner Business Loan Interest Rate

19%

3% - 5%

₹50K - ₹25L

Tenure(0 - 3 Years)

Details

Features and Benefits of Digikredit SMEcorner Business Loan

  • Strong Digital Interface: Digikredit maintains a robust digital UI that makes the entire loan processing faster, smoother and hassle-free for business owners.
  • Instant Loan Processing: If you have filed the application properly and provided all the documents required, your loan will be processed instantly.
  • Hassle-free Process: SMEcorner has kept the application process fairly simple to avoid any confusion so that the loan can be approved and processed without any delays.
  • No Collaterals: Unlike other forms of loans, Digikart’s business loan doesn’t ask you for any collateral. Hence, it’s an unsecured business loan.
  • Flexible Tenure: SMEcorner offers a flexible tenure option of 12 to 36 months providing borrowers more time to repay their loans.

Digikredit SMEcorner Business Loan Overview

If you are planning to grow your business and take it to a new peak, a business loan would be the perfect option for you. It will help you maintain your cash flow and enable you to cover any unexpected expenses easily. Digikredit SMEcorner uses modern technology and deep analytics to provide an efficient solution to all the small and medium enterprises in India. You can apply for Digikredit SMEcorner Business Loan and get customised loan solutions of up to ₹ 25 lakhs.

Digikredit SMEcorner Business Loans have been designed to fund small and medium enterprises. It offers competitive interest rates, minimal documentation, flexible tenure and repayments to make the process of availing of a business loan extremely convenient. SMEcorner provides your business with an upper edge that helps you thrive in the face of competition.

  • Business loan amounts range from Rs. 50,000 to Rs. 25 lakh
  • No collateral required
  • Loan disbursed in 3 working days    
Interest Rate As per business requirements
Min. Loan Amount Rs. 50,000
Max. Loan Amount Rs. 25 lakh
Repayment Tenure From 12 – 36 months
Business Vintage More than 3 years
Collateral Not required
Foreclosure Charges 5% of the principal outstanding
Minimum Turnover Min. Rs. 25 lakh
Processing Fee Up to 3% of the loan amount

Eligibility Criteria to Apply for Digikredit SMEcorner Business Loan

Businesses planning to seek a Digikredit SMEcorner business loan must fulfil the following criteria:

  • The applicant must have a minimum turnover of ₹40 lakhs.
  • Businesses applying for the loan must have a Minimum Annual Income of ₹1.5 lakhs per annum.
  • The business of the applicant must have been generating profit for the last 2 years.
  • The age of the applicant must be at least 21 years old and not older than 65 years at the time of maturity.
  • The applicant must have an active business for a minimum of 3 years.
  • A business experience of 5 years is a must-have.
  • Any self-employed individuals, Private Limited Companies, Partnership Firms, and Proprietorship in the business of trading, services and manufacturing can apply for a business loan.

Digikredit SMEcorner Business Loan Fees and Charges 

Business Vintage More than 3 years
Processing Fee Up to 3% of the loan amount
Collateral Fee Not required
Foreclosure Charges 5% of the principal outstanding

Digikredit SMEcorner Business Loan Interest Rates

The Digikredit SMEcorner Business Loan interest rate varies from one business to another, depending on their annual turnover, credit profile, nature of business, and more. You can call Digikredit SMEcorner’s customer care executive to know the exact rates you may have to pay on the loan.

Factors Affecting Digikredit SMEcorner Business Loan Interest Rates

Borrowers always seek a business loan that delivers a significant amount at low-interest rates. However, interest rates always vary. There are certain factors that any bank, NBFC, or financial institution consider before rendering a specific interest rate for a business loan. Factors affecting Digikredit SMEcorner Business loan are as follows:

CIBIL Score  A CIBIL score reflects the creditworthiness of a lender. Lenders with higher CIBIL are more likely to get a loan with a lower interest rate.
Repayment History  Banks and NBFCs always appreciate borrowers with a good repayment history. Timely repayments of credit are a good sign. If borrowers maintain these two aspects, they may get a better deal on interest rates.
Annual Turnover  A business producing a high annual turnover is provided with a lower interest rate and lower EMI amount. This is so because lenders trust that they have the capacity to repay the loaned amount sooner than businesses with low annual turnover.
Nature of Business  Businesses that maintain a positive and profiting nature tend to receive lower interest rates on business loans.
Business Experience  If you have been operating a business for at least three to five years, have never been on the defaulter’s list, etc. you will receive a lower interest rate on the loan as compared to businesses on the defaulter’s list.
Good Relationship  If you are a loyal customer of a certain bank or financial institution and have maintained a stable and good relationship with them, you might get a lower interest rate on the loan you avail of.

