MSME Loans are also known as Micro-Small-and-Medium Enterprise loans. They are a massive help to small businesses and entrepreneurs. An MSME loan can be used for various business purposes like purchasing inventory, upgrading equipment, expanding the office space, paying salary to staff and more.
Today, applying for an MSME loan is easier than ever before. All you have to do is select your preferred lender, fill the online application form, upload supporting documents, and voila – the loan amount is credited to your bank account directly once the loan is approved. In this guide, we walk you through the steps for applying for an MSME loan online.
How to apply for an MSME loan online?
Step 1: Decide your lender. Before you apply for an MSME loan online, you have to finalise the lender. Make sure to compare the interest rates, eligibility criteria, features and other details of MSME loans offered by different lenders.
Quickly compare the latest interest rates for MSME loans from different banks and NBFCs.
Step 2: Visit the official website of your chosen bank/NBFC. You can also start the loan application process online using CreditMantri.
Step 3: If you already have an account with the bank, use your login ID and password to log into your banking account. If you’re not an existing customer, you can still apply for an MSME loan, but you will have to first create an account with the bank/NBFC.
Step 4: Navigate to the MSME loan section. Look for the online application form. Enter the required details. It includes your personal information, information about your business, income details, and other requirements.
Step 5: Once you have filled in all the details, upload the supporting documentation online. Most lenders require you to provide KYC proof, proof of business ownership, ITR, profit-loss statements and business bank account details.
Step 6: Check if you have provided all the required information. Submit the application form online.
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