How to Improve Your Chances of Getting a Business Loan: Everything You Need to Know

Applying for a business loan doesn’t need to be a stressful process. Here are our top tips for making your business more attractive to lenders when applying for a business loan.   Perfect Your Business Plan  When it comes to traditional business loans, lenders want to understand your business plan fully before agreeing to lend…

Daily Tip: If your business loan is rejected, don’t re-apply to the same lender

CreditEnable_Business Loan
If you applied within the last 3 months for a small business loan and you were rejected, wait before you re-apply and seek help. When lenders are making a lending decision, they assess your application based on many different factors, including: your credit history your business plan  your sector your financials and cash flows your…

Can I get a small business loan from Lendingkart?

CreditEnable_Lendingkart
Are you looking to apply for a small business loan with Lendingkart? You came to the right place! Lendingkart is one of CreditEnable’s 25+ lender partners, and they have successfully given small business loans to many of our SME customers. So, let’s discuss what kind of business loans Lendingkart offers CreditEnable customers and who is…

Daily Tip: Ensure you have blank cheques before applying for business funding

CreditEnable_business funding
When you apply for small business funding or try to open a new bank account, lenders will ask you to submit a cancelled cheque.  While no one can withdraw money from your account using a blank cheque, it does include valuable information like your full name, bank account number, the name of your bank and…

Daily Tip: Link your PAN and Aadhaar before 30 September!

CreditEnable_Aadhaar
The last date to link your PAN and your Aadhaar is 30 September 2021! Linking the two forms of identification makes it easier for lenders to assess your small business loan application. It reduces the time they take to review your application, which means they can approve your loan request sooner, and you can have…

Daily Tip: The right business financing can help you achieve growth faster

CreditEnable_Business Financing
The type of small business financing you should apply for depends on many factors, including what collateral you can offer the lender, what loan amount you need, how you plan on using the loan, and for how long you want the loan.  At CreditEnable, we’re here to help you get the right business loan for…

Why is an unsecured business loan right for my small business financing needs?

CreditEnable_Unsecured Business Loan
Formal lenders offer many different types of business loan options for small businesses. An unsecured business loan is just one of your options, but it is one of the most popular loan options for small businesses that are still relatively young. What is an unsecured business loan?  When you get a loan from a lender…

Daily tip: Apply for a LAP if you own property and need business financing

CreditEnable_LAP
Are you trying to decide whether a secured business loan or a loan against property (LAP) is right for your business financing needs? If you own residential or commercial property that you can mortgage to get the business loan, then a loan against property is your answer! LAP is a type of secured business loan.…

Daily Tip: Maintain a work-life balance to develop stronger relationships

CreditEnable_Work-Life Balance
Festival season is upon us! The festivals are all about spending quality time with your loved ones, laughter, and great food! So, as a small business owner with a very demanding job, now is the right time to learn some techniques that can help you balance your personal life and work while giving equal amounts…

Why should I apply for small business funding with CreditEnable?

CreditEnable_SmallBusinessFunding
You’re ready to apply for small business funding? Congratulations! Applying for formal funding with a lender is a big step for an SME, so we understand your hesitation. Let’s talk about why CreditEnable is the right partner to help you get the small business funding you need. 1. CreditEnable partners with leading lenders in India…

Daily Tip: Apply for small business funding now, before festival season!

CreditEnable_Small business funding
Festival season in India has arrived! The next two months are going to be a celebration of family, traditions, and delicious food! It is also the time when people tend to buy new things for their homes and businesses to mark a new beginning, and to welcome prosperity into their lives. So, now is the…

Daily Tip: The deadline to pay your Advance Tax is September 15!

CreditEnable_Advance tax
Have you heard about Advance Tax? Section 208 of the Income Tax Act, 1961 states anybody whose estimated tax liability for a financial year is more than or equal to Rs. 10,000 is liable to pay advance tax. Paying advance tax simply means paying your taxes as you earn your income so that you don’t…

What is an MSME business loan and who is eligible for it?

