MSME Loan

Find the Best MSME Loan

About MSME Loan

A MSME Loan is a loan specifically intended for business purposes.

MSME Loan:-

MSME Loans are unsecured financial assistance provided by banks and NBFCs in India. The primary aim of these is to support the urgent needs of your business. Most financial institutions offer term loans and flexi loans to cater to the business needs of a company. MSME Loans are also called commercial loans. All types of businesses such as a sole proprietorship, privately held company, partnership firms, self-employed individuals and retailers can avail these loans.

Eligibility:-

Availing a MSME Loan from Loan-Wala is simple. Applicants just need to fulfil the following eligibility criteria to avail the benefits of the loan.

    1.Your age should be between 25-66 years 2.A minimum vintage of 3 years is required for your business 3.Income tax returns of at least 1 year is required for your business 4.You should be a self-employed individual

MSME Loan Interest Rates:-

The rate of interest in MSME Loans broadly range between 15%-24% p.a.

EMI:-

This is the first step to ascertain the loan amount that you should avail so that the EMI is affordable and does not impact with your monthly business needs.

Documents Required:-

List of documents required for SME, Small MSME Loan For Salaried as well as Self-employed Individuals mentioned here.

    Identity Proof Address Proof Proof of income Other documents Property Documents
    Voter Card Voter Card Last 2 months salary slip Documents related to running loans along with 6 months repayment bank statements Copy of complete chain documents of the property
    Aadhar Card Aadhar Card Last 6 months bank statement of salaried account -- Copy of Agreement to Sell
    Valid Passport Valid Passport Latest Form 16 / ITR -- Copy of the Allotment Letter / Buyer Agreement
    Driving License Letter from a recognized public authority or public servant verifying the identity and residence of the customer -- -- Copy of Receipt/(s) of payment/(s) made to the developer
    Photo Credit Card Latest Utility bill - - -
    Photo Identity card issued by Govt. body Rent agreement on stamp Paper -- -- --
    -- Bank Statements reflecting address of borrowers of any commercial nationalized bank Business Profile and Previous 3 years Income Tax returns -- --
    -- Credit Card Statement not older than 3 months Previous 3 years Profit/Loss and Balance Sheet -- --

MSME Loan Interest Rates

    Kotak Bank 16.00%
    IndusInd Bank 14.00%
    SBI MSME Loan 11.20%
    HDFC Bank MSME Loan 15.65%
    ICICI Bank MSME Loan 16.49%
    Allahabad Bank 11.15%
    PNB 12.65%
    OBC 11.40%
    Bank of Baroda 14.10%

As per the current rates, Corporation Bank offers the lowest MSME Loan rate of interest of 13.50%. These rates can vary depending upon your annual turnover,

MSME Loan Interest Rates

Know to More MSME Loan Interest Rates

MSME Loans are those which are given to a self-employed individual or an entity to help expand or sustain their operations. By nature MSME Loans are unsecured which means that they do not need any security, collateral or guarantor.

MSME Loan interest rates are of 2 types – diminishing and flat. A diminishing rate of interest means that you pay reducing EMIs as you proceed along the loan tenure, since the interest only applies on the outstanding principal amount. On the other hand, a flat rate of interest is a fixed sum that will need to be repaid as EMIs throughout your loan tenure.

Any person wanting to start a business or any individual wanting to expand their business need funds to do so. This is where individuals and entrepreneurs take loans at a previously agreed rate of interest and time. Without this working, capital businesses cannot run smoothly. There are 2 types of MSME Loans

1. Secured loans –This is the case where individuals and entrepreneurs provide collateral like inventory, land, machinery etc. Here the interest rate will be less

2. Unsecured loans –This is the case where businesses take a loan without any collateral. The interest rates are high as the risk for the banks are high

Our Associated Bank

We have associated with given bank list we also working other bank also

  • ICICI Bank
  • HDFC Bank
  • Axis Bank
  • IDBI Bank
  • IndusInd Bank
  • Bandhan Bank
  • State Bank of India
  • Union Bank of India
  • Punjab and Sind Bank
  • Bank of India