MSME Loan Process
MSME stands for micro, small and medium enterprises, sometimes it is also known to SME for small and medium enterprises. MSME loan is a type of credit facility offered by various banks and financial institutions to individuals, MSMEs, startups and other business entities for business expansion purposes and to meet working capital requirements.
The duration of MSME / SME loans varies from lender to lender. As MSME loans are unsecured MSME / SME Loans, there are some minimum eligibility requirements in order to reduce the risk for lenders.
The maximum loan amount offered under an MSME loan is up to Rs. 1 crore (collateral-free loans) with a flexible repayment tenure of up to 5 years. However, the MSME loan interest rate shall vary as per business requirements and differ from bank to bank.
It also allows various customizations to its financial products which makes them ideal for today’s competitive business environments.
Ticket Value up to ₹ 2 Crore
For SME and MSME Loans the ticket size ranges from Rs.50,000 and goes all the way up to Rs.2 Cr. This makes the business loans a veritable option for micro, small and medium enterprises.
Apply for MSME / SME Loan Online
The entire process of an MSME loan is seamless, easing the process that slows down slows down a loan approval. It even allows you to get same-day approvals and get in-principal letters.
MSME / SME Loans without Collateral
Most of the MSME loans come with an ease of unsecured or no collateral requirements. That means there is no requirement for collateral to get an MSME or SME loan.