What are the Interest Rate on MSME Loan
Micro, Small and Medium Enterprises (MSMEs) play a crucial role in the development of Indian economy. Not only do they contribute to India’s GDP but also generate several employment opportunities. In recent years, it has been observed that a large number of micro, small and medium scale business owners avail MSME loans to meet the financial needs of their business. MSME loans are typically business loans that cater to the business requirements of small and medium enterprises. The loan amount availed through MSME loans can be used for various purposes such as paying utility bills, taking care of daily business operations, purchasing machinery, equipment, managing inventory, promoting products or services in the market, hiring new staff, and upskilling existing staff among many others.
Before you settle for an MSME loan, it is advisable that you compare various loan offers provided by different lenders. This will help you to avail an MSME loan that is ideal for your business needs. You should also research the lender carefully before availing a business loan with it. You can consider going through the online reviews provided by the existing customers of the lender. This will help you to assess the reliability and authenticity of the lender.
Interest rate on MSME Loans
With reputed lenders, you can avail MSME loans quickly and conveniently. The MSME loans offered come at an attractive interest rate, less processing charges, etc. Lower the rate of interest, lower will be the overall cost of borrowing. This will help you repay the MSME loan quickly without straining your finances.
You can avail an extremely competitive MSME loan interest rate at Finserv MARKETS. Moreover, if you have a high credit score, you can also negotiate with the lender to avail even more attractive MSME rate of interest. Your high credit score can also help you avail a higher loan amount.
Let us have a quick look at some of the major features and benefits of business loans at Finserv MARKETS.
Simple Eligibility Criteria
The eligibility criteria to avail an MSME loan is very simple. The eligibility criteria is mentioned below:
You must be an Indian citizen
You must be a self-employed individual between 26-66 years of age
You must have 3 years of business vintage.
Features and Benefits of MSME Loan
1. High Loan Amount
You can avail a business loan amount of up to Rs. 30 Lakhs. This loan amount can help you take care of all your business needs with ease.
2. Quick Processing
Once you apply for a business loan through a hassle-free online application process. The loan amount will be credited in your bank account within 24 hours.
3. Minimal Documentation
The documents required to avail an MSME loan are minimal. You can upload the documents online and this makes the process of availing loan even more convenient. The basic documents required are mentioned below:
KYC documents
Statements of bank account
Proof of business vintage
Now that you have a fair understanding of various benefits of MSME loan. Let us have a quick look at how you can apply for the same at Finserv MARKETS.
How to Apply for MSME Loans
- Visit the official website
- Fill up the online application form.
- Submit all the necessary documents to complete the process.
- Get money in bank within 24 hours
By following the above-mentioned steps, you can easily avail the MSME loan. Make sure that you have a credit score of 750 or above before applying for an MSME loan. This will significantly enhance the chances of your loan approval. Also, it is advisable to check the loan eligibility beforehand to avoid any inconvenience in the later stage. To make the loan repayment easier for you, it is advisable that you calculate the EMI of your loan beforehand. You can use an online EMI calculator to get an estimate of your monthly instalments. This will help you plan your monthly budget wisely, thereby allowing you to make timely repayment of the loan. Less processing fee, prepayment facility, instant loan approval and quick disbursal of the loan amount are some of the major advantages of availing a small business loan at Finserv MARKETS. You can also make use of the Finserv MARKETS app to avail the small business loan. The app is easy to use and can be downloaded on both Google Play and App Store.
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