SME stands for ‘small and medium enterprises’ and are important enterprises that contribute significantly to India’s economy, playing second fiddle only to agriculture. SMEs account for 40% of India’s exports and 45% of the industrial output, thus making them a major driver of the country’s economy.
An SME loan is a type of business loan that has been designed for individuals who wish to start their own business and make a positive impact on the industry as well as society. The availability of such credit is important for the overall economic growth of India and for safeguarding its national interests – by promoting and supporting local industries. In case of SME loans, you can repay the loan amount at a fixed interest rate which will make financial planning easier, convenient and hassle-free. If you’re planning on starting a business and need funding.
It’s a no-brainer why small businesses in their infancy stage need a helping hand, and so do medium-sized enterprises looking to further growth/expansion. You can also avail a plethora of complementary services (as discussed below) provided by many lenders. If you’re handling more than one business, then each company will have its own distinct requirements.
There are many mind-boggling offers available as well due to stiff competition among financial institutions in the market. All this translates to better deals/offers for you! There are many varieties of SME credit that are definitely worth researching. If your financial requirement is 5 lakhs or 5 crores, you can get the loan if you’re able to provide a robust business plan to your financer. It’s that simple and easy!
Advantages of SME Loans
- You can conveniently get a loan regardless of whether your business is small or medium sized.
- Flexible repayment tenure ranging from 12 months to 60 months, thus rendering the repayment process hassle-free.
- There is no requirement of collateral for availing an SME loan.
- You can obtain a loan amount up to 15 lakhs.
Benefits Provided by Lenders
- Gone are the days when applying for an SME loan was a long and tedious process. The processing time for your loan will be within the blink of an eye – you’ll be pleasantly surprised by the quick and easy online approval process. You can also avail a host of other business loan benefits.
- Prominent financial institutions have minimal documentation requirements for SME credit.
- You can avail the competitive interest rate by on these loans.
- There are many customised payback options available for esteemed clients like yourself. Flexible repayment tenure ranging from 12 months to 60 months.
Now that you’re well equipped with all the necessary information, visit the Bajaj Finserv MARKETS website today to avail Business Loan and make an impact on the society as well as your industry.
“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”