Who can apply for a loan?

Businesses operating as retailers, merchants, and distributors across India who are in business with commercial or digital platforms offering non-lending financial or merchant services can apply for MSME loans with MyShubhLife through their respective business engagement platforms. Eligibility depends on meeting MyShubhLife's lending terms and conditions and the digital platform being partnered with MyShubhLife.
Access the loan application through MyShubhLife's partner platform. Upload your KYC documents and business proof. MyShubhLife will notify you of your loan approval status upon successful submission.
Registered MSMEs in India with the required documentation and compliance with MyShubhLife's eligibility criteria can apply.

Can a self-employed person apply for a loan?

Yes, self-employed individuals managing a registered MSME with the necessary business documentation are eligible to apply.

What types of loan facilities are available?

MyShubhLife provides Term Loans, Credit Line and Line of Credit with flexible loan repayment options including daily, weekly, and monthly schedules depending on the type of loan availed.

What is the interest rate?

Interest rates range from 24% to 42% per annum. Specific rate will be based on your credit profile and will be communicated post-credit assessment.

What documents are required to apply for a loan?

Applicants need to submit PAN, Aadhaar, latest 6 months' bank statements, and Udyam Registration Certificate as business proof.

Is Udyam Registration mandatory?

Yes, Udyam Registration is mandatory to certify your business as an MSME and gain access to specialized financial products and government schemes.

Do I need collateral for a loan?

No, MyShubhLife offers unsecured MSME loans, so collateral is not required.

How do I upload a bank statement?

Upload your latest 6 months' bank statement via Net Banking or Account Aggregator on the MyShubhLife app or through the digital business platform.. For assistance, contact 9019900199 or email support@myshubhlife.com.

When can I reapply if my application is rejected?

You can reapply for a loan after 6 months, following review and rectification of the reasons that caused the initial rejection.

Are there any hidden fees?

No, all charges and fees are transparently communicated upfront.

Is there a foreclosure option?

Yes, loans can be prepaid after completing half of the loan tenure without penalties, the foreclosure option may differ according to the loan type and tenure.

What is the minimum and maximum age to apply?

The minimum age is 21 years at application, and the maximum age is 60 years.

Where is MyShubhLife currently operational?

MyShubhLife operates digitally across India and is headquartered in Bangalore.

Can I get a loan with a low CIBIL score or past defaults?

While a low credit score or past defaults may impact eligibility, other factors like your business's financial health are also considered.

How long does it take to disburse a loan?

Upon successful document submission and verification, loan disbursement is processed within 24 hours.

Why was my loan application rejected?

Common reasons include low credit score, incomplete documentation, inconsistent financial records, or failure to meet MSME eligibility requirements like Udyam Registration. The specific reason for the loan rejection would be communicated separately.

Is it safe to share my bank details in the app?

Yes, MyShubhLife uses RBI-approved platforms for secure data handling. Your credentials are never stored or reused.

How do I repay the loan?

EWIs or EMIs are automatically debited from your bank account on the specified due date. Ensure sufficient balance is maintained to avoid delays and loan defaults.

What are the guidelines for delayed payments?

For delayed loan repayments beyond specified due dates, MSMEs may incur interest on the outstanding dues and penal charges as per the loan terms.

How will the loan amount be disbursed?

Approved loan amount is directly transferred to your verified business bank account.

How does MyShubhLife assist MSMEs with loans?

MyShubhLife simplifies MSME loans with a digital, paperless process, offering Term Loans, Credit Lines, and Line of Credit. Embedded finance and analytics ensure quick approvals and flexible repayment options and thereby empowering underserved MSME segments.