Frequently Asked Questions (FAQs)

How can we help you?

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Borrower FAQs

CreditEnable is a global multi award-winning financial technology company. We are based in London, United Kingdom and are entirely focused on using technology and AI to build solutions to the world’s biggest financial challenges.

Our vision is a world in which every SME gets access to affordable credit when they need it most.

In India, we operate the largest managed marketplace for SME credit and help thousands of SMEs every day secure affordable finance. Our technology and analytics are trusted by more than 20 leading lenders, including ICICI Bank, IDFC First Bank, Kotak Mahindra Bank, Bajaj, Deutsche Bank and DBS, among others, to help these lenders grow their SME loan books.

  • We save you the time and trouble of trying to compare loan offers and lenders.
  • Our award-winning technology runs proprietary algorithms so we can quickly let you know if you are eligible for a loan and find the right loan for you.
  • We get you an answer quickly. If you are not eligible, we let you know why and try to help you improve your profile, so that you can secure a loan in the future.
  • We are on your side. We work with 20 leading lenders who offer more than 100 different business 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 – we do 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 travel to meet us.
  • 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 will guide you through any documents that need to be submitted. We check your documents to make sure you don’t get rejected because you forgot an important piece of paper.
  • We get your application together and do all the hard work.

No Hassle. No Fee. No Impact on your credit score.

If you work with CreditEnable you get to focus on what matters: Growing your Business.

We don’t charge you fees plus:

  • Our award-winning technology runs hundreds of proprietary algorithms so we can quickly let you know if you are eligible for a loan and so we can find exactly the right loan for you.
  • We get you an answer quickly. If you are not eligible we let you know exactly why and then give you tips and what you can do to improve your profile so you can get a loan in the future.
  • We are completely unbiased. We work with 20 leading lenders who offer more than 100 different business loan products, so we can actually find you the option that best suits your business at the most affordable rate.
  • 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.
  • Our process is completely digital, so you don’t need to travel to meet us.
  • Our documentation process is simple. We tell you upfront what documents you’ll need to submit. We provide you with a downloadable document checklist you can use to make sure your documents are in order. We also check your documents to make sure you don’t get rejected because you forgot an important piece of paper.
  • We get your application together and do all the hard work.

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

Whenever you apply directly to a Bank or NBFC for a loan, they do a hard pull of your credit report. Why does this matter? 

Hard pulls are visible to other lenders, and too many in a short space of time can bring down your credit score, reducing your chances of getting a loan.  

At CreditEnable, we enable a NO risk application for finance 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. If we qualify you for a loan with one of our more than 20 lending partners, we will ask your consent and do a soft pull of your credit report. This will only be visible to you and will not affect your 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 20 leading lender partners. Having a wide range of partners allows us to offer you a type of loan that best suits your needs, including:

  • Unsecured Business Loans
  • Machinery Loans
  • Working Capital Loans
  • Secured Term Loans
  • 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 loans are right for you click here. Knowledge Centre

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

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:

  • LAP: 9.5%+
  • Unsecured: 12%+
  • Secured: 8%+

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

Indicative ranges are:

  • Unsecured: 12 month and Max tenor 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 3 years old typically won’t have a proven business model, which makes it difficult for a lender to understand the risk involved with lending to them.

However, if your client has an existing business that’s more than 3 years old with a good track record and they are now looking to open a new branch or to diversify into a new business line, we may be able to help.

We do also have a small number of partner lenders that accept a minimum business vintage of 1 year.

Your bureau score is only one of many factors a lender will assess when you apply for a loan. For business loans, lenders assess both whether your business generates enough revenue to pay back the loan you are asking for and also whether you will be willing to repay the loan. Your credit score is a good indication of your willingness to repay reflects your past repayment history.

The following is how you should consider your score:

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 get you prepared 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.

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. We do this by asking you to register with an OTP, fill out your basic details, take a short survey to check your eligibility and submit your application form. This takes under 10 minutes.

2. We find the loan that’s right for you

Our lending matching algorithm searches through hundreds of loan products from India’s top lenders, to find you exactly the right loan for your business.

