Kissht Business Loan

The key details of the business loan availed through the Kissht app are as follows:

• Loan amount: You can apply for an instant collateral-free loan up to Rs. 5 Lakhs.
• Flexible repayment tenure: Varies between 3 and 60 months.
• APR: Ranges from 32% to 57% p.a.
• Cooling-off period: 3 days.
• Lock-in period: Up to 18 months, depending on the repayment tenure.
• Other benefits: Customised collateral-free business loans, minimal paperwork, quick approval, loan top-ups, instant disbursal to the account within 24-48 hours, and 100% digital process.

Interest rates and charges associated with the Kissht business loan are listed below:

• Interest rate: Interest rates can go up to 36% p.a. for tenures above 6 months to 60 months and up to 28% p.a. for 3 to 6 months.
• Processing fees: Up to 7% of the loan amount for repayment tenures above 6 months to 60 months and up to 4.5% for 3 to 6 months.
• One-time charges: Up to Rs. 1,500.
• Foreclosure & part prepayment charges: Up to 7% of the amount being foreclosed/ prepaid.
• Foreclosure charges during the cooling-off period of 3 days: Up to 100% of the processing fee may be levied. 
• Fees for loans closed during the lock-in period: It is equal to the total scheduled but unpaid interest for the lock-in period as per the repayment schedule.
• Daily penal charges for a continuing EMI repayment default: Up to 0.2% of the overdue principal amount.
• Other charges: Stamp duty, GST & other cess (if applicable) will be collected at applicable rates from time to time.

The following are the Kissht business loan eligibility criteria:

• Nationality: The applicant must be an Indian citizen.
• Age: 21 to 60 years.
• Profile: Self-employed, small business owners, and MSMEs
• Udyam Number: Having a valid Udyam Registration is important, as it verifies your business and unlocks access to priority funding. 
• Credit Score: Having a higher credit score of 750 or above usually increases your chances of getting lower interest rates.

Below is the list of documents required to apply for a Kissht business loan:

• KYC documents: Selfie, Aadhaar Card, and PAN Card of the business owner.
• Business proof: GST Registration Certificate, Business Incorporation Certificate, and Income details.
• Financial documents: Bank statements of the last 6 months and Income Tax Returns (if applicable).

Follow the steps mentioned below to apply for a Kissht business online:

• Verify Mobile Number: After successful login to the Kissht app, enter your mobile number to receive an OTP for verification.
• Enter Basic Details: Provide your name, date of birth, address, and employment details.
• Complete Digital KYC: Upload your PAN Card and Aadhaar Card details for quick verification.
• Get Your Loan: Once your request is approved, funds will be transferred to your account within 24 to 48 hours.