MSME Registration

Micro, Small and Medium Enterprises (MSME) is a highly vibrant sector of the Indian economy. MSME financing is usually provided to help entrepreneurs start small businesses or to help small business owners improve their existing business. Getting a business loan for MSME is an easy and low-cost way to borrow funds for commercial ventures and provide financial assistance by covering a variety of expenses and contributing to the industrial development of the country.

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

MSME Registration Procedure

● MSME Application Form

To apply for an MSME loan the applicant is required to fill in all the details and submit the requested documents.

● Preparation of Documents

For a smooth application process, it is necessary to have all the required documents with you. The experts at the MSME registrar will help in drafting the application and prepare documents for registering MSME as per the requested details. The documentation process requires 1-2 working days to proceed to the next level.

● Approval and Registration Process

Once your application is approved, your company gets registered for an MSME Loan and you will receive all related documents of the loan. You have to pay MSME registration fees of Rs. 1,999 (all-inclusive) to get an MSME certificate. These charges on certificates can be paid through secured payment gateways provided online.

● Registration Criteria

To be able to successfully apply for a loan, you need to make sure your company is eligible under the scheme. Enterprises in the manufacturing or services sector need to have less than Rs. 50 crore of investment in plant and machinery to avail an MSME Loan.

MSME Registration Criteria

The government with its “Atma Nirbhar Bharat Abhiyan” package revised the definition of Micro Small and Medium Enterprises (MSME). The revised definitions will help MSMEs think of expansion and still avail benefits. It has also been stated that there will be no more distinction between Manufacturing and Service MSMEs.

MSME – Merged Criteria: Investment and Annua

MSME Eligibility Criteria

The Type of Sector/Enterprise

Micro Units

Small Units

Medium  Units

Manufacturing & Services Sector

 

Investment less than Rs. 10 crore

Turnover of up to Rs. 50 crore

Investment less than Rs. 10 crore

Turnover of up to Rs. 50 crore

Investment less than Rs. 50 crore

Turnover of up to Rs. 250 crore

Documents Required

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

  • Submit identity proof such as Aadhar Card, Passport, Voter ID card, etc.
  • The applicant’s address proof like Electricity bill, Telephone bill, Passport, Aadhar Card, Driving License
  • Other business documents like a certificate of business existence, Income tax filings, bank statements for the past 3 years, etc.
  • 2 Passport-size photographs.

How to Apply for MSME Loan?

The registration process for MSME can be carried out online as well as offline. You can register MSME for more than one industry with an individual registration.

Step 1:  Log in to udyogaadhaar.gov.in for MSME Registration

Step 2: Fill in the details in the registration form available at the website

Step 3: Provide documents like your Aadhaar number, Industry name, Address, bank account details, etc.

Step 4:You can also provide self-certified certificates along with the application form.

Step 5: Once the details are filled and uploaded, you will receive the registration number for the same.

You can easily avail MSME and SME business loans at Finserv MARKETS and expand your business. Offering low-interest rates with a host of other benefits on MSME loan. You can avail a loan amount of up to INR 30 Lakhs without any collateral on Finserv MARKETS. If you are an existing customer at Finserv MARKETS, you can also avail of exclusive pre-approved Business Loans. Apply for an MSME loan and get easy access to value-added services like a customized insurance plan and a Financial Health Check Report that would help you gauge your control over your finances.

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