FAQ

  1. Who is CreditEnable?

    CreditEnable operates the largest tech-enabled marketplace for SME loans in India. We help thousands of SMEs every day to secure the finance they need for their business. No Hassle. No Fee. No impact on your credit score!

  2. Why Choose CreditEnable?

    Getting a loan is never really a piece of cake. First, you have to figure out which of the hundreds of different options makes the most sense for you. Then you have to spend time applying to multiple lenders all of whom have different ways of doing things to see whether you get approved for a loan. All of this takes a lot of time and generally involves a lot of hassle.

    Each time you apply directly to a lender there is also an impact on your credit score which can make it harder to get a loan the next time you need one.

    That’s where we come in. We take away all that hassle and stress, so you can spend time on what matters: Growing your business!

  3. Why work with us instead of just applying directly for the loan you want?

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

    We don’t charge you fees plus:

    • We save you the time and trouble of trying to compare loan offers and lenders.
    • 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.
  4. What types of loans can you help me to get?

    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
  5. Can you help me get a personal loan? What about a home loan or a loan for education?

    No. Unfortunately, we don’t help people get personal loans. We help businesses get business loans from 5 lakhs to 30 Crores.

  6. What interest rate can you help me to get?

    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 to 10.5%
    • Unsecured: 15 to 24%
    • Secured: 9%+
  7. What loan tenures do you offer?

    Again, 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 15 years (LAP and Home Loan)
  8. Can you help me if I have a start-up?

    Most of our lender partners only want to lend to businesses that are at least 3 years old. There are some exceptions to this, for example if you have an existing business that is more than 3 years old and you want to open a new arm of that business, it may be possible to get a loan provided you have a good track record as a promoter.

    We do have a few partner lenders that will accept a minimum business vintage of 1 and 2 years, however this will be for lower ticket size loans and business registration proof will need to be provided.

    If your business is young, (less than 3 years old) do keep in touch with us. We may be in a position to progress your file once you have filed one year of accounts, so please contact us then.

Fraud/Scam Prevention FAQs

Introduction:

At CreditEnable, we pride ourselves in using our proprietary and award-winning technology to find the right loan for our customers. Advancing technology in the financial services industry has made room for scams that may cost you your hard- earned money. This section aims to provide you with relevant information to safeguard yourselves against those who may try to cheat you.

What are the common types of financial scams one may get caught in?

  1. Phishing – refers to the criminal attempt to collect sensitive information via benign email (think of this as the bait) to lure you into a conversation and then follow that up with a phishing email. Fraudsters try beginning their financial scams by procuring sensitive information that can lead them to people in need of loans or planning to invest. Sensitive information includes bank details, email, contact information, Aadhar details, address information, details about your business, PAN no. and other identification details.
  2. Vishing – The use of telephone/mobile communication (voice calls) from fraudsters posing as agents from reputable financing companies, trying to collect sensitive information to scam you is ‘vishing’. Vishing relies on “social engineering” techniques (psychological manipulation) to trick you into providing your security information that they may then use to access and use your accounts. Often, fraudsters can also use this information to assume your identity and open new accounts for illegal activity.
  3. Smishing - This uses text messages to lure customers. The text may contain a link or a phone number. The link will lead to a fake or insecure website while if one calls the phone number, a pre-recorded voice response will alert you of a scheme or urgent loan offer.

What are the red flags to look out for?

  1. A primary red flag is when the lender asks for “Advance fees” or “upfront payment”, stating reasons that may seem necessary for disbursement of the loan offered to you. This is a fraudulent ask. Never pay advance fees or ‘brokerage’ before a loan. CreditEnable will never ask for an advance fee before the processing of loan application.
  2. The offered rates of interest and other specification may be odd and dramatically different from market trends. Make sure to research market trends and go through the loan document provided by the fraudster if any.
  3. They may also promise immediate loans and immediate money transfer with no interest in your credit history and other security information (that is necessary for any lender), for an advance payment or a transfer to unidentified individual account.
  4. If the email address or the phone number that you have received such a call/text offer from, seems odd, be sure to verify such numbers as this usually indicates the text message was sent via email to the cell phone, and not sent from a company server/phone.
  5. Fraudsters come up with limited period offers and ask applicants to make decisions quickly using scareware tactics, saying the offer expires soon. Such urgency is a major red flag as legitimate lenders require time to verify and analyse a borrowers credit history.

How can I prevent myself from being cheated this way?

  1. Refrain from providing your phone number and email id on unidentified websites or any social media that is open;
  2. Avoid sharing sensitive financial or identification details with unidentified callers;
  3. Look for a secure payment (https:// – URL with a pad lock symbol);
  4. Look for secure websites when sharing sensitive information (Secure websites have ‘s’ in ‘https’ part of their URL while websites that aren’t secure are limited to ‘http’);
  5. Never share OTP / PIN Numbers in any form, to the buyer or seller;
  6. Never do transactions while you are on a phone call;
  7. Do not click and fill up any short links provided by such imposters;
  8. Do not fill google forms provided by such imposters;
  9. Ask the lender or search the website of the lender for a physical address and verify the said address; and
  10. Do not click on any random hyperlink or download software from pop-up windows that appear suspicious.

Please note that this list is not exhaustive and you must take all such steps necessary to protect yourself from being cheated.

How CreditEnable ensures safety?

CreditEnable follows a strict ‘Zero fee. Zero Hassle. Zero impact on Credit Score’ policy and any attempt in contradiction of the same, must be considered a fraudulent attempt and impersonation of CreditEnable. We at CreditEnable facilitate loans from registered lenders to you. These lenders are vetted and then provided registration numbers to avoid fraudsters. CreditEnable actively informs clients to be wary of such predators.

Remedies if you are a victim of Fraud

If you have been a victim of online fraud, please immediately report the same to us at customersupport@creditenable.com.

Under Indian Law, a victim of online fraud such as those discussed above can seek recourse through the provisions of the Indian Penal Code, 1860 (“IPC”) and the Information Technology Act, 2000 (“IT Act”).

For more information click here.

Please note that any offers / benefits / content / instructions presented through misleading communication by individuals impersonating CreditEnable, do not represent those of the company and are contrary to our company policy. If any such entity fraudulently representing CreditEnable approach you, please refrain from responding to them and do not pay any fee / charges / payment to them. CreditEnable will not accept any liability for the actions of customers on spoofed mails / communication.