Checklist of Documents Required for MSME Loan
MSME Loans: Empowering Small Businesses
What are MSME Loans?
MSME loans (Micro, Small, and Medium Enterprise loans) are financial products designed to meet the financial needs of small businesses and entrepreneurs. These loans help in supporting the growth and development of micro, small, and medium enterprises (MSMEs).
Purpose of MSME Loans:
- Business expansion
- Working capital requirements
- Machinery purchase
- Raw material procurement
- Other business-related expenses
Key Features of MSME Loans:
- Government Support: Many governments have policies that encourage and support MSMEs.
- Loan Types: MSME loans can be secured or unsecured, depending on the lender and requirements.
- Interest Rates: Vary based on the lender and the borrower’s creditworthiness.
- Eligibility: Available to individuals, partnerships, and private limited companies.
Documentation Requirements: To apply for MSME loans, the following documents are typically needed:
- Business registration documents
- Income tax returns
- Bank statements
- Financial statements
Loan Approval Process:
- Submission of required documents
- Credit check
- Verification of financial standing
Why Choose MSME Loans?
MSME loans provide small businesses with the financial resources they need to overcome barriers, seize growth opportunities, and contribute to economic development. They empower businesses to reach their goals and thrive in competitive markets.
Key Features of MSME Loans:
- Loan amounts ranging from ₹3 lac to ₹10 lac.
- Flexible repayment tenures from 12 months to 36 months.
- Simplified documentation process for ease of application.
- Quick approval with minimal documentation and a simple procedure.
- Loans secured against mortgage of marketable real property.
Charges:
- File Charges: ₹3720.00 (Security amount; ₹3000 will be refunded with the loan amount)
- Documentary Fees: ₹720.00 (Non-refundable)
- Male/Female Candidate Interest Rate :- 6.25 Flat Per Annum
