What are the basic requirements for applying for a SARVATRA loan?
Individual users must be at least 18 years old, hold a valid Indian ID (Aadhaar card/PAN card), and have a stable source of income; SME users must have legal business qualifications (such as a business license), have been in operation for more than 6 months, and have complete business data records; agricultural loan users need to provide land ownership certificates or lease agreements.
What documents are required for loan application?
General documents include a valid ID (Aadhaar card/PAN card) and bank account statements of the past 3 months; personal loans require additional income proof (such as salary slips, income certificates for freelancers); SME loans need to supplement business licenses, enterprise operating statements of the past 6 months, and tax payment certificates; agricultural loans require submission of land-related documents.
How long does the loan approval process take, and how long will it take for the funds to arrive after the loan is approved?
Personal consumption loans can be approved in as fast as 12 hours, SME loans can get approval results in as fast as 6 hours, and agricultural and micro-entrepreneurship loans are usually approved within 24-48 hours. After approval, funds will be disbursed to the applicant's designated bank account within 1-2 working days, and real-time disbursement is available for some cooperative banks.
Can the loan amount be adjusted? What should I do if the loan amount is insufficient?
The loan amount for the first application is automatically evaluated by the system based on the applicant's qualifications and does not support manual adjustment for the time being. If the amount cannot meet the needs, you can apply for a credit limit increase after repaying for 6 months without overdue records (needing to supplement the latest income/business data); you can also choose a combined loan plan, such as applying for a personal consumption loan and a micro-entrepreneurship loan at the same time (needing to meet the application conditions of the corresponding products).
Can I apply for multiple types of loans simultaneously?
On the premise of meeting the application conditions of each loan product, you can apply for two or more types of loans at the same time, but the total loan amount must meet the applicant's repayment capacity evaluation standard (that is, the total monthly repayment amount does not exceed 50% of monthly income/operating profit). For example, individual operators can apply for a micro-entrepreneurship loan for business operations and a personal consumption loan for family expenses at the same time.
Can individuals or enterprises with a poor credit record still apply for loans from SARVATRA?
It is not completely impossible to apply. If the bad credit record is due to accidental overdue (such as 1-2 short-term overdues that have been settled) and there is a stable income/operating status currently, you can submit additional supporting materials (such as a statement of improved repayment capacity, guarantee materials), and the system will make a decision on approval after comprehensive evaluation; if there are multiple serious overdues, unpaid debts and other situations, applications are not supported for the time being, and it is recommended to improve the credit record before trying again.