Using technology in every sphere of our lives is becoming the norm now. Need some groceries delivered to your home? There’s an app for it. Need a ride? There’s an app for it. Want to buy some clothes? You know it – there’s an app for it! Technology is also creeping into consumer-facing financial services.…
When you apply for a business loan, your lender will ask you to submit proof of your business vintage along with a few other business loan documents. If you’re an SME, you should have an Udyam Registration Certificate. This document, along with your Current Account passbook, can be used as proof of your business vintage.…
When you apply for a business loan, your lender will ask you to submit a colour copy of your PAN card with the other supporting business loan documents. If you’re not sure why they need your PAN in addition to all the other documents you’re submitting, read on to know why. What is a PAN…
Has your lender asked you to submit your Aadhaar card, but you don’t understand why they need it? In this article, you will learn what Aadhaar is and why you need to submit your Aadhaar to your lender to get a business loan. What is the Aadhaar identification? Your Aadhaar is a 12-digit numerical ID…
As a business owner, you need to know your finances and the sources of your income and expenses. Once you have this understanding, you can explore different avenues of financial support available to you. A couple of years ago, getting an SME loan was cumbersome and lengthy. This wasn’t because of a lack of collateral…
In India, consumers and businesses alike have credit scores and credit reports. When you apply for a loan, lenders check your credit report when deciding to lend to you. A Commercial or Business Credit Report records your business’s credit history. Your credit report plays a vital role in your business’s ability to access a business loan, helping…
Every business has its ups and downs, but successful entrepreneurs are the ones who learn from their mistakes and find ways to overcome them. When you start your business, you invest your time, money, and efforts to make it successful. They say that a great venture begins with a great idea, but it also takes…
Getting a business loan is a big step for many SMEs. If you’re new to borrowing, you may not be familiar with your obligations as a borrower and what your lender expects of you. One such thing is your business loan EMIs and the need to pay them on time. If you miss your EMI…
When you are unable to fulfil the terms and conditions of your business loan, for more than 3 EMI, without informing your lender, it is considered a business loan default. When you get a business loan, your lender puts forwards some terms and conditions on how and when you need to repay the loan. You…
Udyog Aadhaar is an initiative by the Government of India to provide a unique identification to businesses operating at the micro, small, or medium level. The Udyog Aadhaar scheme is now called Udyam, and all MSMEs must have an Udyam Registration Certificate. You can get an Udyam Registration Certificate and number for your business by…
