Keeping Your Business in Good Health During COVID-19: Part 2


More states and cities are announcing lockdowns every day right now. All of this is to ensure that you, your families, and your employees stay safe and healthy during this surge in COVID cases in India. But what about your business? Are you doing everything you can to ensure your business financials are healthy enough to ride out the pandemic?

In Part One of our “Keeping Your Business in Good Health During COVID-19” series, we discussed how you can avoid penalties and fines this year by paying your tax dues on time and following basic COVID-19 protocol laid down by the state.

In Part Two, we will talk about easy things you can do to save more money this year.

When you apply for a business loan, lenders assess how responsibly you run your business. At a time like now, that includes how smartly and efficiently you use your money and resources to maintain a steady cash flow in and out of your business. Your savings can improve your cash inflows and reduce your outflows. So, let’s talk about how to make that happen!

You work hard to be able to buy assets and make investments to grow your income. Now it’s time to work smart and make those assets and investments save for you.


Save more with a Home Loan Provisional Certificate

Did you know you can get ITR deductions from repaying your home loan?

What is it?
  • A Home Loan Certificate is a statement of your home loan account provided by your home loan lender.
  • It includes a summary of the interest and the principal amount repaid by you towards your home loan for a given financial year, and it is used as proof of home loan repayment.
Why is it beneficial?
  • Submitting your Home Loan Certificate qualifies you for a tax deduction on your Income Tax Returns (ITRs).
  • The principal and EMI component of a home loan are both subject to tax deductions.
  • Under Section 80C of the Income Tax Act, the maximum principal amount repaid by you that can be claimed as a deduction is Rs. 1,50,000.
  • Section 24 allows you to claim up to Rs. 2,00,000 in interest deductions. The stamp duty charges, and registration fees can also be counted as deductions.


Use your National Savings Certificate as loan collateral or an ITR deductible

What is it?
  • The National Savings Certificate (NSC) is an Indian Government fixed income investment scheme, mostly used for small savings and income tax saving investments.
  • The NSC offers guaranteed interest and complete capital protection, just like other fixed income instruments like the Public Provident Fund and Post Office FDs.
  • NSCs are recorded in two forms – electronic mode and passbook mode.
  • They can be purchased from any Indian Post Office, all Public Sector Banks and ICICI Bank, HDFC & Axis Bank.
Why is it beneficial?
  • As this is a government-backed tax-saving scheme, the principal invested in NSC qualifies for tax savings under Section 80C of the Income Tax Act for an amount up to Rs. 1,50,000 each year.
  • Lenders also accept NSCs as collateral for Secured Loans. In such an event, a transfer stamp is put on the certificate and transferred to the lender while disbursing the loan.


It is extremely important for you to be smart about your savings and spending right now. And we believe your business deserves the best.

That’s why CreditEnable is here to help you achieve your full potential. If your business is growing right now and you are considering applying for a business loan, using our 100% digital service, you can apply for a loan from the safety of your home. We search through 100+ specialised SME loan products offered by our lending partners to find the perfect match for your business needs. The best part? Our service is absolutely free and saves you time and effort so you can focus on running your business in this critical time!

In Part Three, we’ll cover how you can get approved for a business loan faster by making minimal changes in your practices!


Zero Hassle. Zero Fees.
Affordable Finance. Delivered Safely.