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.
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 -
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 -
Total investment in forms of machinery & plants
|Under Rs.1 Crore
|Up to 1.50%
|Above Rs.1 Crore but under Rs.10 Crore
|Above Rs.5 Crore but under Rs.50 Crore
|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 Money View, 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.
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