Micro Small and Medium Enterprises (MSMEs) have been accepted as the engine of economic growth and play an important role in the equitable economic development of a country. MSME Loans are obtainable by any MSME business to expand and purchase their business. It would entail purchasing machinery and equipment or raw materials, meeting working capital requirements, investing in fixed assets, payment of rent, salaries and other daily or monthly expenses, management of cash flows and any other financial provision for operational purposes.
Apply for loanDepending on the applicant’s profile and business requirements
Minimum Limit to borrow is Rs. 30,000 and the Maximum is up to Rs. 1 crore, which can exceed business requirements
From 12 months – 5 years
Not required for Unsecured Business Loans
From Nil to 4% of the loan amount
From Nil to 5% of the outstanding principal amount
From Nil to 4% of the outstanding principal amount
Working Capital Loan, Bill discounting, Overdraft, Cash Credit, Letter of Credit, Bill of Purchase, Merchant Cash Advance, etc.
Through an MSME Loan, micro small and medium business owners can use the funds effectively to expand their business or even set up an additional arm of their current business. Below are some of the features and benefits of an MSME Loan:
Self-employed professionals: Doctors, CAs, Company secretaries, accountants, architects etc
Self-employed non-professionals : Manufacturers, traders, retailers, proprietors, service providers etc.
Business entities : Private, LLPs, closely-held companies and partnerships In addition;
One must be an Indian citizen and resident of age 25 to 65 years.
Running of business of minimum 3 years
Good repayment history with financial stability
Applicants can avail the MSME loan of up to Rs. 45 lakh within 2 days. Exclusive pre-approved offers help MSMEs avail financing instantly.
The simple steps to your MSME / SME Loans:
Submit Application. Simply enter your personal, business and financial info to receive a MSME / SME Loans offer.
Upload Documents. Upload digital copies of your documents in a single step process for verification.
Get Sanctioned.
The MSME enterprise should be in business for over a year and its annual turnover should be greater than INR 24 Lakhs.
Individuals, SMEs, MSMEs, business owners, women entrepreneurs, self-employed professionals, and people falling under SC/ST/OBC category can apply for MSME loans.
Private or Public Limited Companies, Sole Proprietorship, Partnership Firm, and Limited Liability Partnership engaged only in trading, services, and manufacturing sectors are also eligible.
Ans. Yes, having a good credit score that is above 750 is always an added advantage when applying for MSME loans.
To apply for your required loan scheme, provide the necessary details in the application form below.