CreditEnable_MSME business loan
To learn about what an MSME business loan is, we first need to understand what an MSME is. What does MSME mean? MSME, short for Micro, Small and Medium Enterprise, are governed by the Micro, Small and Medium Enterprises Development (MSMED) Act of 2006 introduced by the Government of India (GoI). An MSME is any…

Daily Tip: Get a working capital loan if you require a short-term business loan

CreditEnable_Short-Term
Looking for a little extra support to cover your daily expenses and avoid disruptions in your operations until your accounts receivables get paid? A Working Capital Loan is the right option for your small business financing needs! A working capital loan is a short-term business loan option that helps streamline your cash flows during a…

Daily Tip: File your GST Returns for August 2021 on time!

CreditEnable_GST Returns
It’s tax time again!  Depending on the type of business you own, or the type of GST payment schedule you follow, your GST Returns for August 2021 are due this month! Here are some important dates for you to remember: September 11: GSTR 1 (Monthly) for August September 13: GSTR 1 IFF (Optional) (August 2021)…

What are my small business financing options?

CreditEnable_Small businsess financing
As a small business looking for business financing, there are many kinds of loans for you to choose from. The type of loan you get will depend on two things: What collateral can you offer the lender as security? How will you use the loan? Knowing these two things before you apply for business financing…

Daily Tip: Register your business to get small business financing easily

CreditEnable_Small Business Financing
Did you know your business registration is how lenders determine how old your business is? Also known as Business Vintage, how long an SME has been operational and registered is crucial when getting small business financing from a formal lender.  A business registration makes it easier for lenders to verify and validate the information mentioned…

What collateral can I put up for a Loan Against Property?

CreditEnable_Loan Against Property
Loans Against Properties are some of the most common forms of borrowing in India. To get a LAP, you provide your lender with a copy of your property papers as collateral, and they give you a loan in return. LAPs are a form of secured business loan that can get you a higher loan amount…

What are the benefits of applying for an online business loan with CreditEnable?

CreditEnable_Online Business Loan
Applying for business funding is a big step for most small business owners. Since we’re currently experiencing a health crisis, most of us prefer to minimize our exposure to large crowds of strangers, but that may happen when you go to a bank or an NBFC to enquire about a loan right now. So, your…

Daily Tip: Deadline to deposit the tax you collected/deducted is coming up

CreditEnable_Tax
CreditEnable is here to help you stay on top of your tax obligations and improve your attractiveness to lenders. The deadline to deposit the tax collected and deducted at source in August 2021 is September 7! If you collect tax at source from your buyers or deduct tax at source for your employees, don’t forget…

Daily Tip: Apply for the right kind of business financing to get the most out of your business loan

CreditEnable_Business Financing
As a small business looking for business financing, you have a couple of loan types to choose from. You can apply for an unsecured business loan if you don’t have any collateral to put up or just need some short-term financing.  You can apply for a secured business loan by giving the lender some form…

Daily Tip: Here’s how you can avoid defaulting on a business loan

CreditEnable_Business Loan IV
Any time you do not adhere to the terms of your business loan, like making an EMI payment on time, you are defaulting on your business loan.  Defaulting on a loan has a drastic impact on your credit report, and therefore your attractiveness to lenders and your future loan prospects.  When you take a loan…

Why should I apply for a business loan now, before the festival season crunch?

CreditEnable_FestivalSeason
Festival season in India is right around the corner! We’re already in September. Soon it will be Dushhera, followed by Diwali, and then Christmas! The next couple of months will go by fast as everyone meets their friends and family, reconnecting after a long, hard year due to the pandemic. This is also historically a…

Daily Tip: Prepare for a business loan before you apply for it

CreditEnable_Business Loan
Getting a business loan is a big responsibility. Lenders will only lend to entrepreneurs who have the financial ability to pay their EMIs and fund their daily expenses simultaneously, without difficulty. As a small business, here are our tips on how you can prepare for the business financing you need to grow: Produce a thorough…

Daily Tip: Get a business machinery loan to invest in new machinery

CreditEnable_Machinery Loan
Thinking about investing in new machinery or getting the machines you already own repaired? A business machinery loan is an option for this purpose!  New or improved machinery enhances your manufacturing process, improving your production capacity, quality, and speed. New machinery may also increase the valuation of your company in case you’re looking for new…

