Frequently Asked Questions (FAQs)

How can we help you?

;

Borrower FAQs

CreditEnable is a global multi-award-winning financial technology company. Our vision is a world in which every SME gets access to affordable credit when they need it most. 

In India, we operate a technology platform that uses advanced algorithms to provide SMEs with customized and affordable business loans to help them grow and successfully scale their businesses. 

We work with more than 25 leading lenders, including ICICI Bank, IDFC First Bank, Kotak Mahindra Bank, Bajaj, Deutsche Bank, and DBS, among others, so we can get you the best loan for your business no matter your size or location.

  • We save you the time and trouble of trying to compare loan products and lenders, and we get you answers in minutes. 
  • Our online application only takes 2 minutes to complete, and you’ll know upfront whether you can get the loan you want.  If you are eligible, we deliver your loan to you. Most eligible borrowers that work with us can get their loan in 2-3 days. Imagine! Just 2-3 days and cash in the bank! 
  • If you are not eligible, we let you know why and provide suggestions on how you can improve your profile, so that you can secure a business loan in the future. 
  • We are on your side. We work with 25+ leading lenders who offer more than 100 different SME loan products. This allows us to find you the option that best suits your business.
  • We make sure that you can afford the loan you want by doing an affordability analysis using advanced technology, so you don’t take out more debt than you can afford. 
  • Our process is completely digital, so you don’t need to leave your home or business to meet us or our lender partners.  
  • Our documentation process is simple. We tell you upfront what documents you’ll need to submit. We start by collecting minimum documentation to get your loan application moving, and later guide you through any additional documents that you may need to submit. 
  • We check your documents to make sure you don’t get rejected simply because you forgot an important piece of paper. 
  • We prepare your application package and do all the hard work for you. 

Zero hassle. Zero fees. Zero impact on your credit score.

If you work with CreditEnable, you can focus on what matters: Growing your Business.

We do all the hard work for you, and we don’t charge you a service fee

No impact on your credit score when you apply through us

  • If you go direct to a lender, they will do a hard pull of your credit score. Each time you apply directly to them, your credit score gets impacted. So, every time you apply directly to a lender and get rejected, your credit score is negatively impacted.  
  • With CreditEnable, our award-winning technology runs hundreds of proprietary algorithms so we can quickly let you know if you are eligible for a loan and find the right loan for you without any impact on your credit score.
  • If you are not eligible, we let you know exactly why and give you tips and what you can do to improve your profile and improve your chances of getting a loan in the future.

One application gets you access to more than 25 lenders and 100 types of business loans 

  • To get access to such a wide selection of business loans, you’d need to go directly to more than 25 lenders. Each one would ask you to complete a different application and produce different documents. We do all the work to find you to the best loan, and you only have to fill out one application. 

We are on your side 

  • We make sure that you can afford the loan you want – we do an affordability analysis using advanced technology, so you don’t take out more debt than you can afford.
  • We also get your application together and do all the hard work of negotiating the best terms for you.

We are 100% digital 

  • Our process is completely digital, so you don’t need to travel to meet us, and you don’t need to travel to meet lenders. 

Our documentation process is simple

  • We tell you upfront what documents you’ll need to submit. You can find a complete list of document requirements here.
  • We also check your documents to make sure you don’t get rejected because you forgot an important piece of paper.

Zero Hassle. Zero Fees. Zero Impact on your credit score.

Applying to multiple lenders does not ensure a loan approval.  Furthermore, multiple applications will impact your credit score negatively and lessen your chances of getting a loan in the future.

Filling multiple applications with the same lender will not change the outcome. It will only end up negatively impacting your credit report. If a loan is rejected once by a lender, there is high probability of the lender rejecting it again unless something fundamental has changed in your business.

Whenever you apply directly to a lender for a loan, they do a hard pull of your credit report. Why does this matter? Hard pulls get recorded in your credit report, making them visible to other lenders. Too many hard pulls in a short span of time can bring down your credit score, reducing your chances of getting a loan. This is because multiple requests indicate to lenders that your business may not be in a good financial place.

At CreditEnable, we enable a NO RISK application for a loan that doesn’t impact your credit score. As a partner that is fully committed to helping SMEs get access to affordable finance, we never do a hard pull of your credit score. When you apply for a business loan with CreditEnable, we do a soft pull of your Experian report, which includes your credit score, that helps us make a more accurate business loan match for you based on the information you provide. This soft pull will only be visible to you and will not affect your credit score. That’s our promise.

