Am I eligible to get an Indifi business loan?

CreditEnable_Indifi

If you’re considering getting an SME business loan, you’ve come to the right place. CreditEnable’s lender partner, Indifi, offers multiple types of business loans to our SME customers at attractive interest rates and loan conditions.

Let’s discuss the eligibility criteria for an Indifi business loan.

What small business loan options does Indifi offer?

Indifi offers CreditEnable’s SME customers the following small business loan options:

1. Unsecured business loan

An unsecured business loan is one of the most common types of business loans SMEs get in India. It is a versatile loan, which can be used to fund several business expenses, including working capital, overhead, business expansion, etc.

When you get an unsecured business loan, you do not need to provide the lender with any collateral in exchange for the loan.

Indifi offers CreditEnable customers unsecured business loans, ranging from Rs. 1 Lakh – Rs. 50 Lakh, with a loan repayment period that can span 12 months – 36 months.

Learn more about unsecured business loans.

2. Unsecured overdraft facility

In addition to unsecured business loans, Indifi also offers CreditEnable SME customers unsecured overdraft facilities, starting at Rs. 1 Lakh.

An overdraft facility is a smart backup cash source for an SME to have access to. An overdraft facility acts as a revolving line of debt.

Based on multiple factors, including your business financial health, your credit history, your sector, etc., Indifi will approve you for an overdraft facility with a sanctioned upper limit for a fixed duration. While you have access to the overdraft facility, you can use as much or as little of that overdraft as you require, within the sanctioned limit, and you are charged interest only on the amount you use. At the end of the overdraft period, you repay the amount you used and the interest on that amount, or you can renew the facility for another year.

Unlike many other lenders, this is an unsecured overdraft facility as you aren’t required to provide Indifi with any collateral in exchange for this line of credit.

Am I eligible to get an Indifi business loan?

To qualify for an Indifi business loan, you need to fulfil the following basic requirements:

1. Minimum age:

  • For businesses operational in Tier 1 cities, the minimum age requirement to qualify for an Indifi business loan or Indifi unsecured overdraft facility is 23 years.
  • If your business is operational in any other location outside a Tier 1 city, then the minimum age requirement to qualify for an Indifi business loan or Indifi unsecured overdraft facility is 25 years.

2. Minimum business vintage: 

  • To be eligible for an unsecured business loan from Indifi, your business needs to be operational and registered for at least 1 year.
  • To get an Indifi Unsecured overdraft facility, your business vintage must be at least 2 years.

Learn about business vintage.

3. Property ownership:

SMEs with both rented or owned property are eligible to apply for an Indifi unsecured business loan and unsecured overdraft facility. 

4. Financial documentation required:

  • If the Indifi business loan you require is up to Rs. 10 Lakhs, you only need to provide your KYC documents and bank statements for the past-12 months.
  • If the Indifi business loan you require is above Rs. 10 Lakh, you will also need to submit your audited financials in addition to your KYC documents and bank statements for the past-12 months. 

5. Minimum annual turnover: 

To be eligible for an Indifi business loan, your small business must have an annual turnover of at least Rs. 12 Lakh (or Rs. 1 Lakh per month). 

In addition to this basic eligibility, Indifi also conducts a thorough financial credit assessment of every applicant, and based on multiple factors, including your credit score, bureau report, financial history, lending history, etc., they will make their final lending decision.

Why should I apply for an Indifi business loan using CreditEnable’s technology platform?

CreditEnable has a team of credit experts who have years of experience in the SME lending space. As credit experts, we have a thorough understanding of what Indifi is looking for in an SME.

If you directly apply for an Indifi business loan that you are not eligible for, the lender will reject your loan application. You may never find out why you were not eligible, and the rejection may negatively impact your bureau report. By applying for the Indifi business loan using CreditEnable’s technology platform, you avoid this uncertainty and negative impact. Here’s how:

  1. You start your application with CreditEnable and answer a few questions about your business.
  2. Based on the information you provide, we’ll tell you whether you’re eligible for an SME business loan with any of our 25+ lender partners, not just for an Indifi loan.
  3. If you’re eligible, share your documents with us, and we’ll do a thorough assessment of your business financials and needs.
  4. Based on our assessments, we’ll search through 100+ specialized SME loan products to match you with the SME loan product that perfectly fits your requirements.
  5. If you’re not eligible, we’ll tell you exactly why and what you can do to improve your creditworthiness to become eligible for the SME loan in the future.

It’s that simple, and the best part is applying through us has ZERO impact on your bureau report because we only do a soft pull of your Experian credit score.

Does a soft pull of my credit score impact my bureau report?

Our process is also 100% digital, which means you don’t have to spend your time visiting the lender to work out the details. Our team is also available to support you during the loan underwriting process so that you have a clear understanding of all the terms and conditions of your SME loan.

We’ve helped SMEs get unsecured business loans in just 2-3 days, at interest rates starting at 14%. Many of our customers have successfully repaid the first SME loans they got from us and are now applying for higher-value loans at better loan terms with the same lenders we matched them with! We can help you get your SME loan too.

Start my SME loan application today!

Business Loans. Enabled Simply.