Digikredit-SME Corner Business Loan
Do you need a business loan from a reliable company? Then you should always choose the financial agency which has a good reputation in the market for providing the best services at a reasonable interest rate. You can apply for a business loan against your property from SME corner, which is known as a reliable financial organization. A business loan of a certain amount is available depending on your mortgage value when you apply for the loan. The experts are there to provide you with a loan for business development against the property. You can check the website and fill up the Digikredit SME Corner business loan online application to proceed.
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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 |
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.
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 |
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 |
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. |
How Does the EMI Calculation Work for Digikredit SMEcorner Business Loans?
You can use Pluto 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
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.
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.
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.
If you don’t submit the documents, the company won’t be able to determine your eligibility for availing of the business loan.
You can log in with your mobile number and resubmit the application with the correct details on the SMEcorner website.
You can simply log in to your account anytime by visiting the online website of SMEcorner and continue with your business 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.
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.