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…

I defaulted on my business loan. What happens now?

defaulted on my business loan

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…


What is a business loan default and how can I avoid it?

business loan default

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…


How To: Apply for an Udyam Registration Certificate

Udyam Registration Certificate

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…


Are my CIBIL and Experian credit scores different?

CIBIL and Experian credit scores different

If you’ve borrowed a loan before, or own a credit card in India, then the credit bureaus authorised to operate in the country have access to your credit history.  In India, there are 4 credit information companies (CICs) that compile and assess individual and company credit reports, also known as bureau reports. CIBIL and Experian…


What is an Udyam Registration and who is eligible to register for it?

Udyam Registration

If you’re looking for a business loan, your Udyam Registration is one of the supporting documents you can give the lender to get the loan. The Udyam Registration Portal was launched in 2015. Overseen by the Ministry of Micro, Small and Medium Enterprises, Government of India (GoI), the Portal provides a unique identification number to…


Using the mAadhaar app to update demographic information on my Aadhaar ID when I apply for a business loan

apply for a business loan

Aadhaar is one of the most important forms of identification in India. Adopting a user-centric approach to the Aadhaar programme, the Government of India has invested in multiple ways for residents to get an Aadhaar ID. You can avail of Aadhaar services offered by the Unique Identification Authority of India (UIDAI) anywhere in the country…


Using myAadhaar to update my demographic data when applying for a business loan

applying for a business loan

If you’re a resident of India, you need an Aadhaar card to access numerous services offered by financial institutions and the state and central governments. Your Aadhaar ID stores your demographic and biometric information and is a required document when you are applying for a business loan. Throughout your lifetime, some of your demographic information…


Can I download my Aadhaar card online to use for my business loan KYC?

Business loan KYC

Aadhaar is one of the most important forms of identification in India. Whether you’re travelling across the country or accessing financial services like opening a bank account or applying for a business loan, you need to provide your Aadhaar card for identification. Aadhaar IDs are issued by the Government of India and are accepted in…


What are the advantages of getting a short-term business loan?

short-term business loan

As a small business owner just starting, it’s good to know about all the funding options available to you. One such option is a business loan. A business loan is a multi-purpose business funding option, and you can get one with or without any security. Before applying, a few things you should consider are which…


What are the advantages of getting a long-term business loan?

long-term business loan

As a small business owner, you need to be aware of all financial solutions available for you to use. As an SME, you can apply for a business loan to cover your business’s financial needs, but there are many things to consider when applying for a business loan. These include which lender to apply with,…