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How to Apply For MSME Loan

MSME stands for Micro, Small and Medium Enterprises that are run by small business owners who provide various services within the community. An MSME loan is usually provided to help entrepreneurs start small businesses or to help small business owners improve their existing business. Getting a small business loan for MSME is a simple and low-cost way to borrow for commercial ventures and plug in the gaps of finance by covering a variety of expenses without facing any delays.

What is an MSME Loan?

Micro, Small, and Medium Enterprises can avail MSME loans for the expansion of businesses or for the set-up of new enterprises. The rate of interest on MSME loans usually starts from 8.3%. In addition, nominal charges are levied as processing fees or penalties, if the applicant decides to prepay or foreclose the loan.There is usually a limit on the maximum loan amount that can be availed that can go up to Rs.500 crore. However, some banks and financial institutions do not have any such limits for the loan.

The repayment tenure for MSME loans can be up to 15 years. You can get an MSME Loan without collateral, which means you are not required to pledge any of your valuable assets as collateral to secure financing. MSME business loans are an ideal source of hassle-free MSME finance for your enterprise.

Features and Benefits of MSME Loan

By getting an MSME loan at Finserv MARKETS you can avail a high loan limit of Rs.30 Lakhs to finance all your business needs. Whether it is store expansion, buying new machinery, stock supplies, hiring new employees, etc. you can cover all such expenses with the MSME loan amount.

  • Quick Loan Processing: This loan is Collateral-free, with an easy online application process and approval in under 24 hours. You save a lot of time and effort and get quick access to funds.

  • Flexi Loan Facility: At Finserv MARKETS, you can borrow and repay funds with Flexi loan facility to suit your dynamic business’s requirements as MSME/SME. As you make multiple withdrawals on your loan, you only pay interest on the amount that has been utilized, thus lowering your EMIs by up to 45%.

  • Minimal Documentation: MSME loans require minimal paperwork that makes it easier for you to complete the application process

  • Flexible Tenors: The loan tenors for MSME loan ranges from 12 months to 60 months. The loan tenures are quite flexible which means you can make payments according to your budget.

  • Online Fund Management: Online access to this loan makes it convenient for anyone to apply for a loan as well as manage your loan account with just a few clicks.

  • Pre Approved Offers: Grow your business with MSME funding at Finserv MARKETS. You can get access to pre-approved offers to avail a loan without waiting for it

  • Value Added Services: With an MSME loan you get easy access to services like financial fitness reports and customized insurance plans.

What can an MSME/SME Loan be used for?

  • Investing in your firm’s infrastructure

  • Meet working capital requirements for your business

  • Getting a new plant, machinery or latest technology

  • Pay for several overheads like accounting fees, advertising, rent, repairs, etc.

Eligibility Criteria for MSME Loan

To get access to the MSME loan you need to fulfill the basic loan eligibility criteria. The eligibility criteria for getting an MSME loan are as follows:

  • Applicant must be within the age-group of 25-55 years

  • The applicant’s business vintage must be more than 3 years

  • The applicant’s business should have filed for Income Tax Returns for at least the past 1 year

  • The applicant must have a minimum credit score of 750

  • The applicant must not have any past record of loan default in his/her name or in the name of the business.

Documents Required for an MSME Loan

  • The following are the documents required to apply for an MSME loan

  • The applicant needs to submit identity proof like Aadhar Card, Passport, Voter ID card, etc.

  • The applicant needs to submit address proof like Electricity bill, Telephone bill, Passport, Aadhar Card, Driving License

  • Business Proof such as the certificate of business existence, Income tax filings, profit and loss bank statements for the past 3 years, etc.

  • 2 Passport-size photographs of the applicant.

Check out the complete list of Required Documents for Small Business Loan.

How to Apply for MSME Loan?

To help grow your business, you can avail MSME loan at Finserv MARKETS with attractive features and benefits. By availing an MSME Loan you can take care of all the financial requirements of your business and cover multiple business expenses like purchasing the latest machinery, boosting working capital, taking up bulk orders, etc.

If you’re wondering how to apply for an MSME loan online? The process to apply for an MSME loan is simple. You can initiate the MSME loan process with these easy steps-

  • Step 1: Fill out the online loan application form at Finserv MARKETS by submitting your personal and business details

  • Step 2: Carefully select the loan amount you require to avail as an MSME loan along with the preferred repayment tenure.

  • Step 3: Once you submit the online application, you can get it approved in 3 minutes.

To get an estimate of your loan amount, you can take the help of a business loan EMI calculator online.

There are many government-sponsored schemes, which are dispersed through banks , specifically designed to assist MSME projects, which are low on interest and totally free of collateral security stipulations. At Finserv MARKETS, you can easily avail MSME and SME business loans to set-up or expand your business. Offering low-interest rates with a host of other benefits of MSME loan like a line of credit facility.

You can get an MSME loan up to INR 30 Lakhs without any collateral required. If you are an existing customer at Finserv MARKETS, you can also avail of exclusive pre-approved Business Loans. With an MSME loan, you get access to a unique Flexi loan facility and loan approval in just 24 hours.

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Bajaj Finserv, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premia!

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