Frequently Asked Questions

1. Can we foreclose the loan if we have money in advance?

    Ans:Not now. But we are coming up with this features soon.

2. What are interest rates in case of foreclosure of loan?

    Ans:Not applicable currently.

3. Can the interest rate be allocated on the basis of per day of loan?

    Ans:Not now. But we are coming up with this features soon.

4. Can the loan be approved for those SMEs which are established within the period of 0 to 3 years?

    Ans:Currently minimum 3 years of establishment is required. But if you have good history of revenue then we can discuss with Lenders.

5. In case SMEs want to expand the credit period then what will be interest charges?

    Ans:The charges will be 0.1118% per extra day.

6. What are the next steps if PDC (Post Dated Cheque) bounce?

    Ans:In case, PDC is bounced because of any reason, then there will be ₹ 500 charged (Cheque Bounce Charge) and 0.1118% per day charge for number of extra days, crossed after deadline.

7. Shall we get any intimation in advance for cheque realisation through SMS or email?

    Ans:Yes, you will be intimated about same.

8. If the credit amount is not being used for 1 year then what will happen?

    Ans:There will be a call to understand the reason behind not using the card.

9. Can interest rates be reduced if security or collaterals are given against loan, such as Stocks, Fixed Deposits, etc.

    Ans:Currently this has not been considered since this facility is unsecured.

10. Do you need to take any assurance from Sellers for the loan approval to Dealers?

    Ans:No such assurance is required.

11. What should be done in case Dealers are not registered with Service Tax offices?

    Ans:Those Dealers will get less credit limit.

12. On what basis the loan amount is decided for Dealers?

    Ans:Credit amount is decided on basis of documents, business continuity and credit score.

13. Is partial credit payment allowed?

    Ans:No, it is not allowed.

14. Can a Dealer get credit if the Dealer is not purchasing goods from a Seller registered on smelending.com?

    Ans:No, it is not allowed.

15. What if dealers' card is not working?

    Ans:Please reach out to smelending.com team on the contact details mentioned on brochure given to you.

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