6 things you can do to prepare your business for a business loan

CreditEnable_Loan
Here are a few things you can do to prepare your business for a business loan before submitting your application to the lender. These actions will increase your attractiveness to lenders, indicating that you run your business responsibly and that you’ve planned for the loan. If your business is currently in a negative sector due…

Daily Tip: Taken a home loan? You can get a deduction on your Income Tax Returns

CreditEnable_IncomeTaxReturns
Did you know you are eligible for a deduction on your Income Tax Returns if you’re currently repaying a home loan? When you submit a Home Loan Certificate along with your ITRs, you are legally allowed to save the following: The maximum principal amount repaid by you that can be claimed as a deduction is…

Daily Tip: Submitting your loan documents online speeds up the underwriting process

CreditEnable_Online
As a technology platform that is 100% digital, CreditEnable always asks our SME customers to submit their loan applications and supporting documents online. This speeds up the loan assessment process and makes it easier for our lender partners to verify your information. But some of our customers prefer to handle loan applications offline because this…

Daily Tip: Physical exercise is a great way to relieve stress

CreditEnable_Stress
Being a full-time entrepreneur is a rewarding experience, but it can also be stressful at times. You need to oversee everyones’ work and get an unlimited number of tasks done in a day. As your business starts to grow, all your hard work starts to pay off, and you feel great! Now you will work…

Daily Tip: Have your chequebook handy when applying for a business loan

CreditEnable_Chequebooks
When you apply for a business loan, you will need to give the lender a cancelled cheque. This acts as an important piece of documentation, helping lenders assess your financial history and reduce the instances of typographical errors. In addition to business loans, lenders require blank cheques to verify your financial information and do customer…

Daily Tip: Know the difference between fixed and reducing interest rates

CreditEnable_Interest Rates
When you borrow a business loan from a lender, you must repay them the principal amount you borrowed and the predetermined interest rate they are charging you for the loan. After your business loan application gets approved, lenders will offer you two EMI interest rate options to repay the loan – a fixed interest rate…

What type of business loan is right for my business growth needs?

CreditEnable_Growth
Your business is doing well and starting to grow. Congratulations! Now you’re entering the most crucial stage of your business life cycle, where you need to manage the growth appropriately to sustain the growth and sale. That’s where CreditEnable comes in.  An important factor in every business growth journey is funding – how much money…

Daily Tip: Prepare for the business loan in advance to have your business loan approved faster

CreditEnable_Approved
How do you get your business loan approved faster? When you apply for a business loan, in addition to your loan application, banks require several documents to verify your loan request. To increase your chances of being approved for a business loan, we recommended you do the following things before submitting the loan application: Organize…

Daily Tip: Prepare a cash flow forecast for your business

CreditEnable_Cash Flow
Have you prepared a cash flow forecast for your business yet? A cash flow forecast takes into account all your inflows and outflows over a certain period to predict what your finances will look like in the future. The forecast helps you identify patterns in expenditure and resource allocation. It gives you a big-picture view…

Daily Tip: Use technology to grow your business faster

CreditEnable_Technology
The pandemic has led to many changes in our personal and professional lives. However, by introducing technology in your business operations, you can continue working remotely from anywhere, work more efficiently, and also grow your customer base! Some things you can do to grow your business using technology: 1. Sell on an e-commerce platform like…

10 ways to maintain your work-life balance as an entrepreneur

CreditEnable_Work Life Balance
Let’s talk about work-life balance. Your business is your baby. We understand that. CreditEnable is also a small business building itself up day-by-day, and we understand how much time, effort, and attention you put into each customer transaction. Behind every successful small business is an enthusiastic, always busy, and somewhat always tired entrepreneur who deserves…

Daily Tip: Improving your credit score is hard but not impossible!

CreditEnable_CreditScore3
Are you worried your credit score may negatively impact your chances of getting the business loan you need to grow? This is a valid concern as your credit report is a crucial piece of financial information lenders will review before they decide to lend to you. Any major financial transaction you make, from applying for…

Daily Tip: If you own collateral, a secured business loan is your best option

CreditEnable_Secured
When you’re in need of a business loan and own assets that you can put up as loan collateral, you can get a secured business loan. In exchange for collateral, lenders will offer you a loan with a: Larger loan amount Attractive interest rate Loan tenure ranging from 12 months to 20 years The exact…

What does it mean to default on a loan?