NO HASSLE. NO RISK!

We can help you access more than 100 specialised SME loan products from our more than 25 lender partners. Having a wide range of partners allows us to offer you a type of loan that best suits your needs, including:

  1. Unsecured Business Loans
  2. Machinery Loans 
  3. Working Capital Loans 
  4. Secured Term Loans 
  5. Loans Against Property

For a full description of all the loans we can help you access and for more information that can help you understand which business loans are right for you, click here.

The interest rate offered to you will vary depending on your credit profile, the lender, and the type of loan you are looking for. 

Indicative ranges are: 

  • Unsecured: starting at 14%
  • Secured: starting at 14%
  • Loan Against Property: starting at 14%

 

The tenure will vary based on the type of loan you are looking for.

Indicative ranges are: 

  • Unsecured: 12 months and max term is 36 months
  • Secured: 5 years to 20 years

Most of our lender partners don’t provide loans to start-up businesses. This is because businesses that are less than 2 years old typically won’t have a proven business model yet, which makes it difficult for a lender to understand the risk involved with lending to them. 

However, if you have an existing business that’s more than 2 years old with a good track record and are now looking to open a new branch or to diversify into a new business line, we may be able to help. 

Your bureau credit score is only one of many factors a lender will assess when you apply for a loan. For business loans, lenders assess your ability and willingness: whether your business generates enough revenue to pay back the loan you are asking for, and whether you will be willing to repay the loan on time. Your credit score is a good indication of your willingness to repay, as it reflects your repayment history. Below is the range of Experian scores and what they mean:

 

Experian Credit Score Range

Credit Score Range Grade What it means
750 – 900 Excellent Eligible for low interest rates and higher approval chances
700 – 749 Good Can become eligible for better interest rates
650 – 699 Fair The options are limited, but credit approval is possible.
600 – 649 Doubtful Higher interest rates on loans and credit card approval could be harder
Below 600 Immediate Action Required Approval chances are very low

We will work to understand your requirement and help you prepare for future debt. Once you are prepared, we assist in securing you a loan from an appropriate lender at the most favorable terms and conditions.

CreditEnable specialises in helping SMEs access business finance to grow their business. We don’t arrange financing for home loans or education loans at present.

ABOUT CREDITENABLE’S LOAN APPLICATION PROCESS

Our process is simple. 

  1. We get to know your business. 

We get to know you so that we can identify the right financing options for your business needs. We do this by asking you to register with a One Time Password (OTP), fill out your basic details, take a short survey to check your eligibility, and submit your application form. This takes only 2 minutes. 

  1. We find the business loan that’s right for you.

Our matching algorithm searches through hundreds of SME loan products from India’s top lenders to find the perfect match for your business. 

  1. We help you get your documentation in order to complete your loan application. 

We tell you exactly what documentation is needed and have made it simple for you to share the documentation with us. 

  1. We get you your loan.

We put your application together for you and then submit it to the right lender for your business. All that’s left is for the lender to say yes, and for you to agree!

As a first step, we run you through CreditEnable’s loan eligibility process to help us understand how much your capacity to take on debt is. We then match you with an appropriate lender using our proprietary lender matching algorithm to ensure you are only matched with the lender that best suits your requirements and debt capacity. The lender you are matched with depends on several factors including: the size of your business, number of years in operation, sector you operate in, the size of loan you need, type of loan you want, location where your business is based, and your credit score.

We ask these questions so that our algorithm can generate the most accurate assessment of your financial health and eligibility for a business loan. These figures are applied to each business type and are compared to our lenders’ requirements to give you an accurate indication of your loan eligibility.

With this very limited input from you, we can do an initial assessment of your loan eligibility and match you with the best business loan product and lender using our proprietary credit algorithms.

If you have already registered with CreditEnable, you can continue your application here using the same phone number to which the OTP was sent to https://apply.creditenable.com/.

If you are yet to register, you can do so via www.creditenable.com/in/get-me-finance/ and then apply.

Yes, when you begin our survey, we will check your Experian credit report to determine your eligibility for a loan. This is simply a soft pull for your credit report and does not have any impact on your score. We ask your consent to check your Experian credit score when you start our survey.

