If you are searching for ‘MSME apply online’ or ‘MSME loan scheme’, read ahead to know more. This article will give you all necessary information about MSME loans.
MSME stands for Micro, Small, and Medium Enterprises which require financial assistance from time to time in order to grow. There are various MSME loan schemes which provide unsecured loans to such businesses.
Most of these MSME schemes are run by the Government of India, and are given through various banks and NBFCs to cover credit-related business expenses. It should be noted that MSME loans have clear eligibility requirements in place to reduce the lenders' risk ratio.
These loans are described by the RBI and the Indian government as loans given to businesses for infrastructure, finance, and other purposes.
Applying for loans have become hassle-free due to the online methods offered by most banks. If you were searching for ‘MSME apply online’, just follow these steps to easily apply for MSME loans online -
STEP-1: Fill the Online Application Form
Decide on a bank or lender after choosing the perfect MSME loan scheme for yourself. Then visit the lender’s website to fill out the online application form. Provide all necessary information mentioned in the form.
STEP-2: Upload KYC Documents & Business Registration Certificate
Upload all related documents such as copies of your PAN card, Aadhaar card, business registration certificate, GST filing, trade license, etc.
STEP-3: Avail the MSME Loan
After all of your paperwork has been completed, your submission will be reviewed. Once the review is over, your loan application will be approved.
The documentation requirement will vary based on the MSME scheme you opt for. Here is a list of the major documents required for MSME loan -
Loan Amount
Min ₹10
Max ₹10,000,000
Rate of Interest
Min 5%
Max 25%
Loan Tenure
Min 3 months
Max 72 months
Before applying for any loan, checking the eligibility criteria is an important step. Someone who is eligible for MSME loan should be -
An enterprise needs to meet the specific MSME loan eligibility to be considered for a loan. The following table describes what is referred as a micro, small, or medium enterprise -
|
Category |
Total investment in forms of machinery & plants |
Turnover |
| Micro Enterprise | Under Rs.1 Crore | Up to 1.50% |
| Small Enterprise | Above Rs.1 Crore but under Rs.10 Crore | Above Rs.5 Crore but under Rs.50 Crore |
| Medium Enterprise | Above Rs.10 Crore but under Rs.50 Crore | Above Rs.50 Crore but under Rs.250 Crore |
While applying for a loan is a fairly easy process, there are some steps that can help you to make the process even smoother.
MSME loans are boon to smaller enterprises which are also important for the country’s economy. As long as one meets the eligibility criteria, and documentation requirements, availing these loans are easy.
However, if you are looking for an additional loan or a short term instant loan, why not avail a personal loan? At Moneyview, one can avail an instant loan of upto Rs. 5 lakh with minimal documentation. The application process is hassle-free and the loan is credited to your account within 24 hours of approval.
Visit the Moneyview website or download the loan app to apply now.
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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