CreditEnable_Default
What does it mean to default on a business loan? When you fail to meet the conditions of your business loan without any warning given to your lender, it is considered a default on your loan. There are two types of defaults:  Wilful – When you are in a strong financial position and can repay the…

Loan against property and secured loan: Are they different?

CreditEnable_Property
What is a loan against property (LAP)? A loan against property is a business loan you get if you own valuable personal or business property that can be pledged as collateral for the loan. Such a loan can be used to finance long-term business funding needs, business expansion plans, purchase new property and equipment, or…

Daily Tip: Your individual credit score impacts your chances of getting a business loan!

CreditEnable_PersonalCreditScore
Does your personal credit score impact a lender’s decision to offer you a business loan? Yes, it does!  A lender will check your personal credit score, in addition to your business credit report, when they’re deciding to lend to your business.  Your business and personal credit histories can affect: Whether or not you get approved…

Daily Tip: GSTR-3B filing late fee amnesty scheme ends soon

CreditEnable_GST
According to the Goods and Services Tax Act, taxpayers cannot file a particular tax period’s GSTR-3B without filing the previous ones. You also risk having your GST registration cancelled if you haven’t filed GSTR-3B for six consecutive tax periods or three consecutive quarters! Losing your registration may impact your clients, or GST registered customers could…

Daily Tip: Get an unsecured business loan if you don't own collateral

CreditEnable_Unsecured
Unsecured business loans are a great option for first-time borrowers or businesses who don’t own much (or any) collateral to offer lenders. They are relatively easier to get compared to secured business loans. Due to the lack of collateral, lenders can process and sanction unsecured business loans faster because they don’t have to spend time…

Daily Tip: Be transparent when applying for a business loan

CreditEnable_Transparent
Are you applying for a business loan? Be transparent on your business loan application to increase your chances of getting approved for the loan! Lenders use numerous methods to verify the information you provide on your business loan application and in your interactions with them. So, being transparent helps build trust with your lender and…

Learn how to cancel a cheque in 2 simple steps to give to your lender

CreditEnable_Cheque
Cheques as a means of making and receiving payments are becoming less popular with the introduction of online and digital banking and UPI apps like GooglePay and PayTM. Despite this, they remain a form of documentation lenders require when you apply for a business loan or when you open a new bank account. Cancelled cheques can’t be used…

Daily Tip: Create a clean environment for your customers by enforcing COVID-19 rules

CreditEnable_COVID
Are you ready for Unlock? We know we are! But before you get back to work, make sure you’ve taken all the COVID precautions necessary to keep your staff and customers safe.  Makse sure your employees wear masks that cover their nose and mouth, provide hand sanitizer for customers to use, and regularly sanitize your workplace.…

Daily Tip: Your mental health is as important as your physical wellbeing

CreditEnable_MentalHealth
As an entrepreneur, your business is your baby, and you need to make sure you’re providing your customers quality service and products to keep them happy and your business healthy. But entrepreneurs are also under a great deal of stress right now. With COVID-19 restrictions changing daily, you have the added stress of lockdowns, disruptions…

Daily Tip: How to read your credit report

CreditEnable_Credit Report
When you apply for a business loan, lenders check your credit report to decide if they should lend to you or not. Do you know what information is included in your business credit report? Your report has the following sections: Identity and enquiry information Company details Enquiry summary Account summary Location details Relationships details Credit…

Daily Tip: Deadline to deposit tax collected/deducted in July 2021 coming up

CreditEnable_Tax
The deadline to deposit the tax collected and deducted at source in July 2021 is August 7! If you collect tax at source from your buyers or deduct tax at source for your employees, don’t forget to deposit the collected tax with the tax authority! Visit the Income Tax website for the full August tax…

Top Tips – 7 Ways to Manage Business Growth

CreditEnable_BusinessGrowth
Many businesses in their growth phase are unable to achieve their full potential because they don’t manage growth well. This may sound counter-intuitive, but your business needs change when you’re moving from one stage of growth to the next, including the size of your team, focus areas, financing, and growth strategy. CreditEnable is a small…

Can I get a business loan without collateral?