3. We get you your loan

We get 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!

You will need to provide KYC documents for you and for your business, along with bank account statements for your business bank account(s).

For certain types of loans you will also need to provide us with additional documents like your ITR, Financial Accounts and GST filings. For a detailed list of all the documents you will need to give us by type of loan see: Required Documents

  • We can’t progress your loan without your documents, as this is what allows us to do our credit assessment and match you with the right lender.
  • If you send us your documents within one day we will give you fast track service.
  • CreditEnable’s loan process is 100% paperless and digital. All necessary documents can be submitted online with no need for physical meetings.

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

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

Filling multiple applications with the same lender will not change the outcome. 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. At CreditEnable we ensure that you don’t need to interact with the lender or visit the bank multiple times for your loan. We do the running around and ensure you focus on what matters most – growing your business. If your loan application is rejected, we provide you with the reason and provide tips on how to become eligible in the future.

We care about protecting your information. That is why we put 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.

Once we have determined that you are eligible for a loan, we may do a soft pull of your credit score but will only do so with your consent.  We will not check your credit score without your consent.

Soft pull is the bureau report pull done by other than MLIs (Money lending institutions i.e. banks/NBFCs). So, the bureau pull done by us on Experian with customer consent is considered as soft pull which doesn’t impact to credit score of borrower because it is done post borrower consent & doesn’t generate any enquiry on his credit report. This is considered similarly to as its done bey borrower himself.

It all depends on how fast you can submit your documentation. We have been able to secure loans in as little as 3 days!

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

  • Secured Loan 10 days
  • Unsecured Loan 3 days

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

CreditEnable is an appointed representative to more than 20 leading lenders, and we act as a one-stop solution for all your borrowing needs.

We save you the time and trouble of trying to compare loan offers and lenders. 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 more than 20 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!

DATA PRIVACY

Your data will be safely stored and secured and we will not share your data without your consent.

At CreditEnable we care about our customers, and your privacy. We treat our customer data with security. 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.

We love getting feedback, especially if it helps us to improve. 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  

You always have the right to complain if you feel your data has not been treated appropriately. If you’d like to lodge a complaint please email your complaint to our Data Officer by emailing grievances@creditenable.com.

Special COVID Messaging

We are pleased that we have been fully operational throughout the lockdown. We have been helping borrowers to secure loans, and lenders to lend, the whole time. Some lenders were not operating during lockdown, but most are now lending. Of course, there have been some changes to the sectors that lenders want to lend into, and to the risk they are prepared to take on less creditworthy borrowers, but that should not deter you from applying.

We are here to help you navigate the loan process.

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

We are here to help, so please apply online and one of our advisors will be in touch to discuss your case.

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 are in may be facing challenges. Even if we cannot help you get a loan today, we can still provide you with a free eligibility assessment and tips on how to secure a loan in the future.

By completing our loan eligibility self-assessment, you will be instantaneously shown the estimated loan eligibility of your business for Long Term Loan & Short-Term working capital requirements both as Additional Term Loan Capacity, Total & Additional CC/WC capacity. This gives an indication of the loan eligibility for your business.

  • You will be asked to enter basic company details, annual sales/turnover and profit figures, and existing & future financing requirements.
  • We ask these questions so that our algorithm can give the most accurate assessment of your financial health and eligibility for a loan. These figures are apply to each business type and are based on our lenders. requirements, to give you an accurate indication of loan eligibility
  • With this very limited input from you, we can derive the respective financial parameters which may be required in doing the preliminary assessment & eligibility of the financing needs of the borrower. By using our proprietary credit algorithm in the back end, we can give the indicative loan eligibility based on inputs from the borrower
  • This is all subject to future change – as final loan amounts will be based on more detailed financials, lender parameters and lender due diligence on all the above.

  • Additional term loan: additional long-term debt you can take
  • Total CC/WC facility: total CC/WC facility your cash flows can support for short term debt
  • Additional CC/WC facility: an additional working capital facility which your cash flows can support

Disclaimer – the loan eligibility result is not a sanction amount: lenders may provide a different sanction value depending on their T&C and lending policies.