HOW MSME LOAN WORKS?
Eligibilty
Borrower's Age:
Minimum 23 years and maximum 55 years
Business Vintage:
The business must be running for 1 years or above.
Citizenship:
The borrower must be a citizen of India
CIBIL Score:
700 or higher
Requirements for a MSME loan is mentioned below.
Adhaar Card
Pan Card
Photo
GST Registration
UDHYAM Registration
Financial details of the company
Bank statement for one year
Details of the running loans
Tenure of the loan 6 years
Income Proof
Loan amount: ₹
Rate (Interest): %
Months (Time):
Monthly EMI: ₹ 0
MSME stands for Micro, Small, and Medium Enterprises, which are classified based on their investment in plant, machinery, and equipment. They play a critical role in the economy by contributing significantly to employment, manufacturing output, and exports. MSMEs are often the backbone of developing economies.
Example: A small textile manufacturer with an investment in machinery worth $100,000 and annual turnover of $500,000 would be considered an MSME. Such businesses often receive support from the government in the form of subsidies, reduced interest rates on loans, and other incentives to promote growth.