CreditEnable_Collateral
Yes, you can get a business loan without collateral! Such loans are called unsecured business loans and are great for small businesses that are just starting and don’t own any (or many) assets to offer as security or if your business is growing and you need funding fast to meet the new costs. Learn more…

Daily Tip: TCS Certificate for Q1 of 2021-2011 due on 30 July 2021

CreditEnable_
Do you collect tax at source? Don’t forget, the deadline to provide your TCS Certificate for Q1 of FY 2021-2022 is 30 July 2021.  TCS is a tax collected by a seller from a buyer at the time of sale. The seller is required to deposit the collected tax with the tax authority within the…

Do I Need to Get Health Insurance for My Employees?

CreditEnable_HealthInsurance
Having health insurance coverage makes our lives a lot easier. Depending on the kind of insurance plan you have, you don’t have to worry about visiting a doctor if you’re feeling unwell or undergo surgery because your insurer will cover the cost. During the pandemic, health insurance has been able to save the lives of…

Top Tips for Women Entrepreneurs Applying for a Business Loan

CreditEnable_WomenEntrepreneurs
The pandemic has caused us to face many unknown situations, and uncertain times call for new and innovative solutions! Many women have been able to rise to the occasion, using this time to transform hobbies and seemingly mundane skills into valuable sources of income generation. Indian women are entrepreneurial by nature. You juggle housework, child-rearing,…

Daily Tip: File Your GST Return Forms On Time!

CreditEnable_GSTR
With the government issuing new notices weekly to accommodate for the disruptions caused by COVID-19, it is easy to forget to file your regular GST Return (GSTR) forms. So, here is a reminder to file your GSTR forms this month! Depending on the type of business you own, or the type of GST payment schedule…

Daily Tip: Learn What Information is in Your Credit Report

credit
Your commercial credit report (CCR) is just one of the factors that lenders take into consideration when deciding whether to lend to you or not. But it is an important factor. Your CCR contains information about the financial history of your business, and also the financial history of the owner and the directors of the…

Daily Tip: Download e-Statements Before Applying for a Business Loan

CE_e-Statements
When you apply for a business loan, you need to submit your bank account statements for the last 12 months for all the accounts you use for your business. With most bank branches closed and lenders working remotely, how do you access your business bank account statements? Most lenders now offer digital statements that you…

Daily Tip: Register on CoWIN and Book Your COVID Vaccine

CE_COVID_Vaccine
The #1 question on all our minds right now – have you got the COVID vaccine yet? Want to register for the vaccine but don’t know how? Visit our blog to learn how to register and find out what COVID vaccines are being administered in India. With the revised COVID guidelines going live today (21 June 2021),…

Top Tips: How to Leverage Technology for Your Business During COVID-19 (Part 2)

Small businesses are truly the backbone of the Indian economy, but what do you do when lockdowns and COVID restrictions have impacted the way you conduct your business? And even if your business is open, how do you convince customers that it is safe to come out and shop again? This is where you can…

Daily Tip: Check Your Credit Score Regularly

Check your credit score regularly
When was the last time you checked your credit score? We recommend regularly reviewing your credit report. This will help you catch inconsistencies before they cause problems and negatively impact your credit score and creditworthiness!  Click here to read more about why you should check your credit score regularly. Zero Hassle. Zero Fees.Business Loans. Enabled…

New ITR Filing Portal Launched on 7 June 2021: All You Need to Know

ITR e-Filing Portal 2.0
After a “Blackout Period” of 6 days, the Income Tax (IT) Department launched its new Income Tax Returns (ITR) Filing Portal on 7 June 2021.  This upgraded portal accessed via www.incometax.gov.in (instead of the old website – www.incometaxindiaefiling.gov.in) is designed to be more user-friendly, making the ITR filing process simpler and more transparent for taxpayers. According to the…

COVID-19 Vaccine and Business Loans: Am I Eligible?

