MSME Loan Interest Rate 2023

Get MSME Loans of up to ₹50 Lakhs at lower interest rates

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An MSME loan is a perfect financial solution for meeting planned and unplanned expenses of a small business. You can get this collateral-free loan at attractive interest rates.

You also benefit from complete transparency, ensuring zero hidden charges and allowing you to borrow hassle free.

MSME Loan Interest Rate by Banks/NBFCs

Here is an overview of interest rates for MSME loans set by India's leading financial institutions:

Lenders	Interest Rate
SBI	8.30% onwards (SME Loan)
Kotak Mahindra Bank	15% onwards
Axis Bank	15% onwards
HDFC Bank	16% onwards
FlexiLoans	12% onwards
SMGF India	17% onwards
ICICI Bank	18% onwards
Lendingkart Finance	15% onwards
ZipLoan	18% onwards
IIFL Finance	18% onwards
Hero Fincorp	18% onwards
Indifi Finance	16% onwards
NeoGrowth Finance	18% onwards
Tata Capital Finance	18% onwards
RBL Bank	19% onwards
SMEcorner	20% onwards
IDFC First Bank	20% onwards
HDB Financial Services Ltd.	22% onwards
PNB Business Loan	Based on your Business’s Profile
Bank of Baroda	Based on your Business’s Profile

Disclaimer: The above-mentioned values are subject to change as per the policies of the financial institution.

How to Calculate EMI of MSME Loan

Manual calculation of a monthly instalment can be a time-consuming process. As such, the MSME Loan EMI Calculator becomes a better and simpler alternative as it gives accurate results within minutes. You can calculate the EMI amounts for an MSME loan by feeding in the following details into the calculator:

Principal
Rate of interest
Tenure

You can try different combinations of loan terms to determine which offer best suits your budget. You can also apply for an affordable business loan through Bajaj Markets. This platform offers a simple online application process with minimal documentation and various other benefits.

The eligibility criteria for MSME loans vary from bank to bank. However, typically, Indian citizens between 24 and 70 years of age who are either self-employed professionals or non-professionals can apply.

Limited liability partnerships, private companies and partnerships with a minimum of 3 years of business vintage are also eligible.

Yes, the MSME sector comes under the priority sector. Other sectors like education, agriculture, housing, and the export sector also fall under the priority sector.

No, you do not need to provide collateral for MSME loans since they are typically collateral-free loans.

No, it is not compulsory to have a credit rating to get an MSME loan. However, if you have a high credit rating, you can get lower interest rates, high loan amounts and other benefits.