MSME Loan Eligibility Criteria & Documents Required

Know who is eligible for MSME loan at Bajaj Markets

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If you are an entrepreneur looking to avail funds for your business, you should consider applying for an SME/MSME loan. However, you must ensure that you meet the MSME loan eligibility criteria ahead of applying for an MSME business loan. The essential criteria to qualify for the MSME loan is to be an existing micro, small, or medium entrepreneur in the manufacturing or services industry. If you meet the MSME loan scheme eligibility criteria, the funds can be used for:

Investing in your firm’s infrastructure
Meeting working capital requirements
Purchasing new plant or machinery or upgrading to the latest technology
Meeting overheads like accounting fees, advertising, rent, repairs, etc.

What are the Eligibility Criteria for MSME Loan?

If a business owner wants to secure an MSME loan, they must meet the eligibility criteria as stated below in the table:

Minimum Age	18 Years
Maximum Age	65 Years
Who is Eligible for MSME Loan?	Your business must have an annual turnover ranging Rs. 25 Lakhs to Rs. 50 Crores
Collateral	No collateral or third-party security is needed.
Eligible Lending Institutions	Private Sector Banks, Public Sector Banks, Micro-Finance Institutions, Regional Rural Banks.
Documents	Identity proof, address proof, and application form

Documents Required for MSME Loan

Once you meet the MSME business loan eligibility criteria, you must submit a few documents for successful MSME loan approval. The list of documents required for MSME/SME loan is given below in the table:

Particulars	Documents Required
Identity Proof	PAN card, Aadhaar card, voter’s ID card, passport
Address Proof	Ration card, rental agreement, utility bills
Business Address Proof	Rental agreement, lease agreement, electricity bills
Income Proof	Profit and Loss Account and Balance Sheet copies of last 2 years
Tax Documents	Income Tax Returns, sales tax return, PAN card
Proof of Securities Offered	Photocopies of lease deeds or title deeds
Other Documents	Project report, Estimated Balance Sheet, project report

Through Bajaj Markets, one can swiftly avail a business loan for an MSME to set up and/or expand their business. Bajaj Markets’ lending partners offer MSME loans at very low interest rates along with a plethora of additional benefits, including a line of credit facility. Apply for an MSME Loan, today!

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Govt Business Scheme

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Micro, Small, and Medium Enterprises can opt for MSME loans in order to expand their business or to set up new enterprises.

The age limit for borrowing an MSME loan ranges between 18 years and 65 years.

Yes, start-up businesses can apply for MSME loans as per the loan amount, rate of interest, and repayment tenure.

According to an MSME loan subsidy scheme, eligible sectors may get an interest relief of 2% per annum on their remaining due of term loans or working capital loans during the period this scheme is active.