Vaccine
Nowadays, no conversation is complete without the topic of the COVID vaccine coming up. Have you got it yet? Are you getting it? Why are getting it? Which one are you getting? When are you getting it? And where do I get an appointment from? The vaccine has become our ray of hope, making us…

Daily Tip: Get Approved For a Business Loan Faster

Business Loans
How can you shorten the wait time and get approved for a business loan faster? Our #1 Advice:Have your personal and business documents in order before you apply! Compile a complete list of all documents the lender will need, and make sure you have all of them ready before submitting your application! This will reduce…

CreditEnable and Flipkart Making Access to Affordable Finance Easier for 300,000 SMEs in India

CE_Flipkart
CreditEnable and Flipkart have signed a strategic partnership that will allow Flipkart sellers across the country to easily access affordable finance through the CreditEnable platform. Today, Flipkart is one of the leading e-commerce companies in India, with 300,000 sellers and 300 million registered users. Commenting on the partnership with CreditEnable, Ranjith Boyanapalli, Senior Vice President…

Daily Tip: Income Tax Return Extension Alert

CE_Income Tax
To help taxpayers overcome disruptions caused by the second wave of COVID-19, the Central Board of Direct Taxes (CBDT), GoI in circular no.9 dated 20 May 2021, announced new relaxations regarding Income Tax Return filing due dates! The individual ITR due date for Assessment Year 2021-2022 has been extended to 30 September 2021 and, the…

Mental Health Awareness for Entrepreneur: Distracting Your Mind

Mental Health
As a business owner, there are so many things that require your attention right now. In this situation, it may become hard for you to disconnect from work, or even fall asleep, since your mind is overwhelmed with everything that is happening around us, and everything that still needs to be done. Experiencing this level…

Mental Health Awareness for Entrepreneur: When to Connect and Disconnect

Mental Health
Taking care of the health of your loved ones and your business is important right now. But you also cannot forget to take care of your physical and mental health. As an entrepreneur, you’re probably worrying about the lockdown, your monthly payments like employee salaries, overheads and inventory, and trying to continue working remotely when…

Top Tips: How to Leverage Technology for Your Business During COVID-19 (Part 1)

COVID-19 continues to disrupt the economy and is probably having a big impact on your business. The rolling lockdowns and ever-changing restrictions and guidelines make it hard to manage day-to day and even harder to think about planning for the future, so we put together our top tips for how to use technology to keep…

How banks can take a new look at SMEs

By Nadia Sood, CEO, CreditEnable SMEs are hailed as nation builders and the backbones of developed and emerging economies alike, and yet adequate financing from the formal market is still elusive for most SMEs at home and abroad. The primary reason is that the extraordinary array of technology that enables banks to underwrite competitive loans…

AI: A force for good?

By Nadia Sood, CEO, CreditEnable Last month, in the first of a two-part series, Nadia Sood, CEO at CreditEnable explored the potential pitfalls of AI when it comes to gender inclusivity and how its introduction can also help eliminate biases. In this month’s article, I explore how AI can be applied as a force for…

AI: Understanding bias and opportunities in financial services

By Nadia Sood, CEO, CreditEnable It is undeniable that our lives have been made better by artificial intelligence (AI). AI technology allows us to get almost anything, anytime, anywhere in the world at the click of a button: prevent disease epidemics and keep them from spiralling out of control, and generally just make day-to-day life…

SME finance in 2030 will be cheaper, faster and fundamentally more inclusive

We expect the world of SME finance to have fundamentally changed by 2030. A significant and transformational shift has already taken place over the last 10 years in which innovative FinTech companies, challenger banks, specialist digital SME lenders, E-commerce players and aggregators like Facebook and Google have entered the $8.1 trillion SME credit market and…

Creating a Healthy Financial History at Each Stage of Your Business

At every stage of your business’s growth, having an organised and transparent financial history is essential when trying to secure a business loan. Banks will want to see consistency across your finances, so it’s important to get into good habits, no matter how big or small your company is. Start-Up: Build Your Financial History  As…

A Guide to Business Loan Option

Lending is an essential part of growing any business. Whether you are starting a new venture or looking to expand your client offering, sometime an injection of cash is needed to take your company to the next level. However, with so many different options, it can sometimes be an overwhelming process. Here’s our guide to…