FAQ Category: Business Loans - Unity Small Finance Bank

A Business KYC document  is a proof that you  are carrying out your business in a particular  name and a constitution format and it also acts as a proof of continuity of your business. The examples of a business KYC document can be –

• GST Certificate
• Shops and establishment certificate
• Udyam Aadhaar registration

 

There is no need to worry if you do not have Business KYC document. You will still be eligible to get a loan of up to Rs. 1 lac subject to the other credit policy parameters set by the lender.

 

 

The tenure of our loan starts from a minimum of 6 months, to a maximum of 36 months.

You will be charged interest rate based on your risk score, which is derived from your credit report

Credit Risk Category

• Category A – 22% p.a. reducing balance
• Category B – 25% p.a. reducing balance
• Category C – 28% p.a. reducing balance

If you fall in risk Category A you will be charged interest on your loan amount @ 22% p.a. reducing balance method and so on.

A onetime processing fee of 3% of the loan amount (plus applicable taxes i.e. GST of 18%) shall also be charged and deducted from the loan disbursal amount.

We will need the following documents to be uploaded with the application forms:

A.  For loan amounts up to Rs. 1 lac:

Basic KYC documents:

1. Photo of your original permanent account number (PAN)
2. Photo of your original address proof – It would be preferable to have an Aadhaar xml as we will authenticate this with If you do not have the xml file, then we shall take alternate proof of address document – voters id card or your driving license
3. Residence ownership documents – any one of electricity bill / Property tax receipt

 

B.  For loan amounts above Rs. 1 lac:

1. 1. Basic KYC documents as above
   2. Residence ownership documents – any one of electricity bill / Property tax receipt
   3. Business KYC document – Any one of GST certificate, Shops and establishment Certificate and Udyam Registration certificate And
   4. Bank statement in PDF for last 6 months from the date of the application

 

You can log into your account anytime through the Login Page and continue with your earlier saved application. The part of the application you filled earlier will be saved automatically on the app so you don’t have to go through the trouble of filling the information again.

You can log into your PayNearby App and check the status of your application in the app dashboard. You can also call us on +913366909090 or write an email to customercare@paynearby.in with your loan application number in the subject line.

 

We will not be able to estimate your eligibility unless you complete the application with the required details as required in the application form.

There is no fee to be paid at the time of making the loan application at the PayNearby app/website. Also note that no fee shall be charged by any PayNearby agent for you to avail this loan.

 

Credit history generally plays a significant role in any loan approval process. The Reserve Bank of India has mandated the four credit bureaus in the country to keep a record of your repayment history of credit card bills and all forms of loans. Before approving your loan, the lender shall check your repayment track record. A good credit score will help you fetch higher loan amounts at competitive interest rate.

Please note that for the purpose of this loan application, it is not mandatary for you to have a credit score. The lender may approve your loan application even if you do not have a credit score subject to you fulfilling the other relevant eligibility criteria for this loan.

 

Click on the link provided to you via in-app notification or SMS, fill the form and upload the required documents.

The application process is very simple, completely paperless and online.