When applying for an SME loan, you will need to submit your ITR-V (acknowledgement) form along with your business loan application. Your Income Tax Return–Verification (ITR-V) form is a document that the Income Tax Department automatically generates when you submit your income tax returns without a digital signature. Once you’ve filed your ITRs and gotten…
You have a -1 (minus 1) CIBIL score or credit score if you’re a first-time borrower applying with a formal lender or someone who does not have any credit history (loans or credit cards). But what does a -1 credit score mean for your prospects of getting an SME loan from a formal lender? Let’s…
The GST Amnesty Scheme limits the maximum late fee charged for filing your GSTR-3B forms for the tax periods from July 2017 – April 2021. Under the scheme, the maximum late fee for any tax liability other than a nil GSTR-3B is restricted to Rs.1000 per return. For a nil GSTR-3B filing, the maximum late…
If you hire contract labour and are required to have a Labour License according to the Contract Labour (Regulation and Abolition) Act, 1970, the deadline to apply for a renewal of license for 2022 is 30 November 2021! You must apply for a renewal at least 30 days before expiry. License renewal can now be…
If you’ve ever seen an ad for an SME loan or any other financial services, you may have heard of something known as turnaround time (TAT). In simple terms, the TAT is how quick the lender can process your loan application and get your SME loan. But have you ever wondered why some digital lenders…
If you are a GST-registered business, you are required to submit a copy of your GST registration certificate when you apply for an SME loan. You can either share a scan of the certificate or download a digital version of your GST registration to give to the lender. Here’s an easy step-by-step guide to help…
Don’t forget to pay equal attention to your business and personal credit score! If you’re a young business that is still building your credit history, lenders will review both your individual and business credit score and reports when making their decision to give you a business loan. In instances where there isn’t enough credit history…
What is a PAN? A Permanent Account Number (PAN) is a ten-digit unique alphanumeric ID number issued by the Income Tax Department. Every individual and corporate taxpayer doing business in India must have a PAN. An e-PAN card is a digitally signed PAN card issued electronically. Your e-PAN card is accepted as valid proof of…
CreditEnable is helping Indian SMEs easily access affordable finance when they need it. Try our technology platform today for free! We’re transforming the SME loan process so that you don’t have to wait weeks to get the small business financing you need to grow your business. Our service is completely digital, and our award-winning lender…
As credit experts, we’ve seen it all. Many of our SME customers applied for several business loans before using CreditEnable to successfully get the funding they needed. Some business owners may approach getting a loan from the quantity perspective – I should apply for as many as I can, and at least one lender will…