A soft pull is the bureau credit report pull done by a company or an institution other than MLIs (Money Lending Institutions i.e. banks/NBFCs). Since we’re not an MLI, the bureau pull done by us on Experian with your consent is considered a ‘soft pull’. This doesn’t impact your credit score because it doesn’t count as an enquiry on your credit report. This is the same as downloading your credit report on your own. Once we request for your credit report, a copy is also sent to you by our Bureau partner on your registered email ID.

You will need to provide KYC documents for you and for your business, along with bank account statements from the last 12 months of all the bank account(s) you use to do business transactions. 

For certain types of business loans, you will also need to provide us with additional documents like your Income Tax Returns, audited financial accounts, and GST filings.  For a full list of documents required by type of loan, visit www.creditenable.com/in/get-me-finance/.

CreditEnable is an appointed representative to more than 25 leading lenders, and we act as a one-stop solution for all your borrowing needs. 

We save you the time and stress by comparing different business loan products for you and match you with the right one within minutes. In order to do this, we need to receive supporting documents for your loan application. 

Collecting basic KYC and financial documentation is an important part of this process, as this allows us to run our credit assessment and lender matching services. This assessment process is what eventually allows us to match you with one of our 25+ lender partners. Each lender partner has different requirements, and we do the work in helping you get together the right documents for the lender we have matched you with.  

The faster you can provide your documentation, the faster we can get you matched with one the right lender and get you the financing you need!

At CreditEnable, we treat your data with care. 

We collect digital copies of your documentation, which are used in our credit assessment and lender matching processes. We will always keep your documents safely stored and confidential, and we have in place appropriate measures that are designed to keep your documents secure. You have control over your documents – we will ask you to upload your documents into our borrower portal, and you can remove your documents at any time. 

This depends on how fast you can get us your documentation. With a complete application package (including the necessary documents), we have been able to secure business loans in as little as 2 days! 

Once we have your documentation, we can help you to get a loan along the following general timelines: 

  • Unsecured Loan: 2-3 days 
  • Secured Loan: 7 days

No, but many of the business loans we pre-approve are successful. We do our best to help you achieve your goals, but the outcome depends on a variety of factors, so we cannot guarantee a loan. It is important to remember that our loan eligibility result is not a sanction amount. Lenders may provide a different sanction value depending on their T&Cs and lending policies.

COVID-19

Some lenders have introduced more stringent requirements for documentation or made changes to their credit policies, including which sectors they will currently lend to, and how much risk they are prepared to take on lending to less creditworthy borrowers, but this should not deter you from applying.

We have been helping borrowers to secure business loans even during COVID lockdowns. We know which lenders will accept you and which ones won’t, and we will help you get your loan from the lender that’s right for you.

In the event that you applied for a moratorium, or your lender applied a moratorium to your loan, your new loan application may be impacted. Don’t let that stop you from applying for another loan. 

The best way to assess the impact that moratorium has had on your creditworthiness is by checking your credit report before you apply for another business loan. We do this for you for free as part of our application process when we check your loan eligibility and can let you know in advance if there will be any issues. 

We are here to help, so please apply online.

Every company is different and depending on your business’s financial strength both before and during COVID, you may still be able to get a loan, even though the sector you operate in may be facing challenges. Even if we cannot help you get a loan today, when you apply with us, we will provide you a free eligibility assessment and tips on how to secure a loan in the future so that when things normalise in your sector, we can help you get the finance you need.  

DATA PRIVACY

At CreditEnable, we care about our customers and your privacy. Your data will be safely and securely stored, and we will share your data in accordance with our privacy policy and based on your consent. You can find full details of how we collect, use and store your data in our Privacy Policy.

Your privacy is important to us, and we are committed to protecting and safeguarding your rights. That’s why we only share your data with third parties (like our Lender Partners) if you have given us your permission to do so. We employ state-of-the-art technology and cloud-based security systems to keep your data safe. 

CreditEnable is a global technology company, and we aim to meet best practice in all the countries that we operate in. We comply with data protection laws in India and endeavour to follow best practice under the General Data Protection Laws in the UK (GDPR), which is the most stringent data protection regime in the world, so you can rest assured that your data will be treated with care.  

You have the right to complain if you feel we haven’t stored or used your data appropriately. If you want to make a complaint, please email your complaint to our Data Officer by emailing grievances@creditenable.com.

FEEDBACK

We love getting feedback, especially if it helps us improve our service. If you have something you’d like to tell us – either about something we’ve done well or something we can improve on – please write to us at info@creditenable.com.