Documents Required for Digikredit SMEcorner Business Loan

Submit the following documents along with your business loan application for a Digikredit SMEcorner Business Loan:

1. Duly filled application form 6. VAT/Service tax certificate
2. KYC documents of partner, director, proprietor of co-applicants 7. Last 9 months’ bank statement
3. Passport-sized photograph 8. SSI Registration Certificate
4. Residence/Office ownership proof 9. Proof of business continuity
5. Shop and Establishment Act Registration Copy 10. Any other document required by SMECorner

How Does the EMI Calculation Work for Digikredit SMEcorner Business Loans?

You can use Urban Money’s Business Loan EMI Calculator to get an estimate of your business loan EMI so that you can adjust the loan amount or the tenure accordingly.

Furnish the total amount of loan, loan tenure, and interest rate in the respective blank spaces and click on the ‘Calculate’ button. The result will be displayed on the screen. You will get the amount of monthly EMI you have to pay and the total interest amount payable.

The formula for calculating EMIs on the business loan:

EMI= [P x R x (1+R)^N]/[(1+R)^ (N-1)]

Where,

P = Principal Amount

R = Personal loan ROI or rate of Interest

N = Loan Tenure in months

How Does Digikredit SMEcorner Compare with Other Lenders?

Glance through the table below to understand the comparison of Digikredit SMEcorner business loan interest rate with that of its competitors.

Bank/NBFCs Interest Rate
Digikredit SMEcorner As per the loan requirements
Axis Bank 14.25% – 18.50% p.a.
HDFC Bank 11.90% – 21.35% p.a.
IDFC First Bank 14.50% onwards
FlexiLoans 1% per month onwards
ZipLoan 1% – 1.5% per month (Flat ROI)
IIFL Finance 11.75% – 25.75% p.a.
Fullerton Finance 17% – 21%
Kotak Mahindra Bank 16% – 19.99%
RBL Bank 17.50% – 25% p.a.
Bajaj Finserv 17% p.a. onwards
Lendingkart Finance 1.5% – 2% per month
ICICI Bank 18% onwards
Indifi Finance 1.5% per month onwards
NeoGrowth Finance 19% – 24% p.a.
Tata Capital Finance 19% p.a. onwards
Hero FinCorp Up to 26% p.a.

Digikredit SMEcorner Business Loan Customer Care Number

To enquire about the SMEcorner Business Loan requirements, you can reach out to the SMEcorner customer care number at 1800-103-7382, which is accessible pan India. You can also contact them via email at service@smecorner.com.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Can we view the eligibility after the completion of the online application process?

As soon as you have completed the loan application, you will be provided with an estimate of your loan amount. Nevertheless, the final loan eligibility amount sanctioned to you will be subject to a detailed analysis of all your banking and financial documents and a personal discussion with their credit managers.

How can we view the status of our loan application?

It’s simple. You can use your registered social media profile or phone number to view the status of your loan application on the official website of SMEcorner.

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

It completely depends on the information provided by you in the application form. The lender will sanction the loan amount after a thorough analysis of the banking details and financials provided by the credit assessment team.

What if I don’t submit the required documents while applying for a business loan online?

If you don’t submit the documents, the company won’t be able to determine your eligibility for availing of the business loan.

How do I submit an application after rectification that has been rejected due to incorrect information?

You can log in with your mobile number and resubmit the application with the correct details on the SMEcorner website.

How can I complete my application if I initially left it incomplete?

You can simply log in to your account anytime by visiting the online website of SMEcorner and continue with your business loan application.

Is it obligatory to upload financial documents while filing an online loan application?

Yes, it’s mandatory to submit the required documents as they help in scrutinising information related to your monthly income, annual turnover of the business and more. In simpler terms, documents are helpful in confirming your eligibility for a business loan.

How quickly can we get the funding?

After the successful filing of the online loan application along with all the required documents, the institution will disburse the desired loan amount into your bank account within three working days.

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